IMPORTANT NOTICE

THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE EITHER (I) QIBS (AS DEFINED BELOW) UNDER RULE 144A OR (II) ADDRESSEES WHO AREPURCHASING THE NOTES OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S (AS DEFINED BELOW) AND, IN CERTAINCIRCUMSTANCES, ARE NON-U.S. PERSONS

IMPORTANT: You must read the following before continuing. The following applies to the offering circular (the Offering Circular) following this page, and you are thereforeadvised to read this carefully before reading, accessing or making any other use of the Offering Circular. In accessing the Offering Circular, you agree to be bound by the following

terms and conditions, including any modifications to them any time you receive any information from us as a result of such access.

NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF THE NOTES FOR SALE IN THE UNITED STATES (EXCEPT TO QIBs) OR ANY

JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE NOTES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,

AS AMENDED (THE SECURITIES ACT), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTIONS AND THE NOTES MAY NOTBE OFFERED OR SOLD WITHIN THE UNITED STATES OR, IN CERTAIN CIRCUMSTANCES, TO, OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS (AS DEFINED

IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION

REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS.

THE FOLLOWING OFFERING CIRCULAR MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER

WHATSOEVER. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY

WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. ANY INVESTMENT

DECISION SHOULD BE MADE ON THE BASIS OF THE TERMS AND CONDITIONS OF THE SECURITIES AND THE INFORMATION CONTAINED IN THE OFFERING

CIRCULAR. IF YOU HAVE GAINED ACCESS TO THIS TRANSMISSION CONTRARY TO ANY OF THE FOREGOING RESTRICTIONS, YOU ARE NOT AUTHORISED AND

WILL NOT BE ABLE TO PURCHASE ANY OF THE SECURITIES DESCRIBED THEREIN.

Confirmation of the Representation: In order to be eligible to view this Offering Circular or make an investment decision with respect to the securities, investors must be either(1) qualified institutional buyers (QIBs) (within the meaning of Rule 144A under the Securities Act (Rule 144A)) or (2) addressees who are eligible to purchase the securities outsidethe United States in an offshore transaction in reliance on Regulation S under the Securities Act (Regulation S) and, in certain circumstances, are non-U.S. persons as defined underRegulation S. By accepting the electronic mail and accessing this Offering Circular, you shall be deemed to have represented to us (1) that you and any customers you represent are

either (a) QIBs or (b) addressees who are eligible to purchase the securities outside the United States in an offshore transaction in reliance on Regulation S and, in certain circumstances,

are non-U.S. persons as defined under Regulation S, and that the electronic mail address that you gave us and to which this electronic mail has been delivered is not located in the

United States, and (2) that you consent to the delivery of this Offering Circular by electronic transmission.

You are reminded that the Offering Circular has been delivered to you on the basis that you are a person into whose possession the Offering Circular may be lawfully delivered in

accordance with the laws of jurisdiction in which you are located and you may not, nor are you authorised to, deliver the Offering Circular to any other person.

The materials relating to any offering of securities described in the Offering Circular do not constitute, and may not be used in connection with, an offer or solicitation in any place

where offers or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the underwriters or any affiliate of the

underwriters is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by the underwriters or such affiliate on behalf of our Company in such

jurisdiction.

The Offering Circular has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of

electronic transmission and consequently none of the Dealers (as defined in the Offering Circular) nor any person who controls each of them nor any director, officer, employee nor

agent of each of them or affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the Offering Circular distributed to you

in electronic format available to you on request from the Dealers.

If you purchase any of the Notes, you will be deemed to have acknowledged, represented and agreed that you are a person who meets the Eligibility Requirements (as defined below

and in the Offering Circular) and that you are not a Restricted Overseas Person (as defined in the Offering Circular).

In accordance with applicable provisions of Indian regulations, only: (A) (i) non-resident investors from jurisdictions that are Financial Action Task Force (FATF) or InternationalOrganisation of Securities Commission’s (IOSCO) compliant; or (ii) multilateral and regional financial institutions where India is a member country; (iii) individuals who are foreignequity holders or subscribe to debentures or bonds listed outside India that satisfy the conditions under the ECB Guidelines; or (iv) foreign branches or subsidiaries of Indian banks

(except that: (a) such foreign branches or subsidiaries of Indian banks can only subscribe to the Notes denominated in a freely convertible currency other than the Indian Rupee and

(b) Rupee Denominated Notes can only be subscribed by such foreign branches or subsidiaries of Indian banks in their capacity as underwriters or arrangers or market makers or traders,

subject to compliance with applicable prudential norms); and (B) in compliance with other requirements specified by the Reserve Bank of India from time to time in relation to externalcommercial borrowings by Indian entities and are not otherwise prohibited under any applicable law or regulation from acquiring, owning or selling the Notes. Additionally, the Notes

should have a minimum average maturity period of 3 (three) years under the ECB Guidelines (as defined in the Offering Circular) except where the proceeds of the Notes shall be

used for on-lending for working capital purposes, general corporate purposes and repayment of rupee loans availed domestically for purposes other than capital expenditure in which

case it the minimum average maturity period shall be ten years and seven years where the proceeds of the Notes shall be used for repayment of rupee loans availed domestically for

capital expenditure. The proceeds of issuance of Notes will not be used for:(A) real estate activities; (B) investing in the capital markets; (C) equity investments; or (G) on-lending

to entities for the aforesaid activities. Finally, the Notes together with any other external commercial borrowings raised by our Company pursuant to the ECB Guidelines do not exceed

USD750 million in the current financial year 2019 – 2020.

The Offering Circular has not been and will not be registered, produced or made available to all as an offer document (whether a prospectus in respect of a public offer or an information

memorandum or private placement offer cum application letter or other offering material in respect of any private placement under the Companies Act, 2013 or any other applicable

Indian laws) with the Registrar of Companies of India (the RoC) or the Securities and Exchange Board of India (the SEBI) or the Reserve Bank of India (the RBI) or any other statutoryor regulatory body of like nature in India, save and except for any information from any part of the Offering Circular which is mandatorily required to be disclosed or filed in India

under any applicable Indian laws, including, but not limited to, the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended, and under

the listing agreement with any Indian stock exchange pursuant to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

or pursuant to the sanction of any regulatory and adjudicatory body in India.

In addition, holders and beneficial owners shall be responsible for compliance with the restrictions on the ownership of the Notes denominated in INR or any other currency as may

be applicable imposed from time to time by applicable laws or by any regulatory authority or otherwise. In this context, holders and beneficial owners of Notes denominated in INR

or any other currency as may be applicable shall be deemed to have acknowledged, represented and agreed that such holders and beneficial owners are eligible to purchase the Notes

denominated in INR or any other currency as may be applicable under applicable laws and regulations and are not prohibited under any applicable law or regulation from acquiring,

owning or selling the Notes denominated in INR or any other currency as may be applicable. Potential investors should seek independent advice and verify compliance with the

Eligibility Requirements (as defined in the Offering Circular) prior to any purchase of the Notes.

The holders and beneficial owners of Notes denominated in INR or any other currency as may be applicable shall be deemed to confirm that for so long as they hold any Notes

subscribed to by them, they will meet the Eligibility Requirements. Further, all Noteholders represent and agree that the Notes denominated in INR or any other currency as may be

applicable will not be offered or sold on the secondary market to any person who does not comply with the Eligibility Requirements.

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OFFERING CIRCULAR

Muthoot Finance Limited(incorporated with limited liability in the Republic of India)

U.S.$2,000,000,000Global Medium Term Note Programme

Under this U.S.$2,000,000,000 Global Medium Term Note Programme (the Programme), Muthoot Finance Limited (the Issuer) may from time to time issue notes (the Notes)denominated in U.S. dollars or any other currency agreed between the Issuer and the relevant Dealer (as defined below) and as approved by the Board of Directors of our Companyand as permitted by applicable Indian law.

The Notes may be issued in bearer or registered form (respectively, Bearer Notes and Registered Notes). The maximum aggregate nominal amount of all Notes from time to timeoutstanding under the Programme will not exceed U.S.$2,000,000,000 (or its equivalent in other currencies calculated as described herein), subject to any increases as described herein.The Notes may be issued on a continuing basis to one or more of the Dealers specified under “Summary of the Programme” and any additional Dealer appointed under the Programmefrom time to time by us (each, a Dealer and together, the Dealers), which appointment may be for a specific issue or on an on-going basis. References in this Offering Circular tothe relevant Dealer shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe to such Notes.

Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and any other terms and conditions not contained herein whichare applicable to each Tranche (as defined under the terms and conditions of the Notes (the Terms and Conditions of the Notes)) of Notes will be set out in a pricing supplement (thePricing Supplement) which, with respect to Notes to be listed on the London Stock Exchange’s International Securities Market (the ISM), will be delivered to the ISM on or beforethe date of issue of the Notes of such Tranche. The Programme provides that Notes may be listed on such other or further stock exchange(s) as may be agreed between us and therelevant Dealer. We may also issue unlisted Notes. Notes to be listed on the ISM will be accepted for clearance through Euroclear Bank SA/NV (Euroclear), Clearstream BankingS.A. (Clearstream, Luxembourg) and/or The Depositary Trust Company (DTC). We may agree with any Dealer, the Principal Paying Agent (as defined in the Terms and Conditionsof the Notes) and the Trustee (as defined in the Terms and Conditions of the Notes) that Notes may be issued in a form not contemplated by the Terms and Conditions of the Notes,in which event (in the case of Notes intended to be listed on the ISM) a supplementary Offering Circular, if appropriate, will be made available which will describe the effect of theagreement reached in relation to such Notes.

See “Risk Factors” and “Terms and Conditions of the Notes” for a discussion of certain factors to be considered in connection with an investment in the Notes.

The Bearer Notes of each Tranche (as defined in “Form of the Notes”) will initially be represented by either a temporary bearer global note (a Temporary Bearer Global Note) ora permanent bearer global note (a Permanent Bearer Global Note and, together with a Temporary Bearer Global Note, the Bearer Global Notes, and each a Bearer Global Note)as indicated in the applicable Pricing Supplement, which, in either case, will be delivered on or prior to the original issue date of the Tranche to a common depositary (the CommonDepositary) for Euroclear and Clearstream, Luxembourg. On and after the date (the Exchange Date) which, for each Tranche in respect of which a Temporary Bearer Global Noteis issued, is 40 days after the Temporary Bearer Global Note is issued, such Temporary Bearer Global Note will be exchangeable (free of charge), in whole or in part, upon a requestas described therein either for (i) a Permanent Bearer Global Note of the same Series or (ii) definitive Bearer Notes of the same series. The applicable Pricing Supplement will specifythat a Permanent Bearer Global Note will be exchangeable for definitive Bearer Notes in certain limited circumstances.

Application has been made to the London Stock Exchange for the Notes to be admitted to the ISM. The ISM is not a regulated market for the purposes of Directive 2014/65/EU. TheISM is a market designated for professional investors. Notes admitted to trading on the ISM are not admitted to the Official List of the United Kingdom Listing Authority.The London Stock Exchange has not approved or verified the contents of this Offering Circular.

Registered Notes of each Tranche sold in an “offshore transaction” within the meaning of, and in reliance on, Regulation S (Regulation S) under the U.S. Securities Act of 1933, asamended (the Securities Act), which will be sold outside the United States of America (the U.S. or the United States) and, in certain circumstances, only to non-U.S. persons (asdefined in Regulation S), will initially be represented by a global note in registered form, without receipts, coupons or talons, (a Regulation S Global Note) and Registered Notesof each Tranche sold in the U.S. to qualified institutional buyers (QIBs) (within the meaning of Rule 144A under the Securities Act (Rule 144A)) in transactions exempt fromregistration in reliance on Rule 144A will be represented by a global note in registered form, without receipts, coupons or talons (a Rule 144A Global Note and, together with aRegulation S Global Note, the Registered Global Notes, and each a Registered Global Note) and, in each case, deposited with a common depositary for Euroclear and Clearstream,Luxembourg, and registered in the name of a nominee of such common depositary, or deposited with a custodian for, and registered in the name of, a nominee of DTC. Prior to theexpiry of the distribution compliance period (as defined in Regulation S) (the Distribution Compliance Period) (if any) applicable to each Tranche of Notes, beneficial interests ina Regulation S Global Note may not be offered or sold to, or for the account or benefit of, a U.S. person, save as otherwise provided for in the Terms and Conditions of the Notesand may not be held otherwise than through Euroclear, Clearstream, Luxembourg or DTC.

In accordance with applicable provisions of Indian regulations, only persons who are in compliance with the Eligibility Requirements are entitled to purchase the Notes (andif you purchase the Notes, you will be deemed to have acknowledged, represented and agreed that you meet such requirements). Persons who meet the Eligibility Requirementsare persons who are: (A) (i) residents of a country which is a FATF Compliant Country (as defined in this Offering Circular) or an IOSCO Compliant Country (as defined in this OfferingCircular); or (ii) multilateral or regional financial institutions where India is a member country; or (iii) individuals who are foreign equity holders or subscribe to debentures or bondslisted outside India that satisfy the conditions under the ECB Guidelines; or (iv) foreign branches or subsidiaries of Indian banks (except that: (a) such foreign branches or subsidiariesof Indian banks can only subscribe to the Notes denominated in a freely convertible currency other than the Indian Rupee and (b) Rupee Denominated Notes can only be subscribedby such foreign branches or subsidiaries of Indian banks in their capacity as underwriters or arrangers or market makers or traders, subject to compliance with applicable prudentialnorms); and (B) in compliance with other requirements specified by the Reserve Bank of India from time to time in relation to external commercial borrowings by Indian entities andare not otherwise prohibited under any applicable law or regulation from acquiring, owning or selling the Notes.

If you purchase any of the Notes denominated in INR (as defined below) or any other currency as may be applicable, you will be deemed to have acknowledged, representedand agreed that you are eligible to purchase such Notes under applicable laws and regulations and that you are in compliance of the Eligibility Requirements (as definedin this Offering Circular) and you are not otherwise prohibited under any applicable law or regulation from acquiring, owning or selling the Notes. The Notes denominatedin INR or any other currency as may be applicable may not be offered or sold directly or indirectly in India or to, or for the account or benefit of, any resident of India.

This Offering Circular has not been and will not be registered as a prospectus or a statement in lieu of a prospectus in respect of a public offer, information memorandum or privateplacement offer cum application letter or any other offering material with the Registrar of Companies in India in accordance with the Companies Act, 2013, as amended from timeto time and other applicable Indian laws for the time being in force. This Offering Circular has not been and will not be reviewed or approved by any regulatory authority in India,including, but not limited to, the Securities and Exchange Board of India, any Registrar of Companies, the Reserve Bank of India or any stock exchange in India. This Offering Circularand the Notes are not and should not be construed as an advertisement, invitation, offer or sale of any securities whether to the public or by way of private placement to any personresident in India. The Notes have not been and will not be, offered or sold to any person resident in India. If you purchase any of the Notes, you will be deemed to have acknowledged,represented and agreed that you are eligible to purchase the Notes under applicable laws and regulations and that you are not prohibited under any applicable law or regulation fromacquiring, owning or selling the Notes. See “Subscription and Sale”.

The Notes have not been and will not be registered under the Securities Act or the securities regulatory authority of any state or other jurisdiction of the United States and may notbe offered or sold within the United States or, in certain circumstances, to U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registrationrequirements of the Securities Act. See “Form of the Notes” for a description of the manner in which Notes will be issued. Registered Notes are subject to certain restrictions on transfer.See “Subscription and Sale” and “Transfer Restrictions”.

Arrangers

DEUTSCHE BANK STANDARD CHARTERED BANK

Dealers

DEUTSCHE BANK STANDARD CHARTERED BANK

The date of this Offering Circular is October 10, 2019

We accept responsibility for the information contained in this Offering Circular. To the best of our knowledgeand belief (having taken all reasonable care to ensure that such is the case) the information contained in thisOffering Circular is in accordance with the facts and contains no omission likely to affect its import. We,having made all reasonable enquiries, confirm that this Offering Circular contains or incorporates allinformation which is material in the context of the Programme and the Notes, that the information containedor incorporated in this Offering Circular is true and accurate in all material respects and is not misleading, thatthe opinions and intentions expressed in this Offering Circular are honestly held and that there are no otherfacts the omission of which would make this Offering Circular or any of such information or the expressionof any such opinions or intentions misleading. We accept responsibility accordingly.

Each Tranche of Notes will be issued on the terms set out herein under “Terms and Conditions of the Notes”(the Terms and Conditions of the Notes or the Conditions) as amended and/or supplemented by the PricingSupplement specific to such Tranche. This Offering Circular must be read and construed together with anyamendments or supplements hereto and with any information incorporated by reference herein and, in relationto any Tranche of Notes, must be read and construed together with the relevant Pricing Supplement.

