THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY ANO IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, OUTSIDE INDIA.

Initial public offer of equity shares on the main board of BSE Limited ("BSE") and National Stock Exchange of India Limited ("NSE", and together with "BSE", the "Stock Exchanges") in compliance with Chapter II of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018, as amended ("SEBI ICDR Regulations").

VIKRAM SOLAR LIMITED

Our Company was originally incorporated as ‘International Leather Clothiers Private Limited' as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated December 2, 2005, issued by the Registrar of Companies, West Bengal at Kolkata ("RoC"). Further, the name of our Company was changed from 'International Leather Clothiers Private Limited' to 'International Clothiers India Private Limited' pursuant to which a fresh certificate of incorporation consequent upon change of name was issued by the RoC dated May 10, 2006. The name of our Company further changed from ‘International Clothiers India Private Limited' to ‘Vikram Solar Private Limited' pursuant to which a fresh certificate of incorporation consequent upon change of name was issued by the RoC dated September 3, 2008. Subsequently, our Company was converted from a private limited company to a public limited company and a fresh certificate of incorporation consequent upon conversion from private to public company dated August 22, 2017 was issued by the RoC and the name of our Company was changed from 'Vikram Solar Private Limited' to 'Vikram Solar Limited'. For details in relation to the changes in the name and registered office of our Company, please see the section titled "History and Certain Corporate Matters - Changes in our Registered Office" on page 328 of the Prospectus dated August 21, 2025 ("Prospectus") filed with the RoC.

1. Dependency on solar photovoltaic modules: Our business depends substantially upon our ability to manufacture and sell solar PV modules on a profitable basis. If the demand for solar power fails to develop or takes longer to develop, it could cause our revenues to decline and we may be unable to sustain our profitability. Furthermore, as and when we diversify our portfolio offerings, our results of our operations may become more volatile, which would have an adverse impact on our business, revenue and profitability. Our revenue from the sale of solar PV modules (other than EPC) for last three Fiscals are set out hereunder:

For further details please refer to risk factor no. 1 on page 38 of the Prospectus.

2. Dependency on limited number of customers: We derive a significant portion of our revenue from our top five customers and top ten customers. Thus, the loss of any one or more of our key customers for any reason or any changes affecting our relationship with such customers could have an adverse effect on our business, results of operations and financial condition. Our revenue from the operations of our top five customers and top ten customers for last three Fiscals are set out hereunder

For further details please refer to risk factor no. 2 on page 39 of the Prospectus.

3. Project Risk: We intend to use a majority portion of our Net Proceeds to invest in our wholly-owned subsidiary. VSL Green Power Private Limited, to establish an integrated 3.00 GW solar cell and 3.00 GW solar module manufacturing facility in Tamil Nadu in Phase-1 and to expand the manufacturing capacity of the solar module manufacturing facility set up under Phase-1 from 3.00 GW to 6.00 GW, in Phase-ll. Our success depends on our ability to build this manufacturing facility and expand the capacity of our existing plants in a cost-effective manner, both of which are subject to risks and uncertainties. This is also subject to obtaining approvals from relevant government authorities in a timely manner. Any failure to build new manufacturing plants and add production lines, could have an adverse impact on our business, reputation, financial condition, and results of operations. For further details please refer risk to factor no. 3 on page 40 of the Prospectus.

a. Increase in cost: In order to manufacture solar PV modules, we require multiple raw materials and components, primarily solar PV cells. The cost of solar PV cell constitutes a significant portion of our total manufacturing cost, and the price of solar PV cells is based on the price of wafers, the price of which can be volatile and unpredictable. Changes in the price of raw materials inter alia of wafers and solar photovoltaic cells could adversely affect our cost of material, which may then have a maternal adverse effect on our business, financial condition and results of operations. Our cost of raw materials

For further details please refer to risk factor no. 4 on page 41 of the Prospectus.

b. Import restrictions: Any restrictions, either from the central or state/provincial governments or from any other authorized bilateral or multilateral organizations, including any export duties or export restriction by the exporting country, on imports of solar raw materials may adversely affect our business, results of operations, cash flows and prospects. Our cost of imported raw materials from China, East Asian and South East Asian countries as a percentage of our total purchases for last three Fiscals are set out hereunder

For further details please refer to risk factor no. 8 on page 44 of the Prospectus.

c. No long-term agreements with suppliers: We do not have long-term contracts with suppliers of solar photovoltaic cells and all other raw materials and therefore are susceptible to potential unavailability of raw materials, which could have an adverse impact on our business, financial condition, results of operations, and cash flows. Our raw material costs from our top five suppliers and top ten suppliers (both international and domestic) for last three Fiscals are set out hereunder:

For further details please refer to risk factor no. 13 on page 53 of the Prospectus.

