THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS 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 Pubic 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 ("SEBl ICDR REGULATIONS, 2018")

EMMVEE PHOTOVOLTAIC POWER LIMITED

Our Company was originally incorporated as "Emmvee Toughened Glass and Photovoltaics Private Limited" as a private limited company under the provisions of the Companies Act, 1956, pursuant to a certificate of incorporation dated March 21, 2007, issued by the RoC. Pursuant to a change in the name of our Company to "Emmvee Photovoltaic Power Private Limited", a fresh certificate of incorporation dated November 10, 2010, was issued by the RoC. The name change was undertaken to align with the current business growth and product portfolio of our Company and global renewable energy scenario. Subsequently, our Company was converted to a public limited company and the name of our Company changed to "Emmvee Photovoltaic Power Limited" pursuant to approval by our Board pursuant to resolution dated April 28, 2025 and Shareholders pursuant to an extra ordinary general meeting dated April 29, 2025 and a fresh certificate of incorporation dated May 7, 2025 was issued by the central processing centre, MCA, Haryana For further details, see "History and Certain Corporate Matters - Brief History of our Company" on page 256 of the Prospectus dated November 14, 2025 ("Prospectus").

We generate a significant portion of our revenue from, and are therefore dependent on certain key customers. The table below sets forth the revenue generated from our largest, top 5 and top 10 customers, including as a percentage of our revenue from operations, in the periods indicated:

(6) In Fiscal 2023, our top customers include KPI Green Energy Limited, Aditya Birla Renewables Solar Limited and other entities whose names have not been disclosed here due to non-receipt of consent.

Our portfolio of products comprises bifacial and mono-facial formats of TOPCon modules, as well as bifacial and mono-facial formats of Mono PERC modules. The table below provide details of revenues from the products that we manufacture in the periods indicated:

Our business is subject to changes in demand for solar PV modules. If demand for solar productions and relevant technologies weakens, our productivity, business prospects and future financial performance may be adversely affected.

An inability to effectively utilize our current and proposed production capacities at our manufacturing units may adversely affect our business, results of operations and cash flows. Fluctuating demand for our products can hinder accurate estimation of future customer needs, complicating production scheduling, which may load to overproduction for certain products and under-utilization for others. The table below sets forth information relating to the capacity utilization for our current manufacturing units for the years indicated:

We depend on external Indian and foreign third party suppliers for certain raw materials required for our manufacturing operations, and we typically source them on a purchase order basis from such suppliers. We do not enter into formal long-term agreements with our suppliers. The table below sets forth details of our purchases from our largest, top 5 and top 10 suppliers, including as a percentage of our total expenses, in the periods indicated:

There can be no assurance that we will be able to procure the required quantities and quality of materials commensurate with our requirements in a timely manner from such suppliers, or that a particular supplier will continue to supply us with materials in the future.

We import a significant portion of the materials used in the manufacturing of solar cells and solar PV modules from foreign countries, particularly China and other countries, namely Vietnam, Thailand and Malaysia. The table below sets forth our cost of imported raw materials from China and other countries. Including as a percentage of total purchases, in the periods Indicated:

The imposition of any restrictions, either from the Government of India or any state or provincial government, governmental authority or the government of the People's Republic of China, or from restrictions imposed by any other applicable authorised bilateral or multilateral organisations, on such imports from China in which our principal suppliers are located, may adversely affect our business, results of operations and prospects.

The growth of our order book is a cumulative indication of the revenues that we expect to recognize in future periods with respect to our existing contracts. We cannot guarantee that the income anticipated in our order book will be realized, or, if realized, will be realized on time or result in profits. The table below provides details of our outstanding order book of solar PV modules as at the dates indicated:

As of the date of the Prospectus, we operate four manufacturing units across two locations in Karnataka, spread across a total land area of 22.44 acres. We are in the process of adding a 2.50 GW module production capacity line and a 6.00 GW integrated solar cell and solar PV module production capacity at ITIR Phase - II, Bengaluru, Karnataka expected to be operational in Fiscal 2026 and first half of Fiscal 2028, respectively. Given the geographic concentration of our current and proposed manufacturing operations in one state, our operations are susceptible to disruptions which may be caused by certain local and regional factors, including but not limited to economic and weather conditions, natural disasters, demographic factors, local, political, economic and social events and other unforeseen events and circumstances.