No person is or has been authorised by us to give any information or to make any representation other thanthose contained in this Offering Circular or any other information supplied in connection with the Programmeor the Notes and, if given or made by any other person, such information or representations must not be reliedupon as having been authorised by us, any of the Arrangers, the Dealers, the Trustee or the Agents (as definedin the Terms and Conditions of the Notes), or any director, officer, employee, adviser, agent or affiliate of anysuch persons.

This Offering Circular is highly confidential and has been prepared by us solely for use in connection withthe Programme and the proposed offering of the Notes under the Programme as described herein. We have notauthorised its use for any other purpose. This Offering Circular may not be copied or reproduced in whole orin part. It may be distributed only, and its contents may be disclosed only, to the prospective investors to whomit is provided. By accepting delivery of this Offering Circular, each investor agrees to these restrictions.

None of the Arrangers, the Dealers, the Trustee or the Agents, or any director, officer, employee, adviser, agentor affiliate of any such persons, have independently verified all the information contained herein orincorporated by reference and none of them can give no assurance that this information is accurate, truthfulor complete. To the fullest extent permitted by law, none of the Arrangers, the Dealers, the Trustee or theAgents, or any director, officer, employee, adviser, agent or affiliate of any such persons, make anyrepresentation, warranty or undertaking, express or implied, or accepts any responsibility, with respect to theaccuracy, completeness or sufficiency of any of the information contained or incorporated in this OfferingCircular or any other information provided by us in connection with the Programme, and nothing containedor incorporated in this Offering Circular is, or shall be relied upon as, a promise, representation or warrantyby any of the Arrangers, the Dealers, the Trustee or the Agents, or any director, officer, employee, adviser,agent or affiliate of any such persons. To the fullest extent permitted by law, none of the Arrangers, theDealers, the Trustee or the Agents, or any director, officer, employee, adviser, agent or affiliate of any suchpersons, accept any responsibility for the contents of this Offering Circular or for any other statement madeor purported to be made by any of the Arrangers, the Dealers, the Trustee or the Agents, or any director, officer,employee, adviser, agent or affiliate of any such person or on its behalf, in connection with us or the issue andoffering of the Notes. Each of the Arrangers, the Dealers, the Trustee and the Agents, and each director, officer,employee, adviser, agent and affiliate of each such person, accordingly disclaims all and any liability whetherarising in tort or contract or otherwise (save as referred to above), which it might otherwise have in respectof this Offering Circular or any such statement.

i

Neither this Offering Circular nor any other information supplied in connection with the Programme or anyNotes (i) is intended to provide the basis of any credit or other evaluation or (ii) should be considered as arecommendation by us, any of the Arrangers, the Dealers, the Trustee or the Agents, or any director, officer,employee, adviser, agent or affiliate of any such persons, that any recipient of this Offering Circular or anyother information supplied in connection with the Programme or any Notes should purchase any of the Notes.Each investor contemplating purchasing Notes should make its own independent investigation of the financialcondition and affairs, and its own appraisal of the creditworthiness, of us. Each potential purchaser of Notesshould determine for itself the relevance of the information contained in this Offering Circular and its purchaseof Notes should be based upon such investigation with its own tax, legal and business advisers as it deemsnecessary. Neither this Offering Circular nor any other information supplied in connection with theProgramme or the issue of any Notes constitutes an offer or invitation by or on behalf of our Company, anyof the Arrangers, the Dealers, the Trustee or the Agents, or any director, officer, employee, adviser, agent oraffiliate of any such persons, to any person to subscribe for or to purchase any Notes.

Neither the delivery of this Offering Circular nor the offering, sale or delivery of any Notes shall in anycircumstances imply that the information contained herein concerning us is correct at any time subsequent tothe date hereof or the date upon which this Offering Circular has been most recently supplemented or that therehas been no adverse change, or any event reasonably likely to involve any adverse change, in our prospectsor financial or trading position since the date thereof or, if later, the date upon which this Offering Circularhas been most recently amended or supplemented or that any other information supplied in connection withthe Programme is correct as of any time subsequent to the date indicated in the document containing the same.The Arrangers, the Dealers, the Trustee and the Agents, and each director, officer, employee, adviser, agentand affiliate of each such person, expressly do not undertake to review the financial condition or affairs of ourCompany during the life of the Programme or to advise any investor in the Notes of any information comingto their attention. Investors should review, inter alia, the most recently published documents incorporated byreference into this Offering Circular when deciding whether or not to purchase any Notes.

This Offering Circular does not constitute an offer to sell or the solicitation of an offer to buy any Notesin any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in suchjurisdiction. The distribution of this Offering Circular and the offer or sale of Notes may be restrictedby law in certain jurisdictions. Our Company, the Arrangers, the Dealers, the Trustee and the Agents,and each director, officer, employee, adviser, agent and affiliate of any such persons, do not representthat this Offering Circular may be lawfully distributed, or that any Notes may be lawfully offered, incompliance with any applicable registration or other requirements in any such jurisdiction, or pursuantto an exemption available thereunder, or assume any responsibility for facilitating any such distributionor offering. In particular, no action has been taken by our Company, any of the Arrangers, the Dealers,the Trustee or the Agents, or any director, officer, employee, adviser, agent or affiliate of any suchpersons, which would permit a public offering of any Notes or distribution of this Offering Circular inany jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered or sold,directly or indirectly, and neither this Offering Circular nor any advertisement or other offeringmaterial may be distributed or published in any jurisdiction, except under circumstances that will resultin compliance with any applicable laws and regulations. Persons into whose possession this OfferingCircular or any Notes may come must inform themselves about, and observe, any such restrictions onthe distribution of this Offering Circular and the offering and sale of Notes. In particular, there arerestrictions on the distribution of this Offering Circular and the offer or sale of Notes in the UnitedStates, the European Economic Area (including the United Kingdom, Italy and The Netherlands), India,Singapore, Japan and Hong Kong. For more information, see “Subscription and Sale”.

None of our Company, the Arrangers, the Dealers, the Trustee or the Agents, or any director, officer,employee, adviser, agent or affiliate of any such persons, makes any representation to any investor in theNotes regarding the legality of its investment under any applicable laws. Any investor in the Notesshould be able to bear the economic risk of an investment in the Notes for an indefinite period of time.

ii

MiFID II product governance/target market – The Pricing Supplement in respect of any Notes may includea legend entitled “MiFID II Product Governance” which will outline the target market assessment in respectof the Notes and which channels for distribution of the Notes are appropriate. Any person subsequentlyoffering, selling or recommending the Notes (a distributor) should take into consideration the target marketassessment; however, a distributor subject to Directive 2014/65/EU (as amended, MiFID II) is responsible forundertaking its own target market assessment in respect of the Notes (by either adopting or refining the targetmarket assessment) and determining appropriate distribution channels.

A determination will be made in relation to each issue about whether, for the purpose of the MiFID ProductGovernance rules under European Union (EU) Delegated Directive 2017/593 (the MiFID ProductGovernance Rules), any Dealer subscribing for any Notes is a manufacturer in respect of such Notes, butotherwise neither the Arrangers nor the Dealers nor any of their respective affiliates will be a manufacturerfor the purpose of the MiFID Product Governance Rules.

PRIIPs/IMPORTANT – EEA RETAIL INVESTORS – If the Pricing Supplement in respect of any Notesincludes a legend entitled “Prohibition of Sales to EEA Retail Investors,” the Notes are not intended to beoffered, sold or otherwise made available to and should not be offered, sold or otherwise made available toany retail investor in the European Economic Area (the EEA). For these purposes, a retail investor means aperson who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or(ii) a customer within the meaning of Directive (EU) 2016/97 (the Insurance Distribution Directive), wherethat customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, thePRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investorsin the EEA has been prepared and therefore offering or selling the Notes or otherwise making them availableto any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

There are restrictions on the offer and sale of the Notes in the United Kingdom. All applicable provisions ofthe Financial Services and Market Act 2000 (FSMA) with respect to anything done by any person in relationto the Notes in, from or otherwise involving the United Kingdom must be complied with. See “Subscriptionand Sale”.

In connection with the offering of any series of Notes, each Dealer is acting or will act for us in connectionwith the offering and will not be responsible to anyone other than us for providing the protections affordedto clients of that Dealer nor for providing advice in relation to any such offering.

