Brigade Enterprises Signs Investment Framework Agreement with IFC

Brigade Enterprises Limited (BEL) has entered into an Investment Framework Agreement with International Finance Corporation (IFC). Under this agreement, BEL and IFC will jointly invest in eligible middle-income housing projects. As part of the agreement, Venusta Ventures Private Limited, a wholly-owned subsidiary of BEL, will issue unsecured, rated, redeemable, non-convertible debentures to IFC. These debentures are intended to be listed on the wholesale debt market segment of BSE. IFC will have customary lender rights, including the potential appointment of a director to Venusta Ventures Private Limited and restrictions on capital structure changes. This transaction is not considered a related party transaction.