Valuation of Market Linked Debentures

Piramal Enterprises Limited issues Rated, Listed, Secured, Redeemable, Principal Protected Non-Convertible Market Linked Debentures (PPMLDs).

Please review the relevant offer document/memorandum of private placement/pricing supplement relating to the specific PPMLDs for details on the PPMLDs including their risk factors. ICRA Analytics Ltd. has been appointed as the valuation agency for the valuation of these debentures.

As per the Guidelines for Issue and Listing of Structured Products / Market Linked Debentures issued by SEBI, depending on the valuation agency mentioned in the offer document/memorandum of private placement/pricing supplement; the latest and historical valuations provided by the valuation agent will be available as below:

If ICRA is the Valuation Agency:

If CARE is the Valuation Agency: