NCD NOTE

Note: Nuvama Wealth and Investment Limited (Formerly known as Edelweiss Broking Ltd.) is a Consortium Member to the issue; accordingly, this note is prepared based on Tranche III Prospectus dated October 13,2023
for informative purpose only.

INDIABULLS HOUSING FINANCE LIMITED

Public Issue of Secured Redeemable Non-Convertible Debentures

Issue Highlights
Tranche III Issue Size:
Tranche III Issue opens: Friday, October 20, 2023 Public issue by the Company of secured redeemable
non-convertible debentures of face value of ₹1,000
Tranche III Issue closes Friday, November 03, 2023 each (“NCDs”) for an amount up to ₹100 crores
Allotment: First Come First Serve Basis (“Base Issue Size”) with a green shoe option of
₹100 crores aggregating up to ₹200 crores.
Face Value: Rs.1,000 per NCD Issue Break up:
Issue Price: Rs.1,000 per NCD
Amount in Crs.
Nature of Instrument Secured Redeemable Non-Convertible Debentures Category Allocation
Base
Issue
Minimum Application: 10 NCDs (Rs.10, 000) & in multiple of 1NCD Issue
Listing: BSE & NSE Institutional Investors 30% 30 60
Rating: “CRISIL AA/Stable” (pronounced as CRISIL double A rating with Non Institutional
stable outlook) by CRISIL Ratings Limited and “[ICRA] AA 10% 10 20
Investors
(Stable)” (pronounced as ICRA double A rating with a stable HNI 30% 30 60
outlook) by ICRA Limited Retail Individual
30% 30 60
Registrar: KFin Technologies Limited Investors
Total 100% 100 200

* Persons resident outside India and other foreign entities are not allowed
**The Tranche III Issue shall remain open for subscription on Working Days from 10 a.m. to 5 p.m. (Indian Standard Time) during the period indicated above, except that the Tranche III Issue may close on such earlier date or
extended date as may be decided by the Board of Directors of the Company or the Securities Issuance and Investment Committee thereof, subject to compliance with Regulation 33A of the SEBI NCS Regulations.
 NCD NOTE

Yield (p.a.)
Series I II III IV* V VI VII VIII IX X XI XII

Frequency of Interest Payment

Annual Monthly Cumulative Annual Monthly Cumulative Annual Monthly Annual Monthly Annual Monthly
24 24 24 36 36 60 60 84 84
36 120 120
Tenor Months Months Month Months Months Months Months Months
Months Months Months Months
Coupon (% per annum) for NCD Holders in Category I
& II

9.25% 8.88% NA 9.40% 9.02% NA 9.65% 9.25% 10.00% 9.57% 10.25% 9.80%
Coupon (% per annum) for NCD Holders in Category
III & IV

9.65% 9.25% NA 9.90% 9.48% NA 10.15% 9.71% 10.50% 10.03% 10.75% 10.25%
 NCD NOTE

Series I II III IV* V VI VII VIII IX X XI XII

Effective
Yield (per
annum)
for NCD 9.24% 9.24% 9.25% 9.39% 9.39% 9.40% 9.64% 9.64% 9.99% 9.99% 10.24% 10.24%
Holders in
Category I
& II
Effective
Yield (per
annum)
for NCD 9.64% 9.64% 9.65% 9.88% 9.89% 9.90% 10.14% 10.14% 10.49% 10.49% 10.74% 10.74%
Holders in
Category
III & IV
Mode of
Interest Through various modes available
Payment
Staggered Staggered
Redemptio Redemptio
n in Three n in Three
Staggered Staggered Staggered Staggered Staggered Staggered
(3) annual (3) annual
Redempti Redemptio Redemptio Redemptio Redemptio Redemptio Redemptio
payments payments
on n in Five n in Five n in Seven n in Seven n in Ten n in Ten
of ₹ 333.33 of ₹ 333.33
Amount (5) annual (5) annual (7) annual (7) annual (10) annual (10) annual
for year 1, for year 1,
(₹ / NCD) payments payments payments payments payments payments
₹ 333.33 ₹ 333.33
on ₹ ₹ ₹ of ₹200 of ₹200 of ₹142.86 of ₹142.86 of ₹100 of ₹100
₹ 1,000 for year 2 for year 2
Maturity 1,000 1,193.85 1,309.70 each, each, each, each, each, each,
and ₹ and ₹
for NCD starting starting starting starting starting starting
333.33 for 333.33 for
Holders in from 1st from 1st from 1st from 1st from 1st from 1st
year 3 year 3
Category I Anniversar Anniversar Anniversar Anniversar Anniversar Anniversar
starting starting
& II y* until y* until y* until y* until y* until y* until
from 1st from 1st
Maturity Maturity Maturity Maturity Maturity Maturity
Anniversar Anniversar
y* until y* until
Maturity Maturity
Staggered Staggered staggered Staggered Staggered Staggered Staggered Staggered
Redempti
Redemptio Redemptio Redemptio Redemptio Redemptio Redemptio Redemptio Redemptio
on
n in Three n in Three n in Five n in Five n in Seven n in Seven n in Ten n in Ten
Amount
(3) annual (3) annual (5) annual (5) annual (7) annual (7) annual (10) annual (10) annual
(₹ / NCD) ₹ ₹ ₹
₹ 1,000 payments payments payments payments payments payments payments payments
on 1,000 1,202.65 1,327.75
of ₹ 333.33 of ₹ 333.33 of ₹200 of ₹200 of ₹142.86 of ₹142.86 of ₹100 of ₹100
Maturity
for year 1, for year 1, each, each, each, each, each, each,
for NCD
₹ 333.33 ₹ 333.33 starting starting starting starting starting starting
Holders in for year 2 for year 2 from 1st from 1st from 1st from 1st from 1st from 1st
 NCD NOTE