In accordance with applicable provisions of Indian regulations, only persons who are in compliance withthe Eligibility Requirements are entitled to purchase the Notes (and if you purchase the Notes, you willbe deemed to have acknowledged, represented and agreed that you meet such requirements). Personswho meet the “Eligibility Requirements” are persons who are: (A) (i) residents of a country which is aFATF Compliant Country (as defined in this Offering Circular) or an IOSCO Compliant Country (asdefined in this Offering Circular); or (ii) multilateral or regional financial institutions where India is amember country; or (iii) individuals who are foreign equity holders or subscribe to debentures or bondslisted outside India that satisfy the conditions under the ECB Guidelines; or (iv) foreign branches orsubsidiaries of Indian banks (except that: (a) such foreign branches or subsidiaries of Indian banks canonly subscribe to the Notes denominated in a freely convertible currency other than the Indian Rupeeand (b) Rupee Denominated Notes can only be subscribed by such foreign branches or subsidiaries ofIndian banks in their capacity as underwriters or arrangers or market makers or traders, subject tocompliance with applicable prudential norms); and (B) in compliance with other requirements specifiedby the Reserve Bank of India from time to time in relation to external commercial borrowings by Indianentities and are not otherwise prohibited under any applicable law or regulation from acquiring, owningor selling the Notes.

iii

By purchasing Notes denominated in INR or any other currency as may be applicable, each investorshall be deemed to have acknowledged, represented and agreed that such investor is eligible to purchaseNotes denominated in INR or any other currency as may be applicable under applicable laws andregulations and is in compliance of the Eligibility Requirements (as defined in this Offering Circular)and is not otherwise prohibited under any applicable law or regulation from acquiring, owning or sellingNotes denominated in INR or any other currency as may be applicable and that so long as it holds anyNotes, it will continue to be in compliance of the Eligibility Requirements. Potential investors shouldseek independent advice and verify compliance with the requirements under the ECB Guidelines (asdefined in this Offering Circular) prior to any purchase of Notes denominated in INR or any othercurrency as may be applicable.

The Notes have not been, and will not be, registered under the Securities Act or with any securities regulatoryauthority of any state or other jurisdiction of the United States.

The Notes may be offered and sold (A) in bearer form or registered form outside the United States, and incertain instances, only to non-U.S. persons, in reliance on Regulation S and (B) in registered form within theUnited States to qualified institutional buyers (as defined in Rule 144A) in reliance on Rule 144A. Prospectivepurchasers are hereby notified that sellers of the Notes may be relying on the exemption from the provisionsof Section 5 of the Securities Act provided by Rule 144A.

This Offering Circular has not been registered and will not be registered as a prospectus with the MonetaryAuthority of Singapore under the Securities and Futures Act, Chapter 289 of Singapore, as amended (theSecurities and Futures Act) and the Notes will be offered pursuant to the exemptions under sections 274 and275 of the Securities and Futures Act. Accordingly, this Offering Circular and any other document or materialin connection with the offer or sale or invitation for subscription or purchase of any Notes may not becirculated or distributed, whether directly or indirectly, to any person in Singapore other than (i) to aninstitutional investor or other person pursuant to Section 274 of the Securities and Futures Act, (ii) to arelevant person under Section 275(1) of the Securities and Futures Act, or any person pursuant to Section275(1A) of the Securities and Futures Act, and in accordance with the conditions specified in Section 275 ofthe Securities and Futures Act or (iii) pursuant to, and in accordance with the conditions of, any otherapplicable provision of the Securities and Futures Act.

For a description of certain restrictions on offers, sales and transfers of the Notes and the distribution of thisOffering Circular, see “Subscription and Sale” and “Transfer Restrictions”.

In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as theStabilising Manager(s) (or persons acting on behalf of any Stabilising Manager(s)) in the applicablePricing Supplement may over-allot or effect transactions with a view to supporting the market price ofthe Notes of the Series (as defined below) of which such Tranche forms part at a level higher than thatwhich might otherwise prevail. However, stabilisation may not necessarily occur. Any stabilisation actionmay begin on or after the date on which adequate public disclosure of the terms of the offer of therelevant Tranche of Notes is made and, if begun, may cease at any time, but it must end no later thanthe earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the date ofthe allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment must beconducted by the relevant Stabilising Manager(s) (or persons acting on behalf of any StabilisingManager(s)) in accordance with all applicable laws and rules.

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U.S. INFORMATION

This Offering Circular is being delivered on a confidential basis in the U.S. to a limited number of QIBs forinformational use solely in connection with the consideration of the purchase of certain Notes issued underthe Programme. Its use for any other purpose in the U.S. is not authorised. It may not be copied or reproducedin whole or in part nor may it be distributed or any of its contents disclosed to anyone other than theprospective investors to whom it is originally submitted.

The Notes in bearer form are subject to U.S. tax law requirements and may not be offered, sold or deliveredwithin the U.S. or its possessions or to U.S. persons, except in certain transactions permitted by U.S. Treasuryregulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Codeof 1986, as amended and the Treasury regulations promulgated thereunder.

Registered Notes may be offered or sold within the U.S. only to QIBs in transactions exempt from registrationunder the Securities Act in reliance on Rule 144A or any other applicable exemption. Each U.S. purchaser ofRegistered Notes is hereby notified that the offer and sale of any Registered Notes to it may be made inreliance upon the exemption from the registration requirements of Section 5 of the Securities Act provided byRule 144A.

Each purchaser or holder of Notes represented by a Rule 144A Global Note or any Notes issued in registeredform in exchange or substitution therefor (together Legended Notes) will be deemed, by its acceptance orpurchase of any such Legended Notes, to have made certain representations and agreements intended torestrict the resale or other transfer of such Notes as set out in “Subscription and Sale” and “TransferRestrictions”. Unless otherwise stated, terms used in this paragraph have the meanings given to them in “Formof the Notes”.

Neither the Programme nor the Notes have been approved or disapproved by the U.S. Securities and ExchangeCommission (the SEC), or any other securities commission or other regulatory authority in the United Statesnor have the foregoing authorities approved this Offering Circular or confirmed the accuracy or determinedthe adequacy of the information contained in this Offering Circular. Any representation to the contrary isunlawful.

AVAILABLE INFORMATION

To permit compliance with Rule 144A in connection with any resales or other transfers of Notes that are“restricted securities” within the meaning of the Securities Act, we have undertaken in the Trust Deed (asdefined under the Terms and Conditions of the Notes) to furnish, upon the request of a holder of such Notesor any beneficial interest therein, to such holder or to a prospective purchaser designated by such holder, theinformation required to be delivered under Rule 144A(d)(4) under the Securities Act if, at the time of therequest, any of the Notes remain outstanding as “restricted securities” within the meaning of Rule 144(a)(3)of the Securities Act and we are neither a reporting company under Section 13 or Section 15(d) of the U.S.Securities Exchange Act of 1934, as amended (the Exchange Act), nor exempt from reporting pursuant to Rule12g3-2(b) thereunder.

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

As of April 1, 2018, onwards we maintain our financial books and records and prepare our financial statementsin Rupees in accordance with Indian Accounting Standards converged with IFRS (IND-AS), which differ incertain important respects from the erstwhile accounting standards and applicable regulatory guidelines issuedby the RBI (Indian GAAP) and International Financial Reporting Standards (IFRS). For a discussion of theprincipal differences between Indian GAAP, IFRS and IND-AS as they relate to us, see “Summary ofSignificant Differences between Indian GAAP, IFRS and IND-AS”.

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This Offering Circular presents certain selected financial information of our Company as of and for the yearsended March 31, 2017, 2018 and 2019 and for the three months ended June 30, 2018 and 2019. The selectedfinancial information is derived from the audited unconsolidated and consolidated financial statements of ourCompany as of and for the years ended March 31, 2017, 2018 and 2019, which are derived from ourCompany’s audited unconsolidated and consolidated financial statements and notes thereto included elsewherein this Offering Circular, and the reviewed condensed unconsolidated interim financial result of our Companyas of and for the three months ended June 30, 2018 and 2019, which are derived from our Company’s reviewedcondensed unconsolidated interim financial result and notes thereto included elsewhere in this OfferingCircular.

Our Company’s financial statements as of and for each of the years ended March 31, 2017, 2018 and 2019,presented on a consolidated basis and on an unconsolidated basis and which are included in this OfferingCircular, have been audited by the auditors as set out in paragraph 6 of the section entitled “GeneralInformation”. Our Company’s condensed unconsolidated interim financial results for the three months endedJune 30, 2018 and 2019, presented on an unconsolidated basis and condensed consolidated interim financialresults for the three months ended June 30, 2018 and 2019, presented on a consolidated basis and which, ineach case, are included in this Offering Circular, have been reviewed by the auditors as set out in paragraph 6of the section entitled “General Information”.

