THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND 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 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") incompliant with Chapter llof the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations. 2018. as amended ("SEBI ICDR Regulations")

Our Company was originally incorporated as Emcure Pharmaceuticals Private Limited as a private limited company under the provisions of the Companies Act, 1956, pursuant to a certificate of incorporation dated April 16,1981, issued by the Registrar of Companies, Maharashtra at Bombay. Our Company became public company under section 43A (1 A) of the Companies Act, 1956 with effect from July 1,1993 and the word Private' was removed from the name of our Company and the certificate of incorporation of our Company was endorsed by the Registrar of Companies, Maharashtra at Bombay to that effect. Subsequently, our Company was converted from a deemed public company into a public companyt upon amendment of section 43Aof the Companies Act, 1956 by the Companies Amendment Act, 2000 and the name of our Company was changed to 'Emcure Pharmaceuticals Limited', pursuant to our Shareholders resolution dated August 20,2001 and a certificate of change of name was issued by the Registrar of Companies, Maharashtra at Pune ("ROC") on September 18,2001. For further details in relation to changes in the name and the registered office of our Company, see ‘History and Certain Corporate Matters" on page 265 of the Prospectus dated Juty5,2024 filed with RoC ('Prospectus'}.

Our Company has filed the Prospectus dated July 5, 2024 with the RoC and the Equity Shares (as defined below) are proposed to be listed on the Main Board platform Stock Exchange and the trading is expected to commence on July 10,2024.

^A discount of RS. 90 per Equity Share was offered to Eligible Employees Bidding in the Employee Reservation Portion.

RISKS TO INVESTORS

For details refer to section titled "Risk Factors" on page 42 of the Prospectus.

1. Regulatory Risk: We operate in a highly regulated industry and our operations, including our development, testing, manufacturing, marketing and sales activities, are subject to extensive laws and regulations in India and other countries. USFDA had issued a warning letter for three manufacturing facilities at our Hinjewadi, Pune, Maharashtra campus in 2019.

2. Quality Risk: We are required to comply with regulations and quality standards as stipulated by the regulators in India and other jurisdictions. Any manufacturing or quality control problems may damage our reputation, expose us to regulatory actions, litigations or other liabilities.

3. Raw Material Risk: We depend upon third-party suppliers for supply of certain raw materials and for the manufacturing of certain of ourfinished products. Revenue from finished products manufactured through third-party manufacturing arrangements amounted to Rs.31,693.07 million for Financial Year 2024, representing 47.60% of our revenue from operations for such year. Average percentage of total raw material and finished goods cost directly imported in last three Financial Years was 25.85% of total raw material and finished goods cost.

4. Working Capital Risk: Our business requires significant working capital which are funded by short-term borrowings and internal accruals. Our average working capital requirement during the previous three financial years was Rs. 21,544.31 million. Our working capital borrowings were 40.02%, 49.98% and 58.92% of our total working capital requirement in in FY2024, FY2023 and FY2022 and our average working capital cycle is of 128 days, 138 days and 114 days for same period for FY2024, FY2023 and FY2022. Further, our working capital borrowings was 45.35%, 51.46% and 50.62% of our Total Borrowings in FY2024, FY2023 and FY2022.

5. Inventory Risk: Our inability to accurately forecast demand for our products and manage our inventory may have an adverse effect on our business. Our average total inventory for previous three financial years was 14,525.14 million. For instance, expired inventory as percentage of revenue from sale of products was 2.10% in FY2024.

6. Income Tax Department had conducted search and seizure operations on our Company, Zuventus and Gennova during December 2020 and received assessment orders and notices of demand under the IT Act for an aggregate amount of ^1,621.04 million, Rs.794.58 million and Rs.65.74 million, respectively, payable on account of disallowance of certain expenses.

7. Past show cause notices by the Regional Director, MCA: We have been issued show cause notices by the Regional Director, MCA in past due to non-compliance with Companies Act and if we are found to not be in compliance with applicable regulations under the show cause notices, we may be subject to regulatory actions or penalties.

8. Negative Cash and Cash Equivalents: We have experienced negative cash and cash equivalents in FY2022 and FY2023 of Rs.3,081.72 million and Rs. 1,745.29 million respectively and may continue to do so in the future.

9. Concentration Risk: Certain therapeutic areas contribute to a more significant portion of our total revenue in India. Average contribution of Gynecology, Cardiovascular, Anti-infectives was 24.08%, 17.28% and 11.03% respectively, of Domestic Moving Annual Total Sales in last three Financial Year.

10. Capacity Utilization Risk: If we are unable to ramp up production and the existing level of capacity utilization rate at our manufacturing facilities, our margins and profitability may be adversely affected.

11. Although we have de-merged our U.S. operations with effect from April 1,2021, we have ongoing civil proceedings in the United States, including class-action antitrust cases and complaints filed by U.S. state attorneys-general, which may subject us to significant losses and liabilities. Pursuant to the Indemnification Deed between our Company and Avet Life, our Company would be liable to pay for any potential settlement obligation, or adverse jury verdict for the amount directed specifically against it, only in the event that Avet Life is unable to fully satisfy such an obligation or verdict.

12. Our inability to meet our obligations, including financial and other covenants under our debt financing arrangements could adversely affect our business, financial condition, results of operations and cash flows. OurTotal Borrowing as on March 31,2024 was Rs.20,919.35 million.

13. We will not receive any proceeds from the Offer for Sale portion and the same will be received by the Selling Shareholders.

14. Our Promoters and Promoter Group hold 83.21% of our issued, subscribed and paid-up Equity Share capital as on date of the Prospectus and will be able to exercise significant influence and control over us after the Offer and may have interests that are different from or conflict with those of our other shareholders.

15. The audit reports for our audited consolidated financial statements as of and for the Financial Years 2023 and 2022 include references to certain emphasis of matter paragraphs.

16. Price/ Earning (P/E) ratio (based on our profit for the Financial Year 2024) multiple is 34.86 and 36.60 times at the lower and upper end of the Price Band, respectively.

The market capitalization to revenue from operations at lower end and upper end of price band to revenue from operations for FY 2024 is 2.73 and 2.86 times, respectively.

17. Weighted Average Return on Net Worth for Financial Years ended 2024,2023 and 2022 is 21.08%.

18. WACA for all shares transacted in the last one year, 18 months and 3 years preceding the date of the Prospectus is as follows:

'As certified by M/s R. B. Sharma and Co., Chartered Accountants, byway of their certificate dated July 5,2024.

'The equity shares acquired by way of gift have not been considered for computing the range of acquisition price.

19. The average cost of acquisition of Equity Shares of face value of Rs.10 each for our Promoters and the Selling Shareholders* as on the date of the Prospectus:

‘For details of Individual Selling Shareholder and Other Selling Shareholders, please refer to the Prospectus.

$ As certified by M/s R. B. Sharma and Co., Chartered Accountants, by way of their certificate dated July 5,2024 # Includes Equity Shares held jointly with other shareholders. For details, please refer to the Prospectus

20. WACA, Floor Price and Cap Price

*As certified by M/s R. B. Sharma and Co., Chartered Accountants, pursuant to their certificate dated July 5,2024.

** The above table excludes Equity Shares of face value of Rs.10 each issued under the Emcure ESOS 2013.

21. The Four BRLMs associated with the Offer have handled 53 public issues in the past three financial years, out of which 14 issues have closed below the offer price on the listing date

* Issues handled where there were no common BRLMs

The Offer was made through the Book Building Process, in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6( 1) of the SEBI ICDR Regulations, wherein not more than 50% of the Net 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 up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, in accordance with the SEBI ICDR Regulations (the "Anchor Investor Portion"), of which 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, in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares of face value of Rs.10 each could have been added to the remaining QIB Portion ("Net QIB Portion"). 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 available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from the Mutual Funds was less than 5% of the Net QIB Portion, the balance Equity Shares of face value of Rs.10 each available for allocation would have been added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Net Offer was available for allocation to Non-lnstitutional Bidders ("Non-lnstitutional Portion') in accordance with the SEBI ICDR Regulations, out of which (a) one-third of such portion was reserved for Bidders with application size of more than Rs.0.20 million and up to Rs.1.00 million; and (b) two-thirds of such portion was reserved for Bidders with application size of more than *1.00 million, provided that the unsubscribed portion in either of such sub-categories was allocated to Bidders in the other sub-category of Non-lnstitutional Bidders. Further, not less than 35% of the Net Offer was available for allocation to Retail Individual Bidders ("Retail Portion") in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price (net of Employee Discount). All Bidders (except Anchor Investors) were mandatorily required to utilize the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective ASBA accounts (and UPI ID in case of UPI Bidders), as applicable, pursuant to which their corresponding Bid Amount was blocked by the Self Certified Syndicate Banks or by the Sponsor Banks under the UPI Mechanism, as the case may be. Anchor Investors were not permitted to participate in the Offer through the ASBA Process. For further details, see "Offer Procedure' on page 494 of the Prospectus.

The bidding date for Anchor Investor was on Tuesday, July 2, 2024. The Company received 48 applications from 35 anchor investors for 59,59,982 Equity Shares. The Anchor investor price was finalized at Rs. 1,008 per Equity Share. A total of 57,79,850 shares were allocated under the Anchor Investor Portion aggregating to Rs. 5,82,60.88.800.00

The Offer received 28,71,407 applications for 93,13,71,728 Equity Shares (prior to rejections) resulting in 68.50 times subscription. The details of the applications received in the Offer from various categories are as under; (before rejections):

Final Demand

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

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on July 8.2024.