Series I II III IV* V VI VII VIII IX X XI XII

Categor and ₹ and ₹ Anniver Anniver Anniver Anniver Anniver Anniver
y III & 333.33 333.33 sar y* sar y* sar y* sar y* sar y* sar y*
IV for for until until until until until until
year 3 year 3 Maturit Maturit Maturit Maturit Maturit Maturit
starting starting y y y y y y
from 1st from 1st
Anniver Anniver
sar y* sar y*
until until
Maturity Maturity
Maturity
(from 24 24 24 36 60 60 120
36 36 84 84 120
the Mo Mont Months Months Months Months Months Months Months Months
Month Months
Deemed nths hs
s
Date

of
Allotmen
t
)
*The Company shall allocate and allot Series IV NCDs wherein the Applicants have not indicated the choice of the relevant NCD Series.

Set out below is the principal redemption schedule and the redemption amount for the Series IV NCDs, Series V NCDs, Series VII NCDs, Series VIII NCDs, Series IX
NCDs, Series X NCDs, Series XI NCDs and Series XII NCDs in relation to which the principal outstanding will be redeemed in a staggered manner.

Principal Redemption Schedule and Redemption Amounts

Series Series IV and V Series VII and VIII Series IX and X Series XI and XII
36 60 84 120
Tenure Months Months Months Months
Redemption Principal Redemption Principal Redemption Principal Redemption Principal
Schedule Outstanding Schedule Outstanding Schedule Outstanding Schedule Outstanding
Face Value ₹ 1,000.00 ₹ 1,000.00 ₹ 1,000.00 ₹ 1,000.00 ₹ 1,000.00 ₹ 1,000.00 ₹ 1,000.00 ₹ 1,000.00

Series IV and V Series VII and VIII Series IX and X Series XI and XII
Series
36 60 84 120
Tenure Months Months Months Months
Redemption Principal Redemption Principal Redemption Principal Redemption Principal
Schedule Outstanding Schedule Outstanding Schedule Outstanding Schedule Outstanding
1st Anniversary* ₹ 333.33 ₹ 666.67 ₹ 200.00 ₹ 800.00 ₹ 142.86 ₹ 857.14 ₹ 100.00 ₹ 900.00

2nd Anniversary* ₹ 333.33 ₹ 333.33 ₹ 200.00 ₹ 600.00 ₹ 142.86 ₹ 714.29 ₹ 100.00 ₹ 800.00

3rd Anniversary* ₹ 333.33 NIL ₹ 200.00 ₹ 400.00 ₹ 142.86 ₹ 571.43 ₹ 100.00 ₹ 700.00

