Piramal Enterprises Limited approved at its meeting held on 23rd September, 2022 the issuance of secured, rated, listed, redeemable, principal protected, market linked non-convertible debentures with security name Piramal Enterprises Limited September 2022 ­ Series II. Size of the issue Up to INR 500 million along with an option to retain over subscription of up to INR 7,000 million, aggregating up to INR 7,500 million. Listing: Debentures are proposed to be listed on Debt Segment and Capital Market Segment of National Stock Exchange (`NSE') and BSE Limited, respectively.

NSE being the designated Stock Exchange. Tenure of the instrument 32 months. Interest/Coupon Rate: If IGB 6.54 17/01/2032 Corp.

price on final observation date > = 25% of Digital level, then interest rate will be 8.10% (XIRR); If IGB 6.54 17/01/2032 Corp. price on final observation date < 25% of Digital level, then interest will not be paid. Security: Secured through a first ranking pari-passu charge by way of hypothecation over the Hypothecated assets (excluding Excluded Assets both present and future) of the Company.