A. Allotment to Retail Individual Bidders (after rejections) (including ASBA Applications)

The Basis of Allotment to the Retail Individual Bidders, who have bid at the Cut-Off Price or at the Offer Price of Rs.1.008 per Equity Share, was finalized in consultation with the NSE. This category has been subscribed to the extent of 7.23 times. The total number of Equity Shares Allotted in Retail Portion is 67.43.160 Equity Shares to4,81.654 successful Retail Individual Bidders. The category-wise details of the Basis of Allotment are asunder:

B. Allotment to Non-lnstitutional Investors (More than Rs.0.20 million Up to Rs.1 million) (After Rejections)

The Basis of Allotment to the Non-lnstitutional Investors (more than Rs.0.20 million Up to Rs.1 million), who have bid at the Offer Price of Rs. 1,008 per Equity Share, was finalized in consultation with NSE. This category has been subscnbed to the extent of 38.17 times (after rejections). The total number of Equity Shares allotted in this category is 9,63.308 Equity Shares to 4,587 successful Non-lnstitutional Investors. The category-wise details of the Basis of Allotment are as under (Sample):

C. Allotment to Non-lnstitutional Investors (more than Rs.1 million) (After Rejections)

The Basis of Allotment to the Non-lnstitutional Investors (more than Rs.1 million), who have bid at the Offer Price of Rs. 1.008 per Equity Share. was finalized in consultation with NSE. This category has been subscribed to the extent of 54.73 times. The total number of Equity Shares allotted in this category is 19,26,618 Equity Shares to 9.174 successful Non-lnstitutional Investors. The category-wise details of the Basis of Allotment are asunder: (Sample)

D. Allotment to Employee Reservation (After Rejections) (including ASBA Applications)

The Basis of Allotment to the Eligible Employee Portion, who have bid at the Offer Price of Rs. 1.008* per Equity Share was finalized in consultation with NSE. This category has been subscribed to the extent of 2.27 times. The total number of Equity Shares allotted in this category is 1,08,900 Equity Shares to 2,363 successful applicants. The category-wise details of the Basis of Allotment are as under:

^A discount of 190 per Equity Share was offered to Eligible Employees Bidding in the Employee Reservation Portion

Eligible Employees between Rs. 0.20 million to Rs. 0.50 million

E. Allotment to QIBs (Excluding Anchor Investors) (after rejections)

Allotment to QIBs, who have Bid at the Offer Price of Rs. 1,008 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 190.88 times of QIB Portion. As per the SEBIICDR Regulations, Mutual Funds were Allotted 5% of the Equity Shares of Net QIB Portion available i.e . 1,92,662 Equity Shares. The total number of Equity Shares Allotted in the QIB Portion is 38,53.234 Equity Shares which were allotted to 233 successful QIB Investors. The category-wise details of the Basis of Allotment are as under:

F. Allotment to Anchor Investors (After Rejections)

The Company, in consultation with the BRLMs, have allocated 57,79,850 Equity Shares to 35 Anchor Investors (through 48 Applications) at the Anchor Investor Offer Price of Rs. 1,008 per Equity Share in accordance with the SEBIICDR Regulations. This represents 60% of the QIB Portion.

The IPO Committee of the Board of Directors of the Company on July 8. 2024 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-lntimations and/ or notices will be 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 July 8, 2024 and payment to non-Syndicate brokers have been issued on July 9. 2024. 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 July 9, 2024 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 July 9, 2024. The Company has received listing and trading approval from BSE and NSE and the trading will commence on or about July 10.2024.

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

INVESTORS PLEASE NOTE

The details of the allotment made will be hosted on the website of the Registrar to the Offer, Link Intime India Private Limited at www.linkintime.co.in

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:

Link Intime India Private Limited

C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai - 400 083, Maharashtra, India

Tel: + 91 810 811 4949; E-mail: emcure.ipo@linkintime.co.in; Website: www.linkintime.co.in

Investor grievance e-mail: emcure.ipo@linkintime.co.in

Contact Person: Shanti Gopalkrishnan: SEBI Registration No.: INR000004058

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 EMCURE PHARMACEUTICALS LIMITED.

Emcure Pharmaceuticals Limited has filed the Prospectus dated July 5, 2024 with the RoC. The Prospectus shall be available on the website of SEBI at www.sebi.gov.in, as well as on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and is available on the website of the Company at www.emcure.com and on the websites of the BRLMs, i.e. Kotak Mahindra Capital Company Limited, Axis Capital Limited, Jefferies India Private Limited and J.P. Morgan India Private Limited at https://investmentbank.kotak.com, www.axiscapital.co.in, www.jefferies.com and www.jpmipl.com, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see 'Risk Factors' on page 42 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 ("U.S. Securities Act"), or any other applicable law of the United States and. unless so registered, may not be offered or sold within the United States absent registration under the U.S. Securities Act. 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 are being offered and sold (i) in the United States only to persons reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act) pursuant to Section 4(a) of the U.S. Securities Act, and (ii) outside the United States in offshore transactions as defined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.