4th Anniversary* NA NA ₹ 200.00 ₹ 200.00 ₹ 142.86 ₹ 428.57 ₹ 100.00 ₹ 600.00

5th Anniversary* NA NA ₹ 200.00 NIL ₹ 142.86 ₹ 285.71 ₹ 100.00 ₹ 500.00

6th Anniversary* NA NA NA NA ₹ 142.86 ₹ 142.86 ₹ 100.00 ₹ 400.00

7th Anniversary* NA NA NA NA ₹ 142.86 NIL ₹ 100.00 ₹ 300.00

8th Anniversary* NA NA NA NA NA NA ₹ 100.00 ₹ 200.00

9th Anniversary* NA NA NA NA NA NA ₹ 100.00 ₹ 100.00

10th Anniversary* NA NA NA NA NA NA ₹ 100.00 ₹ 0.00

*From the Deemed Date of Allotment

 NCD NOTE
Category III and IV of Investors in the proposed Tranche III Issue who are also holders of NCD(s)/bond(s) previously issued by the Company, and/or the Subsidiaries as the case may be, and/or are
equity shareholder(s) of Indiabulls Housing Finance Limited as the case may be (“Primary Holder(s)”) on the working Friday preceding the Deemed Date of Allotment and applying in Series I, Series
II, Series IV, Series V, Series VII, VIII, IX, X, XI and/or Series XII shall be eligible for additional incentive of 0.25% p.a. provided the NCDs issued under the proposed Tranche III Issue are held by
the investors on the relevant Record Date applicable for payment of respective coupons, in respect of Series I, Series II, Series IV, Series V, Series VII, VIII, IX, X, XI and/or Series XII.
Category III and IV of Investors in the proposed Tranche III Issue who are also Primary Holder(s) on the working Friday preceding the Deemed Date of Allotment applying in Series III and/or VI, the
maturity amount at redemption along with the additional yield would be ₹1,208.20 per NCD and/or ₹1,336.85 per NCD, respectively provided the NCDs issued under the proposed Tranche III Issue
are held by the investors on the relevant Record Date applicable for redemption in respect of Series III and/or Series VI.
The initial allottees under Category III and Category IV in the proposed Tranche III Issue who are Senior Citizens as on the Deemed Date of Allotment shall and also are Primary Holder shall be
eligible for total additional incentive of 0.50% p.a.(which includes the incentive of 0.25% as mentioned above paragraph) provided the NCDs issued under the Tranche III Issue are continued to be
held by such investors under Category III and Category IV on the relevant Record Date for the relevant Interest Payment date for Series I, Series II, Series IV, Series V, Series VII, VIII, IX, X, XI
and/or Series XII. Accordingly, the amount payable on redemption to such Senior Citizens for NCDs under series III and Series VI is ₹1,208.20 and ₹1,336.85 per NCD, respectively.
The initial allottees under Category III and Category IV in the proposed Tranche III Issue who are Senior Citizens as on the Deemed Date of Allotment and also are Primary Holders shall
be eligible for total additional incentive of 0.50% p.a. (which includes the incentive of 0.25% as mentioned in above paragraph) provided the NCDs issued under the Tranche III Issue are
continued to be held by such investors under Category III and Category IV on the relevant Record Date for the relevant Interest Payment date for Series I, Series II, Series IV, Series V,
Series VII, VIII, IX, X, XI and/or Series XII. Accordingly, the amount payable on redemption to such Senior Citizens for NCDs under series III and Series VI is ₹1,213.65 and ₹1,346.00 per
NCD, respectively.
The additional incentive will be maximum of 0.25% p.a. for Category III and IV Investors in the proposed Tranche III Issue, who are also Primary Holder(s) on the working Friday preceding the
Deemed Date of Allotment or Senior Citizens as on the Deemed Date of Allotment.
The additional incentive will be maximum of 0.50% p.a. for Category III and IV Investors in the proposed Tranche III Issue, who are also Primary Holder(s) on the working Friday preceding
the Deemed Date of Allotment and Senior Citizens as on the Deemed Date of Allotment.
On any relevant Record Date, the Registrar and/or the Company shall determine the list of the holder(s) of this Tranche III Issue and identify such Investors/ NCD Holders, (based on their DP
identification and /or PAN and/or entries in the Register of NCD Holders) and make the requisite payment of additional incentive.
The additional incentive will be given only on the NCDs allotted in this Tranche III Issue i.e., to the Primary Holder(s) and / or to Senior Citizens. In case if any NCD is bought/acquired from secondary
market or from open market, additional incentive will not be paid on such bought/acquired NCD.
In case the Primary Holder(s) and / or Senior Citizens sells/ gifts/ transfer any NCDs allotted in this Tranche III Issue, additional incentive will not be paid on such sold/ gifted/ transferred NCD except
in case where NCDs are transferred to the joint holder/nominee in case of death of the Primary Holder.