Unless otherwise stated, all financial data contained herein is that of our Company on an unconsolidated basis.

CERTAIN DEFINITIONS

In this Offering Circular, references to India are to the Republic of India, references to the Government areto the Government of India, and references to the RBI are to the Reserve Bank of India. References to specificdata applicable to particular subsidiaries or other consolidated entities are made by reference to the name ofthat particular entity. References to fiscal year are to the year ended March 31.

Unless the context otherwise indicates, all references to we, us and our are to Muthoot Finance Limited onan unconsolidated basis and where it is indicated that the information presented is on a consolidated basis,such references are the information of our Company, our Subsidiaries and the Joint Venture on a consolidatedbasis.

Industry and market share data in this Offering Circular are derived from data prepared from the websites ofthe Government and the industry report prepared by ICRA Management Consulting Services Limited. Industrypublications generally state that the information contained in those publications has been obtained fromsources believed to be reliable but that their accuracy and completeness are not guaranteed and their reliabilitycannot be assured. Although we believe that the industry data used in this Offering Circular is reliable and takeresponsibility for the accurate extraction of such data from publicly available sources, it has not beenindependently verified by us, the Arrangers, the Dealers, the Trustee or the Agents, or by any director, officer,employee, adviser, agent or affiliate of any such persons.

All references in this Offering Circular to U.S. dollars and U.S.$ refer to United States dollars, to INR, Rupeeand Rupees refer to Indian Rupees, and to S$ refers to Singapore dollars. In addition, references to Sterlingrefers to pounds sterling and to euro, Eur and C refer to the currency introduced at the start of the third stageof European economic and monetary union pursuant to the Treaty on the Functioning of the EuropeanCommunity, as amended.

Unless otherwise specified, where financial information in relation to our Company has been translated intoU.S. dollars, it has been so translated, for convenience only, at the rate of Rs. 69.2216 per U.S.$1.00 (theclosing exchange rate on June 27, 2019 based on the FBIL Reference Rate). Any discrepancies in any table

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between totals and sums of the amounts listed are due to rounding. No representation is made that the Rupeeor U.S. dollar amounts referred to herein could have been or could be converted into U.S. dollars or Rupees,as the case may be, at any particular rate, or at all.

References to lakhs and crores in our financial statements are to the following:

One lakh . . . . . . . . . . . . . . . . . . . . . . . . 100,000 (one hundred thousand)

One crore . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 (ten million)

Ten crores . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 (one hundred million)

One hundred crores . . . . . . . . . . . . . . . . 1,000,000,000 (one thousand million or one billion)

In this Offering Circular, where information has been presented in millions or billions of units, amounts mayhave been rounded, in the case of information presented in millions, to the nearest ten thousand or one hundredthousand units or, in the case of information presented in billions, one, ten or one hundred million units.Accordingly, the totals of columns or rows of numbers in tables may not be equal to the apparent total of theindividual items and actual numbers may differ from those contained herein due to rounding.

For the purposes of this Offering Circular, the following definitions shall apply throughout, unless the contextotherwise requires:

AD Bank. . . . . . . . . . . . . . . . . . . . . . . . Designated authorised dealer category I bank appointed inaccordance with the ECB Master Directions.

Bankruptcy Code . . . . . . . . . . . . . . . . . The Insolvency and Bankruptcy Code, 2016, as amended.

Borrowing Regulations . . . . . . . . . . . . . The Foreign Exchange Management (Borrowing and Lending)Regulations, 2018, as amended.

Companies Act . . . . . . . . . . . . . . . . . . . The Companies Act, 2013 and/or the Companies Act, 1956, asapplicable.

Companies Act, 1956. . . . . . . . . . . . . . . The (Indian) Companies Act, 1956, as amended and to the extenteffective read with the rules, regulations, clarifications andmodifications thereunder.

Companies Act, 2013. . . . . . . . . . . . . . . The (Indian) Companies Act, 2013, as amended and to the extenteffective, read with the rules, regulations, clarifications andmodifications thereunder.

ECB . . . . . . . . . . . . . . . . . . . . . . . . . . . External Commercial Borrowing.

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ECB Guidelines . . . . . . . . . . . . . . . . . . The Foreign Exchange Management Act, 1999, as amended orthe rules and regulations issued thereunder, together with (a) theForeign Exchange Management (Borrowing or Lending)Regulations, 2018 and circulars or notifications issuedthereunder by the RBI; (b) the ECB Master Direction; (c) theMaster Direction on Reporting under Foreign ExchangeManagement Act, 1999, dated January 1, 2016; and (d) any otherapplicable regulations, notifications, circulars or guidelinesissued in respect of external commercial borrowings, asconstrued in accordance with the RBI, in each case, as amended,modified, replaced or substituted from time to time pursuant toany rules, regulations, notifications, circulars, press notes ororders issued by the RBI or other Indian governmental agency inrelation to external commercial borrowings.

ECB Master Directions . . . . . . . . . . . . . Master Direction on External Commercial Borrowings, TradeCredits and Structured Obligations, FED Master DirectionNo. 5/2018-19 dated March 26, 2019, issued by the RBI, asamended from time to time.

Eligibility Requirements . . . . . . . . . . . . The requirements under the ECB Master Directions whichprescribe that the Notes can only be subscribed by persons whoare: (A) (i) residents of a country which is a FATF CompliantCountry or an IOSCO Compliant Country; or (ii) multilateral orregional financial institutions where India is a member country;or (iii) individuals who are foreign equity holders or subscribe todebentures or bonds listed outside India that satisfy theconditions under the ECB Master Directions; or (iv) foreignbranches or subsidiaries of Indian banks (except that: (a) suchforeign branches or subsidiaries of Indian banks can onlysubscribe to the Notes denominated in a freely convertiblecurrency other than the Indian Rupee and (b) RupeeDenominated Notes can only be subscribed by such foreignbranches or subsidiaries of Indian banks in their capacity asunderwriters or arrangers or market makers or traders, subject tocompliance with applicable prudential norms); and (B) incompliance with other requirements specified by the RBI fromtime to time in relation to ECBs by Indian entities and are nototherwise prohibited under any applicable law or regulationfrom acquiring, owning or selling the Notes.

Expected Credit Loss (ECL) . . . . . . . . . ECL is a probability-weighted estimate of credit losses. A creditloss is the difference between the cash flows that are due to anentity in accordance with the contract and the cash flows that theentity expects to receive discounted at the original effectiveinterest rate.

FBIL Reference Rate . . . . . . . . . . . . . . Reference Rate published by the Financial Benchmark IndiaPrivate Ltd. (FBIL).

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FATF . . . . . . . . . . . . . . . . . . . . . . . . . . Financial Action Task Force.

FATF Compliant Country . . . . . . . . . . . A country that is a member of FATF or a member of a FATF-styleregional body, and should not be a country identified in thepublic statement of the FATF as:

(a) a jurisdiction having a strategic anti-money laundering(AML) or combating the financing of terrorism (CFT)deficiencies to which counter measures apply; or

(b) a jurisdiction that has not made sufficient progress inaddressing the deficiencies or has not committed to anaction plan developed with the FATF to address thedeficiencies.

FDI Policy . . . . . . . . . . . . . . . . . . . . . . The provisions of the FEMA together with the Foreign DirectInvestment Policy issued by the Ministry of Commerce andIndustries and as updated from time to time.

FEMA. . . . . . . . . . . . . . . . . . . . . . . . . . Foreign Exchange Management Act, 1999, as amended and therules and regulations issued thereunder.

FEMA Regulations . . . . . . . . . . . . . . . . Foreign Exchange Management (Transfer or Issue of Security bya Person Resident Outside India) Regulations, 2000, asamended.

IOSCO . . . . . . . . . . . . . . . . . . . . . . . . . International Organisation of Securities Commission.

Gross NPA . . . . . . . . . . . . . . . . . . . . . . Outstanding loans including future principal and excludingunrealised interest accrued and due under NPA accounts.

Indian GAAP Financial Statements. . . . Our financial statements as at and for the years ended March 31,2018 and March 31, 2017 (which also include comparativecolumns as at and for the years ended March 31, 2017 and March31, 2016, respectively), which have been audited by ourstatutory auditors and are included in this Offering Circular,were prepared in accordance with Indian GAAP.

