STRATEGY UPDATE - DIGITAL BANKING

. Vakrangee सशक्त परिवर्तन DEMERGER UPDATE • As on June 19, 2021 the Board of Directors of Vakrangee Limited had approved Demerger of its digital Division. However, The Board of Directors have now after due deliberations and detailed discussions, taking into consideration the best interest of all its stakeholders, have finally decided to demerge its E-Governance and IT/ITES division. Whereas the digital division will continue to be part of the current listed entity Vakrangee Limited. The Company has received the approval for demerger from Stock Exchanges and has filed the application for NCLT approval. BOARD DECISION ON DEMERGER: VAKRANGEE TO RESTRUCTURE ITS BUSINESS FOR SHAREHOLDER VALUE CREATION TO DEMERGE ITS NON CORE BUSINESS OF E-GOVERNANCE AND IT/ITES AS A SEPARATE ENTITY TO BE LISTED Demerger to unlock the potential of the Core Vakrangee kendra Business in the current Listed entity. Current Listed Entity "Vakrangee Limited" to consist of existing business of Vakrangee Kendra physical outlets as well as Digital platform of BharatEasy Mobile Super app. Vakrangee Kendra Business is Retail centric Consumer facing business. It is an Asset Light, High return on capital business and thereby will get the proper representation post the Demerger. The Demerger will enable both the Companies to enhance business operations by streamlining operations, more efficient management control and outlining independent growth strategies. 34

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