5. Outstanding Litigations: Our Company, certain of our Directors including our Individual Promoter, and our Corporate Promoter are currently involved in certain legal proceedings. These legal proceedings are pending at different levels of adjudication before various courts and tribunals. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties and may adversely affect our business, results of operations, financial condition and cash flows. For further details, please refer to risk factor no. 5 on page 42 of the Prospectus and see the section titled Outstanding Litigation and Material Developments 'on page 480 of the Prospectus.

6. Pledge of Equity Shares and personal guarantees: Prior to the date of the Red Herring Prospectus, our Promoters, Gyanesh Chaudhary. Vikram Capital Management Private Limited and Gyanesh Chaudhary Family Trust along with members of our Promoter Group, Vikram India Limited, VSL Ventures Private Limited and Anil Chaudhary, had pledged certain Equity Shares held by them. While the pledge on such Equity Shares has been released prior to filing of the Red Herring Prospectus, subject to compliance with the SEBI ICDR Regulations, requisite number of Equity Shares shall be re-pledged post the Allotment. Furthermore, our Promoter, Gyanesh Chaudhary has given personal guarantee and our Promoter, Vikram Capital Management Private Limited have given corporate guarantee in respect of certain loan facilities availed by our Company. Any default under the arrangement pursuant to which these guarantees are enforced may affect the liquidity position, our business, results of operations and financial condition. For further details, please refer to risk factor no. 6 on page 43 of the Prospectus.

7. Technological Obsolescence: Our business functions in a high technology sector Our success depends inter alia on our ability to respond to technological advances, evolving customer requirements and emerging industry standards. This may render our current technologies obsolete and may require us to make substantial capital investments. If we are unable lo adapt in a timely manner to changing market conditions, evolving customer requirements or technological changes, our business, financial condition and results of operations could be materially and adversely affected. For further details, please refer to risk factor no. 7 on page 44 of the Prospectus.

8. Reduction or elimination of government benefits, etc.: The Government of India has offered several fiscal benefits, policies, schemes, imposed tariffs, custom duties on imports, policies and schemes aimed at promoting the solar energy industry. Reduced growth in or the reduction, elimination or expiration of these government subsidies and economic incentives may result in the diminished competitiveness of solar energy relative to conventional and non-solar renewable sources of energy, and could materially and adversely affect the growth of the solar energy industry and our revenue from operations. Furthermore, government incentives typically expire, phase out over time, exhaust the allocated funding or require renewal by the applicable authority. For further details, please refer to risk factor no. 9 on page45ofthe Prospectus.

a. Emphasis of matter: Our statutory auditors have included emphasis of matter in their audit report on our financial statements for Fiscals 2025,2024 and 2023 inter alia on safeguard duty and trade receivables, which remain subjudice at various forums. If any such awards or decisions are rendered against us in these matters, they may have an adverse effect on our financial conditions. For further details, please refer to risk factor no. 10 on page 46 of the Prospectus.

b. Qualifications or adverse remarks: Our statutory auditors have included certain qualifications or adverse remarks in their audit report on the financial statements of our Company for Fiscals 2025, 2024 and 2023. Our statutory auditors' observations for any future financial period may contain similar qualifications or adverse remarks, and such matters might affect our results of operations. For further details, please refer to risk factor no. 11 on page 50 of the Prospectus.

10. Dependency on policies of importing countries: Our exports may be dependent on the policies passed by the governments of importing countries. As of March 31,2025, we have exported our products to 39 countries. Any unfavorable change in policies in any of the importing countries, including the United States, may adversely affect our business, results of operations, and prospects. For instance, we also face increased compliance and operational risks due to the Uyghur Forced Labor Prevention Act enacted in the United States in December 2021. Our total export sales (including U S sales) and as a percentage of total revenue for last three Fiscals are set out hereunder:

Our revenues from export sales and as a percentage of total revenue from operations for last three Fiscals are set out hereunder:

For further details, please refer to risk factor no. 12 on page 51 of the Prospectus.

11. We will not receive any proceeds from the Offer for Sale, which aggregates upto Rs. 5.793.69 million (i.e approx 27.86% of the Offer size) based on the upper end of the price band of Rs. 332 per Equity Share, and the same will be received by the Selling Shareholders. For further details, please refer to page 158 of the Prospectus.

12. The details of price/earnings, EBITDA, earnings per share, net asset value per share. Return on Net Worth, return on equity, return on capital employed, for our Company and peer group are set out hereunder:

For further details and relevant footnotes, please refer to pages 187 and 191 of the Prospectus.