Ind AS Financial Statements . . . . . . . . . Our financial statements as at and for the three month periodended June 30, 2019, which have been subject to a limitedreview by our statutory auditors and included in this OfferingCircular, and (ii) the financial statements for the year endedMarch 31, 2019 (which also include a comparative column as atand for the year ended March 31, 2018), audited by our statutoryauditors and included in this Offering Circular, were prepared inaccordance with Ind AS.

NBFC . . . . . . . . . . . . . . . . . . . . . . . . . . Non-banking finance company.

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Net Loan Assets . . . . . . . . . . . . . . . . . . Total Loan Assets as adjusted for provisions for non-performingassets and provision for diminution in fair value of restructuredloans.

Net Loan Assets as per IND-AS(Net of Provisions) . . . . . . . . . . . . . . . .

Secured hypothecation loans, other secured borrowings, retainedinterest on securitisation, unsecured borrowings and unsecuredadvance for hypothecation loans and includes accrued intereston loans given, unamortised loan origination cost and net ofunamortised processing fee as determined under IND-AS asadjusted for ECL provisions.

Net NPA . . . . . . . . . . . . . . . . . . . . . . . . Net NPA means Gross NPA net off provision held for NPAaccounts and provision for diminution in fair value ofrestructured loans.

Restricted Jurisdiction . . . . . . . . . . . . . Any jurisdiction:

(a) in which an offer of the Notes would constitute a violationof relevant laws or regulations; and

(b) which does not satisfy the Eligibility Requirements.

Restricted Overseas Person. . . . . . . . . . (a) a person (including an individual, partnership,unincorporated syndicate, limited liability company,unincorporated organisation, trust, trustee, executor,administrator or other legal representative) in, or residentin, any Restricted Jurisdiction, and includes a branch of anentity located in a Restricted Jurisdiction; or

(b) an offshore branch or subsidiary of an Indian bank (for thepurposes of an investment in Rupee Denominated Notes,except where such offshore branch or subsidiary of anIndian bank is acting in its capacity as an underwriter, anarranger, a market maker or a trader, subject to compliancewith applicable prudential norms); or

(c) a person otherwise prohibited under any applicable law orregulation from acquiring, owning or selling the Notes.

Stage 1 Assets . . . . . . . . . . . . . . . . . . . . Stage 1 Assets includes financial instruments that have not hada significant increase in credit risk since initial recognition orthat have low credit risk at the reporting date as defined underIND-AS.

Stage 1 Provision . . . . . . . . . . . . . . . . . Stage 1 provision are 12-month ECL resulting from defaultevents that are possible within 12 months after the reporting dateas defined under IND-AS.

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Stage 2 Assets . . . . . . . . . . . . . . . . . . . . Stage 2 Assets includes financial instruments that have had asignificant increase in credit risk since initial recognition butthat do not have objective evidence of impairment as definedunder IND-AS.

Stage 2 Provision . . . . . . . . . . . . . . . . . Stage 2 provision are life time ECL resulting from all defaultevents that are possible over the expected life of the financialinstrument as defined under IND-AS.

Stage 3 Assets . . . . . . . . . . . . . . . . . . . . Stage 3 Assets includes financial assets that have objectiveevidence of impairment at the reporting date as defined underIND-AS.

Stage 3 Assets Net of Stage 3Provision. . . . . . . . . . . . . . . . . . . . . . . .

Stage 3 Assets net of Stage 3 Provision.

Stage 3 Provision . . . . . . . . . . . . . . . . . Stage 3 provision are life time expected credit loss resultingfrom all default events that are possible over the expected life ofthe financial instrument as defined under IND-AS.

Total Loan Assets as per IGAAP . . . . . Secured hypothecation loans, other secured borrowings, retainedinterest on securitisation, unsecured borrowings and unsecuredadvance for hypothecation loans and includes accrued intereston loans given.

Total Loan Assets as per IND-AS(Gross of Provisions). . . . . . . . . . . . . . .

Secured hypothecation loans, other secured borrowings, retainedinterest on securitisation, unsecured borrowings and unsecuredadvance for hypothecation loans and includes accrued intereston loans given, unamortised loan origination cost and net ofunamortised processing fee as determined under IND-ASexcluding provisions.

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INDUSTRY AND MARKET DATA

Certain industry and market share data in this Offering Circular are derived in part from various governmentand private publications, obtained in communications with government ministries in India and the ReserveBank of India (the RBI) and extracted from the industry report prepared by ICRA Management ConsultingServices Limited (the Report of ICRA).

Certain other information regarding market position, growth rates and other industry data pertaining to ourbusiness contained in this Offering Circular consists of estimates by us based on data reports compiled byprofessional organisations and analysts, on data from other external sources and on our knowledge of ourmarkets. This data is subject to change and cannot be verified with complete certainty due to limits on theavailability and reliability of the raw data and other limitations and uncertainties inherent in any statisticalsurvey. In many cases, there is no readily available external information (whether from trade associations,government bodies or other organisations) to validate market-related analyses and estimates, so we rely oninternally developed estimates. While we have compiled, extracted and reproduced market or other industrydata from external sources, including third parties or industry or general publications, none of our Company,the Arrangers, the Dealers, the Trustee or the Agents, or any director, officer, employee, adviser, agent oraffiliate of any such persons, has independently verified that data and none of our Company, the Arrangers,the Dealers, the Trustee or the Agents, or any director, officer, employee, adviser, agent or affiliate of any suchpersons, makes any representation regarding the accuracy of such data. Similarly, while we believe ourinternal estimates to be reasonable, such estimates have not been verified by any independent sources and noneof our Company, the Arrangers, the Dealers, the Trustee or the Agents, or any director, officer, employee,adviser, agent or affiliate of any such persons, can assure potential investors as to their accuracy.

FORWARD-LOOKING STATEMENTS

We have included statements in this Offering Circular which contain words or phrases such as “will”, “would”,“aimed”, “is likely”, “are likely”, “believe”, “expect”, “expected to”, “will continue”, “will achieve”,“anticipate”, “estimate”, “intend”, “plan”, “contemplate”, “seek to”, “seeking to”, “target”, “propose to”,“future”, “objective”, “goal”, “projected”, “should”, “can”, “could”, “may” and similar expressions orvariations of such expressions, that are “forward-looking statements”. Actual results may differ materiallyfrom those suggested by the forward-looking statements due to certain risks or uncertainties associated withour expectations with respect to, but not limited to, regulatory changes relating to the gold finance sector inIndia and our ability to respond to them, our ability to successfully implement our strategy, our growth andexpansion, including our ability to complete our expansion plans, technological changes, our exposure tomarket risks, general economic and political conditions in India which have an impact on our businessactivities or investments, the monetary and fiscal policies of India, inflation, deflation, unanticipatedturbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance ofthe financial markets in India and globally, changes in domestic and foreign laws, regulations and taxes andchanges in competition in the our industry.

For a further discussion on the factors that could cause actual results to differ, see the discussion under “RiskFactors” contained in this Offering Circular.

ENFORCEMENT OF FOREIGN JUDGMENTS IN INDIA

Our Company is a limited liability public company incorporated under the laws of India. A majority of ourdirectors and executive officers named herein are residents of India and all or a substantial portion of ourassets and such persons are located in India. As a result, it may not be possible for investors to effect service

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of process on us or such persons in jurisdictions outside of India, or to enforce against us judgments obtainedin courts outside of India predicated upon civil liabilities of us or such directors and executive officers underlaws other than Indian law.