Issuer Overview
Indiabulls Housing Finance Limited is a non-deposit taking housing finance company (“HFC”) registered with the NHB. They are also a notified financial
institution under the SARFAESI Act. They focus primarily on long-term secured mortgage-backed loans. They pre-dominantly offer housing loans and
loans against property to their varied client base of salaried and employees; self-employed individuals; micro, small and medium-sized enterprises
(“MSMEs”) and corporates. They also offer mortgage loans to real estate developers in India in the form of lease rental discounting for commercial
premises and construction finance for the construction of residential premises. A majority of their Loan Book comprise housing loans, including in the
affordable housing segment. As of March 31, 2023, housing loans and non-housing loans on standalone basis constituted 57% and 43%, respectively
of their Loan Book. As on June 30, 2023, our Loan Book was ₹ 47,483.47crore, on a standalone basis and as on June 30, 2023, our Loan Book was ₹
56,276.03 crores on a consolidated basis. They have now shifted to an asset-light business model, focusing on co-lending of loans along with banks,
other financial institutions and credit funds and an increased sell down of their loan portfolio.

COMMON TERMS AND CONDITIONS OF THE NCDs

Issuer Indiabulls Housing Finance Limited

Type of instrument Secured, redeemable, non-convertible debentures
Secured debentures: Senior (to clarify, the claims of the NCD Holders shall be superior to the claims of any
Seniority
unsecured creditors, subject to applicable statutory and/or regulatory requirements).
Nature of the Instrument Secured, redeemable, non-convertible debentures
Mode of the Issue Public Issue
Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited)
Lead Manager Elara Capital (India) Private Limited
Trust Investment Advisors Private Limited
Debenture Trustee IDBI Trusteeship Services Limited
Depositories NSDL and CDSL
Registrar KFin Technologies Limited (formerly known as KFIN Technologies Private Limited)
Base Issue Size ₹100 crores
Tranche III Issue Size ₹200 crores
Option to Retain
₹100 crores
Oversubscription Amount
Tranche III Issue Public issue by the Company of 20,00,000 secured redeemable non-convertible debentures of face
value of ₹1,000 each (“NCDs”) for an amount up to ₹100 crores (“Base Issue Size”) with a green
shoe option of ₹100 crores aggregating up to ₹200 crores.
Interest type Fixed
 NCD NOTE

The Company shall pay interest in connection with any delay in allotment, refunds, listing,
dematerialised credit, execution of Debenture Trust Deed, payment of interest, redemption of
principal amount beyond the time limits prescribed under applicable statutory and/or regulatory
requirements, at such rates as stipulated/ prescribed under applicable laws.
Default Interest rate
the Company shall pay at least two percent per annum to the debenture holder, over and above the
agreed coupon rate, till the execution of the trust deed if the Company fails to execute the trust deed
within such period as prescribed under applicable law

Face Value ₹ 1,000 per NCD

Issue Price ₹ 1,000 per NCD
Minimum Application size
₹ 10,000 (10 NCD) and in multiple of ₹ 1,000 (1 NCD) thereafter
and in multiples of NCD
thereafter

Market Lot / Trading Lot 1 NCD

“CRISIL AA/Stable” (pronounced as CRISIL double A rating with stable outlook) by CRISIL Ratings
Credit Ratings Limited
“[ICRA]AA (Stable)” (pronounced as ICRA double A rating with a stable outlook) by ICRA Limited

The NCDs are proposed to be listed on BSE. The NCDs shall be listed within six Working Days
Listing
from the date of Issue Closure. BSE has been appointed as the Designated Stock Exchange.

Depository NSDL and CDSL

Issuance mode of the
In dematerialised form only
Instrument
Trading mode of the
In dematerialised form only
instrument
Tranche III Issue Opening Friday, October 20, 2023
Date
Tranche III Issue Closing
Friday, November 3, 2023
Date**
15 (fifteen) days prior to the relevant interest payment date, relevant Redemption Date for NCDs
issued under this Prospectus. In case of redemption of NCDs, the trading in the NCDs shall remain
Record date suspended between the record date and the date of redemption. In event the Record Date falls on
a Sunday or holiday of Depositories, the succeeding working day or a date notified by the
Company to the stock exchange shall be considered as Record Date.

