Communication Address: Solara Active Pharma Sciences Limited Batra Centre

No. 28. Sardar Patel Road. Post Box 2630 Guindy. Chennai - 600 032. India Tel : +91 44 43446700. 22207500 Fax : +91 44 22350278 E-mail : investors@solara.com www.solara.co.in

Solara Active Pharma Sciences Limited - CIN : L24230MH2017PLC291636 REGD. OFF: 201, Devavrata, Sector 17, Vashi Navi Mumbai - 400703. India/ Tel: 91-22-2789 2924 / 2789 3199 / Fax: 91-22-2789 2942

August 1, 2021 The BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400 001 Scrip Code: 541540

The National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex Sandra (E), Mumbai - 400 051 Scrip Code: SOLARA

Dear Sir/ Madam,

Sub: Newspaper advertisement titled “Notice of 4th Annual General Meeting and E-voting information”.

Please find enclosed copies of the newspaper advertisement titled ‘Notice of 4th Annual General Meeting and E-voting information’. The advertisements appeared in Business Standard and Lokmat (Marathi version).

This is for your information and records.

This will also be hosted on the Company’s website, at www.Solara.co.in Thanking you, Yours Truly, For Solara Active Pharma Sciences Limited S. Murali Krishna Company Secretary Enclosed: - Newspaper clippings

Whyshouldweworryaboutacompany’sESGscoreaswell?The last one and a half years havebeen tough for businesses, with eco-nomic andhumanpain inflicted bythe pandemic bringing sustainabilityto the fore. This is where ESG factorscome into play. It is the bestmeasureof sustainability of businesses in thelong term. The pandemic is not yetover and businesses continue to faceother long-term issues such as cli-mate change. That’s why I think ESGwill play an even bigger role in deci-sionmaking. Six ESG fundslaunched in India in 2020 collectednearly ~3,600 crore from investors.

DoestheESGscorealsoreflectonthefinancialperformanceofcompanies?Companieswith high focus onESGfactors performbetter than theirpeers. They are able tomanage risksbetter than others, and are able tospot newopportunities better. All

these translate into superior finan-cial performance. There can be a pos-itive correlation in ESG scores andcorporate performance.

ButisthereasectoralbiasintheperformanceofESG100companies.It’s true that companiesin resource intensivesectors— thermal power,metals,cement & energy—will have a loweraverage ESG scores on account ofhigh emissions and resource use.However, despite these constraints,some of the leading companies inthese resource- and emission-inten-sive sectors outperform the averageESG scores of services sectors, indi-cating that some of the stronger com-panies are able to overcome sector-specific constraints.

EverycompanywouldliketoscorehighonESG,butdoesn’t itrequireinvestmentthatmaybebeyondthe

reachofsmallcompanies?Companieswith highESGscore can get capital at a lowercost.Many smaller companiesthatwere reluctant tomakeinvestments on the ESG sidehave realized that theymaybecomeuncompetitive in the

longer term, if they don’t take it seri-ously. Besides, it is likely that a small-er companymayhave access to poolsof capital— equity or debt— fromproviders focused towards energyefficiency or social initiatives. And inour survey, 86%of the companiesconsider ESG as an important factorfor their capital-raising plans.

DoyoualsoseeanyperceptibledifferenceinESGscoreaccordingto

theownershipofthefirms,that is,family-ownedversusMNCsorPSUs?The level of disclosure plays a biggerrole in ESG score than the owner-ship. It’s not that a family-ownedfirmwill score lower onESG than aninstitutional-owned one, or anMNC.PSUs for example, have scored lower,largely due to the limited presence ofindependent directors and frequentchanges in board composition.

WhatriskscanyouseefortheIndianeconomyinFY22?A slow vaccination and a potentiallyvirulent thirdwave are the biggestheadline risks in FY22.However, theIndian economy and the corporatesector could also be challenged by afaster-than-expected interest hike bytheUS Fed and a rally in commodityand energy prices.

HowdothesefactorschangeCRISIL’soutlookforIndia’sGDPinFY22?As of now, we are stayingwith theestimate of 9.5 per cent growth inFY22. Our growth outlook providedby August looks reasonable with theeconomic activity going back to thelevel seen in February andMarchthis year. However, if the thirdwaveturns out to be severe, resulting inlockdowns inmajor parts of thecountry, thenGDP growthmay belower than our estimates. Amid allthis, the strong recovery in globaleconomy is the silver lining.