India is not a party to any international treaty in relation to the recognition or enforcement of foreignjudgments. However, the statutory basis for recognition and enforcement of foreign judgments is provided forunder Sections 13, 14 and 44A of The Code of Civil Procedure, 1908, as amended (the CPC). If the conditionslaid down in Section 44A of the CPC are fulfilled, a foreign judgment will be deemed to be a decree passedby the relevant court in India and can be directly executed. However, Section 44A is applicable only to moneydecrees which are not in the nature of any sum payable in respect of taxes or other charges of like nature orin respect of a fine or other penalty and is not applicable to arbitration awards. Further, Section 44A will beapplicable to foreign judgments passed by superior courts of a reciprocating territory notified by theGovernment of India. The United Kingdom, Singapore and Hong Kong, among other jurisdictions, have beendeclared by the Government to be reciprocating territories for the purposes of Section 44A of the CPC but theUnited States and Mauritius have not been so declared. A foreign judgment which is not passed by anyreciprocating country or by any superior court of reciprocating country can be executed after obtaining a freshdecree by filing a suit upon judgment in accordance with Section 13 of the CPC and not directly byproceedings in execution. A Noteholder may also file a suit against our Company, its directors and executiveofficers on the original cause of action before a competent court in India. Section 13 of the CPC provides thata foreign judgment shall be conclusive regarding any matter directly adjudicated upon between the sameparties or between parties under which they or any of them are litigating under the same title except (i) wherethe judgment has not been pronounced by a court of competent jurisdiction; (ii) where the judgment has notbeen given on the merits of the case; (iii) where it appears on the face of the proceedings that the judgmentis founded on an incorrect view of international law or a refusal to recognise the law of India in cases in whichsuch law is applicable; (iv) where the proceedings in which the judgment was obtained were opposed to naturaljustice; (v) where the judgment has been obtained by fraud; or (vi) where the judgment sustains a claimfounded on a breach of any law in force in India. Even when a foreign judgment is directly put into executionunder Section 44A, the relevant court is entitled to refuse execution of such judgment if it is shown that theforeign judgment falls within any of the exceptions laid down in clause (a) to (f) of Section 13 of the CPCwhich have been pointed out in point number (i) to (v) of this paragraph. Section 14 of The Code of CivilProcedure, 1908, an Indian court shall, on production of any document purporting to be a certified copy of aforeign judgment, presume that the judgment was pronounced by a court of competent jurisdiction unless thecontrary appears on the record; such presumption may be displaced by proving want of jurisdiction.

The suit must be brought in India within three years from the date of the judgment in the same manner as anyother suit filed to enforce a civil liability in India. It is difficult to predict whether a suit brought in an Indiancourt will be disposed of in a timely manner or be subject to delay. It is unlikely that a court in India wouldaward damages on the same basis as a foreign court if an action is brought in India. Furthermore, it is unlikelythat an Indian court would enforce foreign judgments if it viewed the amount of damages awarded as excessiveor inconsistent with Indian public policy. Further, any judgment or award in a foreign currency would beconverted into Rupees on the date of such judgment or award and not on the date of payment, which couldalso increase risks relating to foreign exchange. A party seeking to enforce a foreign judgment and repatriateany amount recovered pursuant to such enforcement in India is required to obtain approval from the RBI underthe Foreign Exchange Management Act, 1999, as amended to repatriate any amount recovered outside India.Any such amount may be subject to income tax in accordance with applicable laws.

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TABLE OF CONTENTS

Page

DOCUMENTS INCORPORATED BY REFERENCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

GENERAL DESCRIPTION OF THE PROGRAMME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

SUMMARY OF THE PROGRAMME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

FORM OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

FORM OF PRICING SUPPLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

TERMS AND CONDITIONS OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78

SELECTED FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

CAPITALISATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS ANDRESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139

OUR BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186

DESCRIPTION OF ASSETS AND LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223

OUR MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259

INDUSTRY OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274

REGULATION AND POLICIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286

TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305

BOOK-ENTRY CLEARANCE SYSTEMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321

SUBSCRIPTION AND SALE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329

TRANSFER RESTRICTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338

SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN THE INDIAN ACCOUNTINGPRINCIPLES AND IFRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341

GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362

INDEX TO FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-1

xiv

DOCUMENTS INCORPORATED BY REFERENCE

The following documents published or issued from time to time after the date hereof shall be deemed to beincorporated in, and to form part of, this Offering Circular:

(a) our Company’s most recently published audited consolidated and unconsolidated annual financialstatements and, if published later, our Company’s most recently published audited or reviewed, as thecase may be, consolidated (if available) and unconsolidated condensed interim financial results (see“General Information” for a description of the financial statements currently published by us); and

(b) all supplements to this Offering Circular circulated by us from time to time.

Any statement contained herein or in a document which is deemed to be incorporated by reference herein shallbe deemed to be modified or superseded for the purpose of this Offering Circular to the extent that a statementcontained in any such subsequent document which is deemed to be incorporated by reference herein modifiesor supersedes such earlier statement (whether expressly, by implication or otherwise). Any statement somodified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of thisOffering Circular.

We will provide, without charge, to each person to whom a copy of this Offering Circular has been delivered,upon the request of such person, a copy of any or all of the documents deemed to be incorporated herein byreference unless such documents have been modified or superseded as specified above. Requests for suchdocuments should be directed to us at our office set out at the end of this Offering Circular. In addition, copiesof certain documents (as more particularly set out in paragraph 7 of “General Information”) will be availablefor inspection by Noteholders of Notes listed on the ISM at all reasonable times during normal business hoursat the specified office of the principal paying agent in Hong Kong (which at the date of this Offering Circularis Deutsche Bank AG, Hong Kong Branch) (the Principal Paying Agent) following prior written request andproof of holding and identity satisfactory to the Principal Paying Agent.

If the terms of the Programme are modified or amended in a manner which would make this Offering Circular,as so modified or amended, inaccurate or misleading, to an extent which is material in the context of theProgramme, a new offering circular will be prepared.

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GENERAL DESCRIPTION OF THE PROGRAMME

Under the Programme, we may from time to time issue Notes denominated in any currency, subject as set outherein. A summary of the terms and conditions of the Programme and the Notes appears below. The applicableterms of any Notes will be agreed between us and the relevant Dealer prior to the issue of the Notes and willbe set out in the Terms and Conditions of the Notes endorsed on, attached to, or incorporated by reference into,the Notes, as modified and supplemented by the applicable Pricing Supplement attached to, or endorsed on,such Notes, as more fully described under “Form of the Notes”.

This Offering Circular and any supplement will only be valid for listing Notes on the ISM in an aggregatenominal amount which, when added to the aggregate nominal amount then outstanding of all Notes previouslyor simultaneously issued under the Programme, does not exceed U.S.$2,000,000,000 or its equivalent in othercurrencies. For the purpose of calculating the U.S. dollar equivalent of the aggregate nominal amount of theNotes issued under the Programme from time to time:

(a) the U.S. dollar equivalent of Notes denominated in another Specified Currency (as specified in theapplicable Pricing Supplement in relation to the relevant Notes, described under “Form of the Notes”)shall be determined, at the sole discretion of the Principal Paying Agent for the relevant Notes;

(b) the U.S. dollar equivalent of Dual Currency Notes, Index Linked Notes and Partly Paid Notes (each asspecified in the applicable Pricing Supplement in relation to the relevant Notes, described under “Formof the Notes”) shall be calculated in the manner specified in the applicable Pricing Supplement; and

(c) the U.S. dollar equivalent of Zero Coupon Notes (as specified in the applicable Pricing Supplement inrelation to the relevant Notes, described under “Form of the Notes”) and other Notes issued at a discountor a premium shall be calculated in the manner specified above by reference to the net proceeds receivedby us for the relevant issue.

The offering of the Notes will be made entirely outside India. This Offering Circular may not be distributeddirectly or indirectly in India or to residents of India and the Notes are not being offered or sold and may notbe offered or sold directly or indirectly in India or to, or for the account or benefit of, any resident of India.

Each purchaser of Notes will be deemed to represent that it is neither located in India nor a resident of Indiaand that it is not purchasing for, or for the account or benefit of, any such person, and understands that theNotes may not be offered, sold, pledged or otherwise transferred to any person located in India, to any residentof India or to, or for the account of, such persons, unless determined otherwise in compliance with applicablelaw. In addition, each purchaser of the Notes will be deemed to represent that it is in compliance of theEligibility Requirements (as defined in this Offering Circular) and is not a Restricted Overseas Person (asdefined in this Offering Circular) and is not otherwise prohibited under any applicable law or regulation fromacquiring, owning or selling the Notes and so long as it holds any Notes, it will continue to be a person whichis not a Restricted Overseas Person and will continue to reside in a jurisdiction which is not a RestrictedJurisdiction (as defined in this Offering Circular).

We will issue Notes under the Programme in accordance with the ECB Guidelines.

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SUMMARY OF THE PROGRAMME

The following summary does not purport to be complete and is taken from, and is qualified in its entirety by,the remainder of this Offering Circular and, in relation to the terms and conditions of any particular Trancheof Notes, the applicable Pricing Supplement. A reference to a numbered Condition is a reference to the Termsand Conditions of the Notes and the particular Condition bearing that number. Words and expressions definedin “Form of the Notes” and “Terms and Conditions of the Notes” shall have the same meanings in thissummary.

Issuer: . . . . . . . . . . . . . . . . . Muthoot Finance Limited.