The date on which the Board or the Securities Issuance and Investment Committee approves the
Allotment of the NCDs for this Tranche III Issue or such date as may be determined by the Board
of Directors or the Securities Issuance and Investment Committee and notified to the Designated
Deemed date of Allotment Stock Exchange. The actual Allotment of NCDs may take place on a date other than the Deemed
Date of Allotment. All benefits relating to the NCDs including interest on NCDs (as specified in
Tranche III Issue by way of this Tranche III Prospectus) shall be available to NCD Holders from the
Deemed Date of Allotment.

In terms of Regulation 7 of the SEBI NCS Regulations, our Company will undertake this public issue of the NCDs in dematerialised form. However, in terms of section 8(1) of the Depositories Act, our Company, at the
request of the Investors who wish to hold the NCDs in physical form will fulfil such request. However, trading in NCDs shall be compulsorily in dematerialised form.
** The Tranche III Issue shall remain open for subscription on Working Days from 10 a.m. to 5 p.m. (Indian Standard Time) during the period indicated in this Tranche III Prospectus, except that the Tranche III Issue may
close on such earlier date or extended date as may be decided by the Board of Directors of our Company or Securities Issuance and Investment Committee thereof, subject to compliance with Regulation 33A of the SEBI
NCS Regulations and receipt of necessary approvals. In the event of an early closure or extension of the Tranche III Issue, our Company shall ensure that notice of the same is provided to the prospective investors
through an advertisement in in all the newspapers in which pre-issue advertisement and advertisement for opening or closure of the Tranche III Issue have been given on or before such earlier or extended date of
Tranche III Issue closure. On the Tranche III Issue Closing Date, the Application Forms will be accepted only between 10 a.m. and 3 p.m. (Indian Standard Time) and uploaded until 5 p.m. or such extended time as may
be permitted by the BSE and NSE. Further, pending mandate requests for bids placed on the last day of bidding will be validated by 5 p.m. (Indian Standard Time) on one Working Day post the Tranche III Issue Closing
Date While the NCDs are secured to the tune of 125% of the principal and interest amount or as per the terms of offer document, in favour of Debenture Trustee, it is the duty of the Debenture Trustee to monitor that
the security is maintained and the recovery of 125% of the amount shall depend on the market scenario prevalent at the time of enforcement of the security.
 NCD NOTE

WHO CAN APPLY

Categories Category II Category III Category IV
Category I
Institutional Portion Non Institutional HNI Retail
Investors
Allocation 30% of Overall Issue Size 10% of Overall Issue Size 30% of Overall 30% of Overall
Ratio Issue Size Issue Size
• Public financial institutions, scheduled • Companies within the • High Net-worth • Retail Individual
commercial banks, Indian multilateral and meaning of Section 2(20) of Individual Investors - Investors - Resident
bilateral development financial institutions the Companies Act, 2013; Resident Indian Indian individuals or
which are authorised to invest in the NCDs; statutory bodies/ corporations individuals or Hindu Hindu Undivided
• Provident funds and pension funds each with and societies registered under Undivided Families Families through the
a minimum corpus of ₹ 250 million, the applicable laws in India through the Karta Karta applying for an
superannuation funds and gratuity funds, and authorised to invest in the applying for an amount amount aggregating
which are authorised to invest in the NCDs; NCDs; aggregating to above ₹ up to and including
• Alternative Investment Funds, subject to • Co-operative banks and 10,00,000 across all ₹10,00,000 across all
investment conditions applicable to them regional rural banks; options of NCDs in the options of NCDs in
under the Securities and Exchange Board of • Trusts including public/private Issue this Tranche III Issue
India (Alternative Investment Funds) charitable/religious trusts and shall include
Regulations, 2012; which are authorised to invest Retail Individual
• Resident Venture Capital Funds registered in the NCDs; Investors, who have
with SEBI; • Scientific and/or industrial submitted bid for an
• Insurance companies registered with the research organisations, which amount not more
IRDAI; are authorised to invest in the than ₹500,000 in any
• State industrial development corporations; NCDs; of the bidding options
• Insurance funds set up and managed by the • Partnership firms in the name in this Tranche III
army, navy, or air force of the Union of India; of the partners; and Issue (including
• Insurance funds set up and managed by the • Limited liability partnerships HUFs applying
Department of Posts, the Union of India; formed and registered under through their Karta
and does not include
• Systemically Important Non-Banking the provisions of the Limited
Liability Partnership Act, 2008 NRIs) though UPI
Financial Company registered with the RBI
(No. 6 of 2009). Mechanism.
and having a net-worth of more than ₹ 5,000
million as per the last audited financial • Association of Persons; and
statements; • Any other incorporated and/ or
• National Investment Fund set up by unincorporated body of
resolution no. F.No. 2/3/2005-DDII dated persons.
November 23, 2005 of the Government of
India published in the Gazette of India; and
• Mutual funds registered with SEBI.

