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Piramal Finance Limited (formerly Piramal Capital & Housing Finance Limited) has submitted duly executed copies of the Amended and Restated Trust Deeds for the Piramal Finance Limited Senior Employees Welfare Trust and the PFL Employee ESOP Trust. These deeds are in compliance with Regulation 3(3) of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

The reconstitution of these trusts follows the composite scheme of arrangement under which Piramal Enterprises Limited (PEL) was merged into Piramal Finance Limited (PFL), effective September 16, 2025. Consequently, PFL has assumed all rights and obligations of PEL concerning its employees and these trusts.

The Piramal Finance Limited Senior Employees Welfare Trust aims to provide for the general welfare of employees and their families, acquire and hold investments including shares of the Settlor, and operate schemes for employee incentives and motivation, such as stock options (ESOPs).

The PFL Employee ESOP Trust, reconstituted from the Piramal Phytocare Limited (PPL) ESOP Trust, will also administer the Piramal Finance Limited Senior Employees Stock Option 2025 (ESOP Scheme). The Trust Fund will be used to facilitate the ESOP Scheme, allowing employees to participate in the stock ownership of PFL. The trust deed outlines the objects, powers, and duties of the trustees, as well as the rights and obligations of the beneficiaries. The trust will be funded by the Settlor through various financial assistance forms as approved by the board and permissible under law. The trust can be extinguished under specific circumstances, including impossibility of purpose, winding up of the Settlor (except through corporate reorganization), or termination of the ESOP Scheme with no outstanding options.