UStoholdrare2ndlotteryforH-1BvisaPRESSTRUSTOF INDIAWashington, 30 July

In what can be good news forhundreds of Indian informa-tion technology (IT) profes-sionals seeking theH-1Bworkvisa, the US' immigrationagencyhasdecidedtoconducta rare second lottery for themost sought-after visas todecideonthesuccessfulappli-cants who could not make itin the first random selection.

The US Citizenship andImmigrationServices (USCIS)said on Thursday that a deci-sionwastakenafterdetermin-ing that the computeriseddrawof lots forH-1Bvisascon-ducted early this year did notgivethemenoughnumbersofthe Congressional mandatedH-1Bvisas.

The H-1B visa, the mostsought-after among Indian ITprofessionals, is a non-immi-grantvisa thatallowsUScom-panies to employ foreignworkers in speciality occupa-tions that require theoreticalor technical expertise.

TheH-1Bvisahasanannu-al numerical limit cap of65,000visaseachfiscalyearasmandated by Congress. Thefirst 20,000 petitions filed onbehalf of beneficiaries with aUS master's degree or higherare exempt from the cap.

Technology companies

depend on it to hire tens ofthousands of employees eachyear fromcountries like IndiaandChina.“Werecentlydeter-mined that we needed toselect additional registrationsto reach the FY22 numericalallocations. On July 28, weselectedpreviouslysubmittedelectronic registrations usinga random selection process,”theUSCISsaid inastatement.

“The petition filing periodbasedonregistrationsselectedon July 28 will begin onAugust 2 and close onNovember 3. Individualswithselectedregistrationswillhavetheir myUSCIS accountsupdatedto includeaselectionnotice,which includesdetailsofwhenandwhere to file.”

‘ESGwillplaybigroleinthelongterm’Last month, rating agency CRISILlaunched its environmental, social andgovernance (ESG) scores for India’s top-225 companies across 18 sectors. Thescores are based on informationavailable in public domain, includingthose from third-party providers. ASHUSUYASH, managing director and CEO,CRISIL, tells Krishna Kant why ESG score isthe best measure of long-termsustainability of businesses. Editedexcerpts:

IndianOilnetprofit jumpsthreefold to~6,000croreTWESHMISHRANewDelhi, 30 July

The country’s top refiner,Indian Oil Corporation (IOC),onFridayreportedconsolidat-ednetprofit of ~6,109.69crorefor the June quarter, a rise of174 per cent over ~2,226.80crore in the year-ago period.

Consolidated total incomewas ~1.5 trillion, up from~90,775.15 crore last year.

“Thehigherprofit ismain-ly on account of inventorygains and better petrochemi-calmarginsduringthecurrentperiod,” according to a com-pany statement.

IOC Chairman SantoshVaidya said: “The gross refin-erymargins(GRM),orgainperbarrel of crude oil processed,was at $ 6.58 per barrel in theperiodunderreview.This isupfrom (-) $1.98 a barrel in thesamemonths of the financialyear 2020-21.” “ThecoreGRMforthecurrentperiodafteroff-setting inventory loss/gaincomes to $2.24per barrel.”

On fuel demand, Vaidyasaidheexpects it toreachpre-Covid-19 levels by Diwali(November4)thisyear.“Petroldemandhas crossedpre-pan-demic levels;we are currentlynearly 3 to 5 per cent morethan pre-Covid levels. Dieseldemand is around 88-90 per

centandIexpect toget itbackto pre-Covid levels by Diwali.We may have to wait till theend of the current financialyear to get Aviation TurbineFuel to comeback tonormal.”

Vaidya said this is becauseof preference for personal

mobility. The demand fordiesel isdownaspublic trans-port still remains restricted inparts of the country.

India’s fuel demand is yetto recover. While LiquefiedPetroleum Gas (LPG) con-sumption is well above 2019levels,petrol,dieselandjetfueltrail. The higher LPGdemandispresumablybecauseofmorepeoplestayingathome.Petrol,diesel and jet fuel consump-tion are lower as people con-tinuetoavoidinessentialtravelandcommute.