Edelweiss – Financial Products Distribution Branch Location for submission of application Forms
West Mumbai – Fort, Borivali, Santacruz, Ghatkopar , Thane , Vashi Andheri ,Pune and Nagpur
Gujarat Ahmedabad, Surat ,Mehsana , Bhavnagar and Rajkot
North Delhi (CP) & Jaipur
South Hyderabad , Bangalore, Chennai , Trichy and Vijaywada
East Kolkata , Jamshedpur , Bhubaneshwar , Silliguri , Patna and Ranchi

Disclaimer:
Broking services offered by Nuvama Wealth and Investment Limited (NWIL), formerly known as Edelweiss Broking Limited, is a 100% subsidiary of Nuvama Wealth Management Limited (formerly known as Edelweiss
Securities Limited). Registered office of NWIL is at 201 to 203, Zodiac Plaza, Xavier College Road, Off C G Road, Ahmedabad, Gujarat - 380009. Contact: (079) 40019900. Corporate Office address is Eight Floor 801 to 804,
Inspire BKC G Block, BKC Main Road, Bandra Kurla Complex, Bandra East, Mumbai - 400051. It is a Member of National Stock Exchange of India Ltd (Member Code: 13116), BSE Ltd (Member Code :3261), Multi
Commodity Exchange of India Limited (Member Code :56520), Metropolitan Stock Exchange (Member Code :86100) and National Commodity and Derivatives Exchange Limited (Member Code :01279) and having SEBI
registration no. INZ000005231. Depository Participant SEBI Registration No.: IN-DP-656-2021 with NSDL having DP ID: IN302201 & IN303719 and with CDSL having DP ID: 12032300. Research services are offered by
NWIL under SEBI Registration No. INH000011103. Name of the Compliance officer: Mr. Srijith Menon, E-mail address: [email protected]
 NCD NOTE

*For further details refer to section titled “Issue Related Information” on page 355 of the Tranche III Prospectus dated October 13, 2023.

**Allotment in the Tranche III Issue shall be made on the basis of date of upload of each application into the electronic book of the Stock Exchanges in accordance with the SEBI Master Circular. However, in the event of
over subscription and thereafter, on such date, the allotments would be made to the applicants on proportionate basis.

The Tranche III Issue shall remain open for subscription on Working Days from 10 a.m. to 5 p.m. during the period indicated in the Tranche III Prospectus, except that the Tranche III Issue may close on such earlier date
or extended date as may be decided by the Board of Directors of the Company or Securities Issuance and Investment Committee thereof, subject to compliance with Regulation 33A of the SEBI NCS Regulations and receipt
of necessary approvals. In the event of an early closure or extension of the Tranche III Issue, the Company shall ensure that notice of the same is provided to the prospective investors through an advertisement on or
before such earlier or extended date of the Tranche III Issue closure in all the newspapers in which the advertisement for opening of this Tranche III Issue has been given. Applications Forms for this Tranche III Issue will
be accepted only from 10:00 a.m. to 5:00 p.m. or such extended time as may be permitted by BSE and NSE, on Working Days, during the Tranche III Issue Period. On the Tranche III Issue Closing Date, the Application
Forms will be accepted only between 10 a.m. to 3 p.m. (Indian Standard Time) and uploaded until 5 p.m. or such extended time as may be permitted by BSE and NSE. Further, pending mandate requests for bids placed
on the last day of bidding will be validated by 5 p.m. (Indian Standard Time) on one Working Day post the Tranche III Issue Closing Date.