As of September 26, 2025, our Material Subsidiary, EEPL has been sanctioned loans aggregating to Rs. 18,972.20 million from IREDA, which are secured, inter alia, by a pledge of 51.00% of our Company's equity shareholding in EEPL ("Pledge"). Additionally, the Pledge also covers the loan aggregating to Rs. 33,060.00 million sanctioned by IREDA, which is currently an undrawn facility. The amount outstanding under the loans disbursed by IREDA as of September 26, 2025, was 7,357.97 million. In the event of a default or non-performance or breach of obligations by EEPL under the terms of the relevant loan agreements. IREDA may invoke the pledge and acquire majority control over EEPL, which could result in EEPL ceasing to be our Subsidiary. Consequently, IREDA may also sell the pledged securities without giving any notice to our Company and utilise the proceeds thereof for the repayment of the outstanding amount. EEPL is a key part of our manufacturing operations, and the loss of control over EEPL could disrupt our production capabilities and impact our ability to meet customer demand.

Further, our Material Subsidiary, EEPL contributed to Rs. 7,389.11 million to our consolidated revenue from operations as on June 30, 2025, representing 71.89% of the consolidated revenue from operations. As on June 30, 2025 EEPL's assets amounted to Rs. 40,944.61 million accounting for 94.17% of our total assets.

We have engaged in transactions with related parties, including our Subsidiaries, Promoters and members of our Promoter Group, and we may continue to do so in the future. Although we believe these transactions have been conducted on an arm's length basis and have been undertaken in compliance with the Companies Act, 2013 and other applicable laws, there is no guarantee that we could not have secured more favourable terms with unrelated third parties. Additionally, future related party transactions may arise, potentially heading to conflicts of interest. The table below provides details of our related party transactions as a percentage of revenue from operations in the periods indicated:

For further information relating to our related party transactions, see "Summary of the Offer Document - Summary of Related Party Transactions" and "Restated Consolidated Financial Information - Note 33 Related party transactions "on pages 20 and 356 of the Prospectus.

In one of our corporate regulatory filings done with the RoC with respect to form 2, the minutes of our Board resolution dated July 28, 2010 had erroneously recorded the name of the shareholder as Emmvee Solar Lightings (HUF) instead of Donttu Venkatarathnaiah Manjunatha HUF. which was rectified by a board resolution dated December 21, 2010. Further, our Company did not file form 2 with respect to live allotment of the Equity Shares on July 2, 2007, for which form PAS-3 was eventually filed on January 31, 2025 and the requisite late fee was paid. As a result of delay in filing of the aforesaid form 2, there may be additional penalties Imposed by the MCA or any other regulatory or statutory authority For details of such allotments, see "Capital Structure-Share Capital History of our Company" on page 100 of the Prospectus.

Changes in technologies employed by us in the manufacturing of solar cells and solar PV modules may render our current technologies obsolete. Due to the outdated nature of multicryslaliine technology for solar PV modules and delisting of polycrystalline cells for the manufacture of solar panels our manufacturing operations at Unit I which manufactured potycryst3llme modules were discontinued with effect from May 31, 2025, resulting in an impairment of plant and machinery amounting to Rs. 200.11 million in Fiscal 2025. We may also be required to Incur substantial expenditure towards adapting to new technologies which could adversely affect our business, results of operations and financial condition Failure to keep pace with technological changes, including in particular changes to the use of TOPCon technology in the manufacturing of solar cells and solar PV modules, could render our processes and final products obsolete, which could have an adverse impact on our market position, reputation, business and operations. Further, our competitors may develop or adopt technologies that enable them to manufacture solar cells and modules with higher efficiencies or resistance at a lower cost, which may affect the ability of our products to compete in the market and subsequently, affect our revenues.

Our Company Material Subsidiary and our customers benefit from various government subsidies In the event such subsidies do not materialize or the central or state governments do not approve the entire subsidy amount or if there are any adverse changes in the availability of subsidies, it may increase our cost of investment, and adversely impact our customers' affordability of our products, thereby impacting our overall sale.