Vaidya said the joint ven-ture (JV) between IndianOiland Malaysia’s Petronas willbe expanded to cover morebusinesses. “Currently thebusiness is only limited toLPG. We have now extendedour cooperation to retailingpetrol and diesel, as well asnatural gas,” he said.

Vaidya said there will beseparatebrandedfuelretailingoutlets under the JV, addingthe JV will enter the naturalgas retailingbusiness.

The IndianOil Petronasretail business would notcomeat the cost of IOC’smar-ket share. On the currentcrudeoilprices,hesaidapricebandof$60to$70abarrelwillbe better for India. Shares ofIOC closed at ~103.20 apiece,down0.67percentontheBSE.

Expectsdieseldemandtoreachpre-CovidlevelbyDiwali

BandhanBankprofitdown32%

N Q1 REPORT CARD N

PRESS TRUST OF INDIANew Delhi, 30 July

Bandhan Bank on Fridayreported 32 per cent declinein net profit at ~373.10 crorefor June quarter 2021-22 asprovisions for bad loansspiked.

Thebankhadpostedanetprofit of ~ 549.80 crore in thesame quarter a year ago.

"In the first quarter, wehad slippages and there wasno write-off. In the sameperiod of the previous finan-cial year, there were no slip-pages, and the bankingindustry was given morato-riumonrepaymentof loans,"MD and CEO of BandhanBank, Chandra SekharGhosh said.

Virtually addressing jour-nalists, Ghosh said, thebank'sperformancewasverychallenging in the first quar-ter of the current fiscal, dueto the second wave of thepandemic.

The rural and semi-urbanareaswere adversely impact-edduring thisperiod,hesaid.

Total income howeverwas up 20.4 per cent at~2,647.50 crore in thequarteras against ~2,198.30 crore intheyear-agoperiod, thebanksaid in a regulatory filing.

Bank's gross non-per-formingassets (NPAs) spikedto 8.2 per cent of gross

advances as of June 30, 2021from 1.4 per cent by June2020.

Net NPAs (or bad loans)also jumped to 3.3 per centfrom0.5 per cent. Provisionsfor bad loans and contingen-cies rose to ~1,374.87 crore inthe quarter from ~849.06crore parked aside in theyear-ago period.

Ghosh said the bank hadrestructured some of theaccounts andhoped that reg-ular paymentswill start oncenormal business activityresumes.

He said, bank employeeswere unable to go to cus-tomers for collecting instal-ments since the outbreak ofCovid-19.

“However, we have seenan improvement in collec-tion performance in the firstquarter of the current fiscal,”Ghosh added.

Bandhan Bank stock set-tled 0.43 per cent up at~291.30 on BSE.

EDGING HIGHERIndianOil financialsnapshot (in~cr)

On a consolidated basis Source: BSE filing

Total income TotalexpensesNetprofit

Q1FY21 Q1FY22

90,7

75.1

5

2,226.80 6,109.69

1,57

,018

.41

1,49

,334

.99

87,7

91.7

7

6 ECONOMY&PUBLICAFFAIRS>

MUMBAI | 31 JULY 2021

STOCK DOWN (~)

Source: BloombergCompiled by BS Research Bureau

IndiaandtheUSonFridayrenewedforanotherfiveyearsaglobaldevelopmentpartnershipagreementthatprovidesfor jointlyofferingassistancetotheirpartnercountries inareasofconnectivity, tradeandinvestments,healthcareandagriculture.BothsidessignedthesecondamendmenttotheStatementofGuidingPrinciplesonTriangularCooperationforGlobalDevelopment, theMinistryofExternalAffairs (MEA) said.TheagreementwassignedinNovember2014andthefreshamendmentextendedthepact'svalidityupto2026."IndiaandUSwillcontinuetooffercapacitybuildingassistancetopartnercountriesinmultiplesectors, focusingprimarilyonagriculture,regionalconnectivity, tradeandinvestments,nutrition,health,cleanandrenewableenergy,womenempower-ment,disasterpreparedness,water,sanitation,educationandinstitutionbuilding,"theMEAsaid. PTI