DISCLAIMER

INDIABULLS HOUSING FINANCE LIMITED (“Company”), subject to market conditions and other considerations is proposing a public issue of secured redeemable non-convertible debentures of face value of ₹ 1,000 each
(“NCDs”) and has filed the Shelf Prospectus dated June 30, 2023, (the “Shelf Prospectus”) and Tranche III Prospectus dated October 13, 2023 ("Tranche III Prospectus) with the Registrar of Companies, National Capital
Territory of Delhi and Haryana, National Stock Exchange of India Limited, BSE Limited and Securities and Exchange Board of India. The Prospectus is available on the Company’s website at www.indiabullshomeloans.com;
on the website of the stock exchanges at www.nseindia.com and www.bseindia.com, on the website of SEBI at www.sebi.gov.in and the respective websites of the lead managers at www.nuvama.com,
www.elaracapital.com and www.trustgroup.in. Investors proposing to participate in the Tranche III Issue, should invest only on the basis of the information contained in the Tranche III Prospectus. Investors should note
that investment in this public issue of NCDs involves a high degree of risk and for details relating to the same, please refer to Tranche III Prospectus and the section on “Risk Factors” beginning on page 21 of the Tranche
III Prospectus.

Capitalised terms not defined herein shall have the same meaning as assigned to such terms in the Shelf Prospectus dated June 30, 2023 and Tranche III Prospectus dated October 13, 2023.

DISCLAIMER: Investors proposing to participate in the Issue should note that investment in the NCDs involves a high degree of risk and for details in relation to the same, refer to the Tranche III Prospectus dated October
13, 2023 including the sections titled “Risk Factors” and “Material Developments” beginning on page 21 and 225 respectively. The Issuer and the Lead Manager accept no responsibility for statements made otherwise
than in the Prospectus or in the advertisement or any other material issued by or at the instance of the Company and that anyone placing reliance on any other source of information would be doing so at their own risk.

^Additional Incentive note

Category III and IV of Investors in the proposed Tranche III Issue who are also holders of NCD(s)/bond(s) previously issued by the Company, and/or the Subsidiaries as the case may be, and/or are equity shareholder(s)
of Indiabulls Housing Finance Limited as the case may be (“Primary Holder(s)”) on the working Friday preceding the Deemed Date of Allotment and applying in Series I, Series II, Series IV, Series V, Series VII, Series VIII,
Series IX, Series X, Series XI and/or Series XII shall be eligible for additional incentive of 0.25% p.a. provided the NCDs issued under the proposed Tranche III Issue are held by the investors on the relevant Record Date
applicable for payment of respective coupons, in respect of Series I, Series II, Series IV, Series V, Series VII, Series VIII, Series IX, Series X, Series XI and/or Series XII.

Category III and IV of Investors in the proposed Tranche III Issue who are also Primary Holder(s) on the working Friday preceding the Deemed Date of Allotment applying in Series III and/or Series VI, the maturity amount
at redemption along with the additional yield would be ₹1,208.20 per NCD and/or ₹1,336.85 per NCD, respectively provided the NCDs issued under the proposed Tranche III Issue are held by the investors on the relevant
Record Date applicable for redemption in respect of Series III and/or Series VI.

The initial allottees under Category III and Category IV in the proposed Tranche III Issue who are Senior Citizens as on the Deemed Date of Allotment shall be eligible for additional incentive of 0.25% p.a. provided the
NCDs issued under the Tranche III Issue are continued to be held by such investors under Category III and Category IV on the relevant Record Date for the relevant Interest Payment date for Series I, Series II, Series IV,
Series V, Series VII, Series VIII, Series IX, Series X, Series XI and/or Series XII. Accordingly, the amount payable on redemption to such Senior Citizens for NCDs under series III and Series VI is ₹1,208.20 and ₹1,336.85 per
NCD, respectively.

The initial allottees under Category III and Category IV in the proposed Tranche III Issue who are Senior Citizens as on the Deemed Date of Allotment and also are Primary Holders shall be eligible for total additional
incentive of 0.50% p.a. (which includes the incentive of 0.25% as mentioned in above paragraph) provided the NCDs issued under the Tranche III Issue are continued to be held by such investors under Category III and
Category IV on the relevant Record Date for the relevant Interest Payment date for Series I, Series II, Series IV, Series V, Series VII, VIII, Series IX, Series X, Series XI and/or Series XII. Accordingly, the amount payable on
redemption to such Senior Citizens for NCDs under series III and Series VI is ₹1,213.65 and ₹1,346.00 per NCD, respectively.

The additional incentive will be maximum of 0.25% p.a. for Category III and IV Investors in the proposed Tranche III Issue, who are also Primary Holder(s) on the working Friday preceding the Deemed Date of Allotment
or Senior Citizens as on the Deemed Date of Allotment.

