Credit Rating- Others

JSFB/SEC/2026-27/47 01st July 2026 BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai 400001, Bandra (East), Mumbai 400051, Maharashtra Maharashtra. Dear Sir/ Madam, Sub: Intimation relating to Credit Rating action Ref: Regulation 30 and 55 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 We wish to inform that Jana Small Finance Bank Limited ("Bank") has been informed by its promoters, Jana Capital Limited ("JCL") and Jana Holdings Limited ("JHL"), regarding the restructuring of their outstanding Listed Non-Convertible Debentures ("NCDs"). Consequent to the said development, the Bank has also received a communication from India Ratings & Research Private Limited ("India Ratings") placing the credit ratings assigned to the Bank's Non-Convertible Debentures and Fixed Deposits on Rating Watch with Negative Implications. The Bank has been informed by JHL and JCL that the maturity of their Listed Non-Convertible Debentures has been extended from 30th June 2026 to 31st December 2026 pursuant to approvals received from the debenture holders and the stock exchange. Repayment is proposed to be made from the proceeds realized from the proposed monetization of their shareholding in the Bank. The Bank wishes to clarify that the restructuring pertains solely to the debt obligations of its promoter entities, Jana Holdings Limited ("JHL") and Jana Capital Limited ("JCL"), and has no impact on the financial position or operations of the Bank. In this regard, the Bank further submits the following: • The Bank is neither a borrower, guarantor nor obligor in respect of the debt obligations of JHL and JCL. There are no cross-default or cross-acceleration provisions linking the debt obligations of the Bank with those of the promoter entities. • The Bank continues to operate independently with adequate capitalization, strong liquidity and normal business operations. • JHL currently holds 16.9% of the Bank's equity share capital, which has progressively reduced from approximately 44% over the years and JHL has not infused any capital into the Bank since June 2022. • The restructuring of the Non-Convertible Debentures ("NCDs") of JHL has been undertaken pursuant to a mutually agreed arrangement between the Promoters and its debenture holders, who are private equity investors, primarily to facilitate an orderly monetization of JHL's investment in the Bank. • The last sale transaction of JHL was to TVS Motors Limited aggregating to 4.90% of the paid up share capital of the Bank. • JHL does not have any nominee director on the Board of the Bank, and likewise, the Bank does not have any representation on the Board of JHL. The Bank has further been informed that, upon JHL's shareholding in the Bank reducing below 9.99%, JHL proposes to seek reclassification from the promoter category to the public category, subject to receipt of the requisite regulatory and statutory approvals. The Bank's operations, customer relationships, capital position, liquidity profile and servicing of all its obligations remain unaffected by the restructuring undertaken by the promoter entities. The Bank remains focused on executing its business strategy and creating long-term value for all stakeholders while continuing to comply with all applicable regulatory disclosure requirements. JAMA KARO, JANA KARO. Registered Office: Jana Small Finance Bank Limited The Fairway Business Park, # 10/1, 11/2 & 12/2B, Telephone : 080-46020100 E-mail : customercare@jana.bank.in Off Domlur, Koramangla Inner Ring Road, Next to 080-37620100 Website : www.jana.bank.in Embassy Golf Links, Challaghatta, Bengaluru -560071. Toll-free No. : 1800 2080 CIN: L65923KA2006PLC040028 The details required pursuant to Regulation 55 of the Listing Regulations read with SEBI Master Circular no. SEBI/HO/DDHS/PoD1/P/CIR/2023/108 dated 30th June 2023 is as follows: Details of credit rating S. ISIN Name of Credit Outlook Rating Specify Date Verification Date of No. the credit rating action other of status of verification rating assigned rating credit credit rating agency action rating agencies 1. INE953L08329 India IND A Rating Watch Other Rating 30th Verified 01st July Ratings with Other watch June 2026 2. INE953L08337 and Negative on 2026 Research Implications A copy of the India Ratings press release/rating rationale dated 30th June 2026 is enclosed herewith. The Bank shall continue to monitor developments and make such disclosures as may be required under applicable laws and the SEBI LODR Regulations. Kindly take the above information on record. Thanking you Yours faithfully, For Jana Small Finance Bank Limited Lakshmi R. N Company Secretary and Compliance Officer JAMA KARO, JANA KARO. Registered Office: Jana Small Finance Bank Limited The Fairway Business Park, # 10/1, 11/2 & 12/2B, Telephone : 080-46020100 E-mail : customercare@jana.bank.in Off Domlur, Koramangla Inner Ring Road, Next to 080-37620100 Website : www.jana.bank.in Embassy Golf Links, Challaghatta, Bengaluru -560071. Toll-free No. : 1800 2080 CIN: L65923KA2006PLC040028 India Ratings Places Jana Small Finance Bank’s NCDs and Fixed Deposits on Rating Watch with Negative Implications Jun 30, 2026 | Jana Small Finance Bank Limited | Private Sector Bank India Ratings and Research (Ind-Ra) has placed Jana Small Finance Bank Limited’s (JSFB) debt instruments on Rating Watch with Negative Implications as follows: Details of Instruments Date of Coupon Maturity Size of Issue Rating Assigned with Rating Instrument Type Issuance Rate Date (million) Outlook/Watch Action Non-convertible IND A/Rating Watch with Negative Rating Watch - - - INR3,750 debentures* Implications On IND A/Rating Watch with Negative Rating Watch Fixed deposit - - - INR200,000 Implications On *Details in Annexure Analytical Approach Ind-Ra continues to take a standalone view of JSFB to arrive at the rating. Detailed Rationale of the Rating Action Ind-Ra has placed JSFB on Rating Watch with Negative Implications in view of the potential reputational risk and possible weakening of the bank’s operational and liability franchise due to debt re-scheduling at the non-operating holding entities - Jana Holdings Limited (JHL; debt rated at IND D) and Jana Capital Limited (JCL; debt rated at IND D). The Rating Watch with Negative Implications reflects that the rating could be affirmed or downgraded. The agency further notes that there is no cross-default linkage between debt of JSFB and JHL and JCL or representation from the promoter on the board of JSFB. JHL had monetised 4.9% of its stake in JSFB on 22 May 2026, with the proceeds intended to be utilised towards debt repayment for both JHL and JCL. Post the transaction, JHL holds a 16.94% stake in JSFB and remains classified as a promoter, while being wholly owned by JCL. As guided by management, JHL is expected to further monetise its stake in JSFB over the near term, with the proceeds proposed to be utilised towards debt repayments. Upon JHL’s shareholding in JSFB reducing below 9.99%, JHL intends to seek reclassification such that it is no longer identified as part of the promoter group of JSFB, subject to receipt of the requisite regulatory approvals. Furthermore, the bank has raised capital independently since June 2022, with no dependence on the holding company. JHL and JCL have communicated to Ind-Ra that the maturity date of their outstanding non-convertible debentures (NCDs) has been extended to 31 December 2026 from 30 June 2026. The agency views the tenor extension as a rescheduling of debt obligations, reflecting the inability of JHL and JCL to service their debt on the original due date. JHL and JCL are non- operating holding entities with no independent operating cash flows, and depended on either monetisation of their shareholding in JSFB or debt refinancing to meet their repayment obligations. JSFB’s ra [Showing first 8,000 characters — download PDF for full document]