ASLOWVACCINATIONANDAPOTENTIALLYVIRULENTTHIRDWAVEARETHEBIGGESTHEADLINERISKS INFY22.THEINDIANECONOMYANDTHECORPORATESECTORCOULDALSOBECHALLENGEDBYAFASTER-THAN-EXPECTEDINTERESTHIKEBYTHEUSFEDANDARALLYINCOMMODITYANDENERGYPRICES

-0.4%

Change

India, US renewdevelopmentpartnershipdeal for 5 years

ASHU SUYASHMD & CEO, CRISIL

RBI lets 10-yr bond yields rise asit gears up for monetary policyANUP ROYMumbai,30July

TheReserve Bank of India (RBI)is allowing the 10-year bondyield to alignwithmarket real-

ities, ahead of its monetary policynext week.

This is a different strategy thanwhat played out until last month,where the central bank seemedmorefocused on keeping the 10-year bondyields at 6 per cent. The logic givenby senior executives at that time wasthat the 10-year bond has moreimpact on the entire yield curve andso the focus could be disproportion-ately higher.

However, bonddealers say that theline of action may have ended withthe last benchmark 10-year, most ofwhich landed in the books of the RBIdue to intervention.

The 10-year bond yields closed at6.204per cent onFriday. Thenew 10-year bond was launched on July 9 at6.1 per cent, which itself was a highcoupon offered to themarket.

At the start of themonth, the yieldon the older benchmark was at 6.039per cent. As bond prices fall, yieldsrise, and vice-versa.

“The 10-year bond was trading ata premiumearlier (yieldswere lower)due to theRBI’s intervention.With lit-tle intervention, theRBI isnowallow-ing the 10-year to readjust with the

yieldcurve,” saidDebendraDash, sen-ior vice-president at SU SFB.

With this, the 10-year bond hasagain garnered trading volume inthe secondary market. The newbenchmark is the third-most tradedsecurity in the bondmarket, where-as the last benchmark was barelygetting traded as the sixth most.The outstanding against the latestbenchmark is just ~28,000 crore. Asmore bonds are issued on the paper,the 10-year should be back as themost-traded security in themarket,bond dealers say.

Light interventionwarns specula-tors, and at the same, helps the bond

market reflect a true picture of theeconomy, saybonddealers. But econ-omists say the tension between themarket and the RBI would continueas both would try to test each others’tolerance limit.

“Yields are calibrating with thedomestic growth-inflationdynamics,which is healthy. Though the globalyields are reasonably benign, theresurgenceofCovidcases is an impor-tant factor to watch out for,” saidSoumyajit Niyogi, associate directorof India Ratings andResearch.

However, the rise in yields aheadof the policy puts some pressure onthe RBI. It wants to keep yields low

to aid the government borrow at acheap rate, but at the same time, ithas to keep the domestic investorshappy at a time when the globalinvestors are withdrawing their debtinvestment from India. Since fiscal2018-19, foreign investors have beennet sellers of Indian debt.

The bond market, therefore, willkeenlywatch thepolicymeasures thattheRBIwould introduce in thepolicynext week. Generally, a liquidity nor-malisation measure would be bondmarket negative, dealers say.

“On both foreign exchange andG-Sec yield levels, the stated line ofthe RBI is that they letmarket forcesplay out, only that movementsshould be orderly. In G-Sec primaryauctions lately, we are not seeing asmuch devolvement or cancellationas we have seen earlier,” saidJoydeep Sen, consultant fixedincome at Phillip Capital.

Earlier, theRBI sometimes refusedto sell bonds, but recently, it is devolv-ing themon theprimarydealers. Thismeans, underwriters of the auctionsare being sold the bond, instead ofdirectly to bidders. These bonds endup coming back to themarket.

In Friday’s auction, the RBIdevolved ~7,465 crore of the bench-mark five-year bond, out of ~11,000crore on offer. Overall, in the auc-tion, the RBI raised ~35,000 crorefrom themarket.

NewpaperwaslaunchedonJuly9bytheRBIat6.1%;onFriday10-yearyieldclosedat6.2%LOOSENING GRIP10-yearG-secyield(%)

Source: Bloomberg

Themovewill provideanother chance tohundredsof Indian ITprofessionals,who couldnotmake it in thefirst randomselection

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