The additional incentive will be maximum of 0.50% p.a. for Category III and IV Investors in the proposed Tranche III Issue, who are also Primary Holder(s) on the working Friday preceding the Deemed Date of Allotment
and Senior Citizens as on the Deemed Date of Allotment.

On any relevant Record Date, the Registrar and/or The Company shall determine the list of the holder(s) of this Tranche III Issue and identify such Investors/ NCD Holders, (based on their DP identification and /or PAN
and/or entries in the Register of NCD Holders) and make the requisite payment of additional incentive.

The additional incentive will be given only on the NCDs allotted in this Tranche III Issue i.e., to the Primary Holder(s) and / or to Senior Citizens. In case if any NCD is bought/acquired from secondary market or from open
market, additional incentive will not be paid on such bought/acquired NCD.

In case the Primary Holder(s) and / or Senior Citizens sells/ gifts/ transfer any NCDs allotted in this Tranche III Issue, additional incentive will not be paid on such sold/ gifted/ transferred NCD except in case where NCDs
are transferred to the joint holder/nominee in case of death of the Primary Holder.

DISCLAIMER CLAUSE OF BSE: It is to be distinctly understood that the permission given by BSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by BSE nor does it
certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to the Prospectus for the full text of the “Disclaimer Clause of BSE.”

DISCLAIMER CLAUSE OF NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it
certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to the Prospectus for the full text of the “Disclaimer Clause of NSE.”

DISCLAIMER CLAUSE OF USE OF BSE ELECTRONIC PLATFORM: It is to be distinctly understood that the permission given by the BSE to use their network and software of the Online system should not in any way be
deemed or construed as compliance with various statutory requirement approved by the Exchange; nor does it any manner warrant, certify or endorse the correctness or completeness of any of the compliance with the
statutory and other requirements; nor does it take any responsibility for the financial or other soundness of the Company, its promoters, its management or any scheme or project of this Company. It is also to be distinctly
understood that the approval given by the Exchange is only to use the software for participating in system of making application process.

DISCLAIMER CLAUSE OF USE OF NSE ELECTRONIC PLATFORM: It is also to be distinctly understood that the approval given by the Exchange is only to use the software for participating in system of making application
process. It is to be distinctly understood that the permission given by the NSE to use their network and online platform for facilitating applications for public issue of NCDs shall not in any way be deemed or construed as
compliance with various statutory and other requirements by the Company, LMs etc.; are cleared
or approved by NSE; nor does it warrant in any manner, certify or endorse the correctness or completeness of any of the compliance with the statutory and other requirements nor does it take any responsibility for the
financial or other soundness of the Issuer, its promoters, its management or any scheme or projects of the Issuer. It is also to be distinctly understood that the approval given by NSE should not in any way be deemed or
construed that the prospectus has been cleared or approved by NSE; nor does it in any manner warrant, certify or endorse the correctness or completeness of any of the contents of the Prospectus; nor does it warrant
that the securities will be listed or will continue to be listed on NSE.

DISCLAIMER CLAUSE OF CRISIL RATINGS LIMITED: CRISIL Ratings Limited (CRISIL Ratings) has taken due care and caution in preparing the Material based on the information provided by its client and / or obtained by
CRISIL Ratings from sources which it considers reliable (Information). A rating by CRISIL Ratings reflects its current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not
 NCD NOTE
constitute an audit of the rated entity by CRISIL Ratings. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation
to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. The Rating is not a recommendation to invest / disinvest in any entity covered in the Material and
no part of the Material should be construed as an expert advice or investment advice or any form of investment banking within the meaning of any law or regulation. CRISIL Ratings especially states that it has no liability
whatsoever to the subscribers / users / transmitters/ distributors of the Material. Without limiting the generality of the foregoing, nothing in the Material is to be construed as CRISIL Ratings providing or intending to
provide any services in jurisdictions where CRISIL Ratings does not have the necessary permission and/or registration to carry out its business activities in this regard. Indiabulls Housing Finance Limited will be responsible
for ensuring compliances and consequences of non-compliances for use of the Material or part thereof outside India. Current rating status and CRISIL Ratings’ rating criteria are available without charge to the public on
the website, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please contact Customer Service Helpdesk at 1800- 267-1301.

DISCLAIMER CLAUSE OF ICRA LIMITED: ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to
revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please
visit the website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All
information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the
information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no
representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may have provided services other than rating to the
issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.
For detailed Nuvama Disclaimers: https://www.nuvamawealth.com/cas/disclaimer/disclaimer_nwil-generic.html