13. We will not receive any proceeds from the Offer for Sale, which aggregates upto Rs. 7,561.38 million, and the same will be received by the Promoter Selling Shareholders. For further details, please refer to risk factor no 59 on page 70 of the Prospectus.

14. The details of the Price/ Earnings (P/E), Earnings per Share (EPS), Return on Not Worth (RoNW), Return on Equity and Net Asset Value (NAV) per Equity Share for our Company and peer group appear hereunder

15. Average cost of acquisition of Equity Shares for the Promoter Selling Shareholders, viz Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha and Sumanth Manjunatha Donthi, is Rs. 0.20 per Equity Share, Rs. 0.20 per Equity Share, Rs. 0.91 per Equity Share and 10.91 per Equity Share, respectively, as on the date of Prospectus and the offer price at the upper end of the price band is Rs. 217 per Equity Share. The average cost of acquisition of Equity Shares by our Promoters and the Promoter Selling Shareholders as on the date of the Prospectus, is given below:

17. The 4 BRLMs associated with the Offer have handled 108 public issues in the past three years, out of which 23 issues closed below the issue price on listing date:

This was an Offer in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") read with Regulation 31 of the SEBI ICDR Regulations. This Offer was made through the Book Building Process in compliance with Regulation 6(2) of the SEBI ICDR Regulations wherein in terms of Regulation 32 of the SEBI ICDR Regulations, not less than 75% of the Offer was available for allocation on a proportionate basis to Qualified Institutional Buyers (‘‘QIBs", and such portion, 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 the SEBI ICDR Regulations ("Anchor Investor Portion"), of which at least one-third was reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. Further, 5% of the Net QIB Portion was made available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion was made available for allocation on a proportionate basis to all QIBs (other than Anchor Investors) including Mutual Funds, subject to valid Bids having been received at or above the Offer Price. Further, not more than 15% of the Offer was made available for allocation to NIBs out of which (a) one-third of such portion was reserved for Bidders with application size of more than Rs. 0.20 million and Rs. 1.00 million; and (b) two-third of such portion was reserved for Bidders with application size of more than Rs. 1.00 million provided that the unsubscribed portion in either of such sub-categories was allocated to Bidders in other sub-category of the NIBs in accordance with SEBI ICDR Regulations and not more than 10% of the Offer was available for allocation to Retail Individual Bidders ("RIB") in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received from them at or above the Offer Price. All Bidders (except Anchor Investors) were required to mandatorily utilise the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective ASBA accounts (and UPI ID in case of UPI Bidders using the UPI Mechanism), (in which case the corresponding Bid Amounts was blocked by the SCSBs or under the UPI Mechanism, as applicable to participate in the Offer. Anchor Investors were not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process. For details, see "Offer Procedure" on page 447 of the Prospectus.

The bidding for Anchor Investors opened and closed on Monday, November 10, 2025. The company received 55 Anchor Investor Application Forms from 39 Anchor Investors for 61,981,665 Equity Shares. The Anchor investor price was finalized at Rs. 217 per Equity Share. A total of 60,138,249 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs. 13,050,000,033/-.

The Offer received 174,827 applications for 136,962,033 Equity Shares (prior to rejections) resulting in 1.02 subscription. The details of the applications received in the Offer from various categories are as under: (before rejections):

A summary of the final demand as per BSE and NSE as on the Bid/Offer Closing Date and as at different Bid prices is as under:

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on November 14, 2025

The Basis of Allotment to the Retail Individual Investors, who have bid at the Cut-Off Price or at the Offer Price of Rs. 217 per Equity Share, was finalized in consultation with the NSE This category has been subscribed to the extent of 0.98755 times. The total number of Equity Shares Allotted in Retail Portion is 14,833,482 Equity Shares to 164,550 successful Retail Individual Investors. The category-wise details of the Basis of Allotment are as under:

The Basis of Allotment to the Non-Institutional Investors (more than Rs. 0.20 million Up to Rs. 1.00 million), who have bid at the Offer Price of Rs. 217 per Equity Share or above, was finalised in consultation with NSE. This category has been subscribed to the extent of 0.52226 times. The total number of Equity Shares allotted in this category is 3,489,744 Equity Shares to 3,212 successful applicants. The category-wise details of the Basis of Allotment are as under:

The Basis of Allotment to the Non-Institutional Investors (more than Rs. 1.00 million), who have bid at the Offer Price of Rs. 217 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 0.14962 times. The total number of Equity Shares allotted in this category is 2,477,169 Equity Shares to 379 successful applicants. The category-wise details of the Basis of Allotment are as under:

Allotment to QIBs, who have Bid at the Offer Price of Rs. 217 per Equity Share or above, has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the extent of 1.00870 times of OIB Portion. As per the SEBI Regulations, Mutual Funds were Allotted 5% of the Equity Shares of QIB Portion available i.e., 2,635,096 Equity Shares (i.e Includes spilled over of 630,487 Equity Shares from NIB Above 10 Lakhs & Retail Categories) and other QIBs and unsatisfied demand of Mutual Funds were Allotted the remaining available Equity Shares i.e., 50,066,812 Equity Shares (i.e. Includes spilled over of 11,979,255 Equity Shares from NIB Above 10 Lakhs & Retail Categories) on a proportionate basis. The total number of Equity Shares Allotted in the QIB Portion is 52,701,908 Equity Shares (i.e. Includes spilled over of 12,609,742 Equity Shares from NIB Above 10 Lakhs & Retail Categories) which were allotted to 35 successful QIB Investors. The category-wise details of the Basis of Allotment are as under.

The Company, in consultation with the BRLMs, have allocated 60,138,249 Equity Shares to 39 Anchor Investors (through 55 Applications) at the Anchor Investor Offer Price of Rs. 217 per Equity Share in accordance with the SEBI Regulations. This represents 60% of the QIB Portion.

The Company on November 14, 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 Bidders. The Allotment Advice-cum-Intimations and/or notices have been dispatched to the address of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Offer Account have been issued on November 14, 2025 and payment to non-Syndicate brokers have been issued on November 15, 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 November 17, 2025 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with BSE and NSE on November 17, 2025. The Company has received listing and trading approval from BSE and NSE and the trading will commence on or about Tuesday, November 18, 2025.

Note: All capitalised terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus.

The details of the allotment made will be hosted on the website of the Registrar to the Offer, KFin Technologies Limited at www.kfintech.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/sole Bidder, Bid cum Application Form number, Bidder DP ID, Client ID, PAN, date of submission of Bid-cum-Application Form, address of the Bidder, number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:

	KFin Technologies Limited
	Selenium, Tower-B, Plot No. 31 & 32, Financial District Hyderabad, Telangana - 500 032, India
	Nanakramguda, Serilingampally, Rangareddi
	Tel: + 91 40 6716 2222/ 1800 309 4001
	E-mail: emmvee.ipo@kfintech.com
	Website: www.kfintech.com
	Investor Grievance E-mail: einward.ris@kfintech.com
	Contact Person: M. Murali Krishna
	SEBI registration no.: INR000000221
		For EMMVEE PHOTOVOLTAIC POWER LIMITED
		On behalf of the Board of Directors
		Sd/-
Place: Bengaluru, Karnataka		Shailesha Barve
Date: November 17, 2025		Company Secretary and Compliance Officer

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF EMMVEE PHOTOVOLTAIC POWER LIMITED.

EMMVEE PHOTOVOLTAIC POWER LIMITED has filed the Prospectus with RoC and the Stock Exchanges on November 14, 2025. The Prospectus is available on the website of SEBI at www.sebi.gov.in, and is available on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.emmveepv.com and the websites of the BRLMs, i.e., JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Jefferies India Private Limited and Kotak Mahindra Capital Company Limited at www.jmfl.com, www.iiflcapital.com, www.jefferies.com and https://investmentbank.kotak.com, respectively. Please note that investment in equity shares involves a high degree of risk and for details relating to such risk, see "Risk Factors" beginning on page 31 of the Prospectus.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws in the United States and, unless so registered, may not be 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 have been offered and sold (i) within the United States only to persons reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act and referred to in the Prospectus as "U.S. QIBs") pursuant to the private placement exemption set out in Section 4(a) of the U.S. Securities Act, and (ii) outside the United States in 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 those offers and sales have been made. The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction. There will be no public offering in the United States.