BF UTILITIES LTD. - Updates

This is to inform that Nandi Economic Corridor Enterprises Ltd. (NECE), an indirect subsidiary of the Company, on March 17, 2017, has allotted 34,045,692 Equity Shares of Rs.10/- each at a premium of Rs.136.8571429/- (representing 16.29% shareholding on fully diluted basis) to AIRRO (Mauritius) Holdings V, (AIRRO) upon conversion of 0.01% Cumulative Compulsorily Convertible Preference Shares (CCPS) of Rs.100/- each held by AIRRO. The issue of CCPS and subsequent conversion thereof into equity shares is as per the Shareholders Agreement dated December 24, 2010 executed between AIRRO and NECE and others. This is submitted for your information and records.