13. Weighted Average Return on Net Worth for Fiscals 2025,2024 and 2023 is 12.26%.

14. Average cost of acquisition of Equity Shares for the Selling Shareholders, viz. Gyanesh Chaudhary, Vikram Capital Management Private Limited and Anil Chaudhary, is Rs. 1.85 per Equity Share, Rs. 8.50 per Equity Share and Rs. Nil per Equity Share, respectively, as on the date of the Prospectus and the offer price at the upper end of the price band is Rs. 332 per Equity Share. The average cost of acquisition of Equity Shares held by our Promoters and Selling Shareholders as on the date of the Prospectus is set forth below:

15. The weighted average price for all Equity Shares acquired in one year, 18 months and three years preceding the date of the Prospectus mentioned below:

16. The 5 BRIMs associated with the Offer have handled 80 public issues in the past three years, out of which 19 issues closed below the issue price on listing date:

The Offer was made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 as amended (the "SCRR"), read with Regulation 31 of the SEBI ICDR Regulations. The Offer was made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICOR Regulations wherein not more than 50% of the Net Offer was available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Portion"), provided that our Company in consultation with the BRLMs, allocated 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with SEBI ICDR Regulations (the "Anchor Investor Portion") of which one-third was reserved for domestic Mutual Funds, subject to valid Bids having been received from the domestic Mutual Funds at or above the price at which allocation was made to Anchor Investors ("Anchor Investor Allocation Price"). In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares was added to the QIB Portion (other than the Anchor Investor Portion) (the "Net QIB Portion"). Further, 5% of the Net QIB Portion was available for allocation on a proportionate basis to Mutual Funds only, subject to valid Bids having been received at or above the Offer Price, and the remainder of the Net QIB Portion was available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids having been received at or above the Offer Price. Further, not less than 15% of the Net Offer was available for allocation to Non-institutional Bidders ("Non-institutional Portion") of which one-third of the Non-Institutional Portion was available for allocation to Bidders with an application size of more than Rs. 0.20 million and up to Rs. 1.00 million and two- thirds of the Non-institutional Portion was available for allocation to Bidders with an application size of more than Rs. 1.00 million and under-subscription in either of these two sub- categories of the Non-institutional Portion was allocated to Bidders in the other sub-category of the Non-institutional Portion in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received at or above the Offer Price. Further, not less than 35% of the Net Offer was available for allocation to Retail Individual Portion ("Retail Portion"), in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received from them at or above the Offer Price. Further, Equity Shares was allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids having been received from them at or above the Offer Price All Bidders (except Anchor Investors) were required to participate in this Offer only through the Application Supported by Blocked Amount ("ASBA") process and were provided details of their respective bank account (including UPI ID (defined hereinafter) in case of UPI Bidders (defined hereinafter) in which the Bid Amount was blocked by the SCSBs or by the Sponsor Banks under the UPI Mechanism, as the case may be. Anchor Investors were not permitted to participate in the Anchor Investor Portion through the ASBA process. Further, Equity Shares were allotted on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids having been received from them at or above the Offer Price. For details, see "Offer Procedure" on page 528 of the Prospectus.

The bidding for Anchor Investor opened and dosed on Monday, August 18, 2025. The Company received applications from 30 Anchor Investors (including 9 domestic mutual funds through 22 Mutual Fund schemes) for 2,00,43,585 Equity Shares. The Anchor Investor Offer Price was finalized at Rs. 332 per Equity Share. A total of 1,86,99,120 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs. 16,20,81,07,840.

The Offer received 35,20,177 applications for 2,47,98,87,540 Equity Shares resulting in 56.45 times subscription as disclosed in the Prospectus. The details of the applications received m the Offer from Retail Individual Bidders, Non-institutional Bidders and QIBs are as under (before rejections):

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on Friday. August 22, 2025.

The Basis of Allotment to the Retail Individual Bidders, who have bid at Cut-Off or at the Offer Price of Rs. 332 per Equity, was finalized in consultation with NSE. This category has been subscribed to the extent of 7.7414 times (after rejections). The total number of Equity Shares Allotted m Retail Individual Bidders category is 21897720 Equity Shares to 486616 successful applicants. The category-wise details of the Basis of Allotment are as under:

The Basis of Allotment to the Non-institutional Bidders (more than Rs. 0.20 million and upto Rs. 1.00 million), who have bid at the Offer Price of Rs. 332 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 39.0805 times (after rejections). The total number of Equity Shares allotted in this category is 3128246 Equity Shares to 4965 successful applicants. The category-wise details of the Basis of Allotment are as under:

The Basis of Allotment to the Non-institutional Bidders (more than Rs. 1.00 million), who have bed at the Offer Price of Rs. 332 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 59.3656 limes (after rejections). The total number of Equity Shares allotted in this category is 6256491 Equity Shares to 9930 successful applicants. The category-wise details of the Basis of Allotment are as under: (SAMPLE)

The Basis of Allotment to the Eligible Employees, who have bid at the Offer Price of Rs. 332 per Equity Share or above, was finalized in consultation with the NSE. This category has been subscribed to the extent of 0.2214 times on an overall basis. The total number of Equity Shares Allotted m this category is 66690 Equity Shares to 207 successful Eligible Employees. The category-wise details of the Basis of Allotment are as under:

Under subscribed portion of 2,34,514 Equity Shares spitted over to QIB, Nil and Retail Categories

Allotment to QIBs excluding Anchor Investor, who have bid at the Offer Price of Rs. 332 per Equity Share or above, has been done on a proportionate basis in consultation with NSE. As per SEBI Regulations, Mutual funds were allotted 5% of Equity Shares of Net QIB Portion on proportionate basis. This category has been subscribed to the extent of 151 times of Net QIB portion. The total number of Equity Shares Allotted in this category is 1,25.83,337 Equity Shares. The category-wise details of the Basis of Allotment are as under:

The Company, in consultation with the BRLMs, have allocated 1,86,99,120 Equity Shares to 43 Anchor Investors (through 30 Anchor Investor Application Forms) (including 9 domestic Mutual Funds through 22 Mutual Funds schemes) at an Anchor Investor Offer Price at Rs. 332 per Equity Share in accordance with SEBI ICDR Regulations. This represents 60% of the QIB portion.

The Board of Directors of our Company at its meeting held on August 22, 2025 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice-cum-Unblocking intimations and/or notices have been dispatched to the email id of the Investors as registered with the depositories. Further, instructions to the SCSBs have been issued for unblocking of funds and transfer to the Public Offer Account on August 22, 2025 and the payments to non-syndicate brokers have been issued on August 23, 2025. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below The Equity Shares Allotted to the successful Allottees have been uploaded on August 25, 2025 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the applications for listing and trading of Equity Shares with BSE and NSE each dated August 25, 2025. The Company has received the listing and trading approvals from BSE & NSE. and trading will commence on Tuesday, August 26, 2025.

Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.

This is m reference to Prospectus dated August 21, 2025, filed with Registrar of Companies. West Bengal at Kolkata ("RoC"), SEBI, BSE and NSE.

In this regard, the attention of the Investors is drawn to the following:

The number of Equity Shares available for allocation to Mutual Funds only (5% of the Net QIB Portion) as appearing in the sections tided Definitions and Abbreviations". "The Offer" and "Offer Structure" on pages 8.103 and 525 respectively, of the Prospectus, shall be read as 623 304 Equity Shares of face value Rs. 10 each instead of 6,233,040 Equity Shares of face value Rs. 10 each, at each of these pages respectively.

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ Sole applicant. Serial number of the Bid cum Application form number, Bidders DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:

MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
C-101,1st Floor. Embassy 247, L.B S Marg, Vikhroli West, Mumbai 400 083, Maharashtra, India.
Telephone: +91810 811 4949; E-mail: vikramsolar.ipo@in.mpms.mufg.com; Investor grievance e-mail: vikramsolar.ipo@in.mpms.mufg.com
Website: www.in.mpmsmufg.com; Contact person: Shanti Gopalknshnan; SEBI registration no.: INR000004058
	For VIKRAM SOLAR LIMITED
	On behalf of the Board of Directors
	Sd-
Place: Kolkata, West Bengal	Sodipta Bhowal
Date: August 25, 2025	Company Secretary and Compliance Officer

VIKRAM SOLAR LIMITED has filed a Prospectus dated August 21, 2025 (the "Prospectus") with the RoC. The Prospectus is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLMs i.e., JM Financial Limited at www.jmfl.com. Nuvama Wealth Management Limited at www.nuvama.com, UBS Securities India Private Limited at www.ubs.com/indiaoffers. Equiris Capital Private Limited at www.equirus.com and PhillipCapital (India) Private Limited at https://www.phillipcapital.in/,    the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at www.vikramsolar.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section ‘Risk Factors 'beginning on page 38 of the Prospectus.

The Equity Shares offered in the Offer have not been, and will not be, registered under the U.S Securities Act or any other applicable law of the United States, and have not been offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S Securities Act and applicable state securities laws. Accordingly, the Equity Shares were offered and sold outside the United States m "offshore transactions" as defined in and in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where the offers and sales occur.