MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD. - Nil Statement On Deviation Or Variation In Utilisation Of Funds Raised Through Rights Issue

Pursuant to the provisions of Regulation 32 of the Securities and Exchange Board of India ['SEBI'] (Listing Obligations and Disclosure Requirements) Regulations, 2015,read with SEBI Circular No. CIR/CFD/CMD1/162/2019 dated 24th December, 2019 regarding 'Format on Statement of Deviation or Variation for proceeds of public issue,<BR> rights issue, preferential issue, Qualified Institutions Placement (QIP) etc.', we hereby confirm that there is no deviation or variation in the use of proceeds of the Rights Issue from the objects stated in the Letter of Offer dated 21st July, 2020. A Nil Statement of<BR> Deviation, duly reviewed by the Audit Committee of the Company, is given in 'Annexure A'.<BR> The entire proceeds raised by the Company through the Rights Issue, during the quarter ended 30th September, 2020, have been utilised for the objects as stated in the Letter of Offer dated 21st July, 2020.<BR> Kindly take the same on record.