Legal Entity Identifier (LEI): . . 335800HAMJMBFL4RRF02

Risk Factors: . . . . . . . . . . . . There are certain factors that may affect our ability to fulfil our obligationsunder Notes issued under the Programme. These are set out under “RiskFactors” below. In addition, there are certain factors which are material forthe purpose of assessing the market risks associated with Notes issued underthe Programme. These are set out under “Risk Factors” and include certainrisks relating to the structure of particular Series of Notes and certain marketrisks.

Description: . . . . . . . . . . . . . U.S.$2,000,000,000 Global Medium Term Note Programme.

Arrangers: . . . . . . . . . . . . . . Deutsche Bank AG, Singapore Branch and Standard Chartered Bank.

Dealers: . . . . . . . . . . . . . . . . Deutsche Bank AG, Singapore Branch, Standard Chartered Bank and anyother Dealers appointed in accordance with the Programme Agreement (asdefined under “Subscription and Sale”).

Trustee: . . . . . . . . . . . . . . . . DB Trustees (Hong Kong) Limited.

Principal Paying Agent: . . . . . Deutsche Bank AG, Hong Kong Branch.

Registrar and TransferAgent: . . . . . . . . . . . . . . . . .

Deutsche Bank AG, Hong Kong Branch.

U.S. Paying Agent,U.S. Transfer Agent andU.S. Registrar: . . . . . . . . . . .

Deutsche Bank Trust Company Americas.

Security Trustee: . . . . . . . . . . IDBI Trusteeship Services Limited.

Certain Restrictions: . . . . . . . Each issue of Notes in respect of which particular laws, guidelines,regulations, restrictions or reporting requirements apply will only be issuedin circumstances which comply with such laws, guidelines, regulations,restrictions or reporting requirements from time to time (see “Subscriptionand Sale”) including the following restrictions applicable at the date of thisOffering Circular.

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Programme Size: . . . . . . . . . . U.S.$2,000,000,000 (or its equivalent in other currencies calculated asdescribed under “General Description of the Programme”) in aggregatenominal amount of Notes outstanding at any time. We may increase theamount of the Programme in accordance with the terms of the ProgrammeAgreement.

Distribution: . . . . . . . . . . . . . Notes may be distributed by way of private or public placement and in eachcase on a syndicated or non-syndicated basis.

Currencies: . . . . . . . . . . . . . . Subject to any applicable legal or regulatory restrictions, any currencyagreed between us and the relevant Dealer.

As of the date of this Offering Circular, the Issuer is permitted to issue bondsdenominated in U.S. dollars or any other currency as may be applicableoverseas as agreed between us and the relevant Dealer.

Maturities: . . . . . . . . . . . . . . Such maturities as may be agreed between us and the relevant Dealer, subjectto such minimum or maximum maturities as may be allowed or requiredfrom time to time by the relevant central bank (or equivalent body) or anylaws or regulations applicable to us, including but not limited to, theminimum maturity period specified under the ECB Guidelines.

Issue Price: . . . . . . . . . . . . . . Notes may be issued on a fully-paid or a partly-paid basis and at an issueprice which is at par or at a discount to, or premium over, par.

Form of Notes: . . . . . . . . . . . The Notes will be issued in bearer and/or registered form as described in“Form of the Notes”.

Fixed Rate Notes: . . . . . . . . . Interest on Fixed Rate Notes will be payable at such rate or rates in arrearand on such date or dates as may be agreed between us and the relevantDealer, subject to any regulatory requirement (including but not limited tothe ECB Guidelines) and on redemption and will be calculated on the basisof such Day Count Fraction as may be agreed between us and the relevantDealer, subject to any regulatory requirement (including but not limited tothe ECB Guidelines).

Floating Rate Notes: . . . . . . . Floating Rate Notes will bear interest at a rate, subject to any regulatoryrequirement, including but not limited to, the ECB Guidelines, determined:

(a) on the same basis as the floating rate under a notional interest rate swaptransaction under the terms of an agreement incorporating the 2006ISDA Definitions (as published by the International Swaps andDerivatives Association, Inc., and as amended and updated as of theIssue Date of the first Tranche of the Notes of the relevant Series), plusor minus a margin (if any); or

(b) on the basis of a reference rate appearing on the agreed screen page ofa commercial quotation service.

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The margin (if any) relating to such floating rate will be agreed between ourCompany and the relevant Dealer for each Series of Floating Rate Notes,subject to any regulatory requirement (including but not limited to the ECBGuidelines).

Index Linked Notes: . . . . . . . Payments of principal in respect of Index Linked Redemption Notes or ofinterest in respect of Index Linked Interest Notes will be calculated byreference to such index and/or formula or to changes in the prices ofsecurities or commodities or to such other factors as we and the relevantDealer may agree, subject to any regulatory requirement (including but notlimited to the ECB Guidelines).

Other provisions in FloatingRate Notes and Index LinkedInterest Notes: . . . . . . . . . . .

Floating Rate Notes and Index Linked Interest Notes may also have arelation to a maximum interest rate, a minimum interest rate or both, subjectto any regulatory requirement including but not limited to the ECBGuidelines.

Interest on Floating Rate Notes and Index Linked Interest Notes in respectof each Interest Period, as agreed prior to issue by us and the relevant Dealer,will be payable on such Interest Payment Dates, and will be calculated on thebasis of such Day Count Fraction, as may be agreed between our Companyand the relevant Dealer.

Dual Currency Notes: . . . . . . Payments (whether in respect of principal or interest and whether at maturityor otherwise) in respect of Dual Currency Notes will be made in suchcurrencies, and based on such rates of exchange, as we and the relevantDealer may agree, subject to any regulatory requirement (including but notlimited to the ECB Guidelines).

Partly Paid Notes: . . . . . . . . . We may issue Notes in respect of which the issue price is paid in separateinstalments in such amounts and on such dates as we and the relevant Dealermay agree.

Zero Coupon Notes: . . . . . . . Zero Coupon Notes will be offered and sold at a discount to their nominalamount and will not bear interest.

Other Notes: . . . . . . . . . . . . . We may agree with any Dealer, the Trustee and the Principal Paying Agentthat Notes may be issued in a form not contemplated by the Terms andConditions of the Notes, in which event the relevant provisions will beincluded in the applicable Pricing Supplement.

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Redemption: . . . . . . . . . . . . . The applicable Pricing Supplement will indicate either that:

(a) the relevant Notes cannot be redeemed prior to their stated maturityother than (i) in specified instalments, if applicable, (ii) for tax reasons,(iii) following a Change of Control Triggering Event (as defined inCondition 8.4) or (iv) following an Event of Default (as defined inCondition 11.1); or

(b) such Notes will be redeemable at the option of the Issuer upon givingnotice to the Noteholders on a date or dates specified prior to suchstated maturity and at a price or prices and on such other terms as setforth in the Terms and Conditions of the Notes or as may be agreedbetween us and the relevant Dealer.

Under the ECB Guidelines, any repayment of an ECB prior to its statedmaturity requires the prior approval of the RBI or the AD Bank, as the casemay be. Therefore, any redemption of the Notes prior to their stated maturitydate will require the prior approval of the RBI or the AD Bank, as the casemay be, under the ECB Guidelines.

See “Approval of the RBI or the AD Bank as the case may be, in accordancewith the ECB Guidelines, is required for redemption of Notes prior to itsstated maturity, including upon an Event of Default (as defined in the Termsand Conditions of the Notes)”.

The applicable Pricing Supplement may provide that Notes may beredeemable in separate instalments in such amounts and on such dates as areindicated in the applicable Pricing Supplement, subject to any regulatoryrequirements, including but not limited to, the ECB Guidelines.

Denomination of Notes:. . . . . Notes will be issued in such denominations as may be agreed between us andthe relevant Dealer, save that the minimum denomination of each Note willbe such as may be allowed or required from time to time by the relevantcentral bank (or equivalent body) or any laws or regulations applicable to therelevant Specified Currency.

Taxation: . . . . . . . . . . . . . . . All payments in respect of the Notes will be made without withholding ordeduction for or on account of any present or future taxes or duties ofwhatever nature imposed or levied by or on behalf of any Tax Jurisdiction (asdefined in Condition 9.2), subject as provided in Condition 9.1. In the eventthat any such withholding or deduction is made, we will, save in certainlimited circumstances provided in Condition 9.1, be required to payadditional amounts to cover the amounts so withheld or deducted.

Without prejudice to our obligation to pay additional amounts as describedabove, all payments in respect of the Notes will be made subject to anywithholding or deduction as is required by law, as provided in Condition 9.1.

Cross Acceleration: . . . . . . . . The terms of the Notes will contain a cross acceleration provision as furtherdescribed in Condition 11.1(c).

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Status of the Notes:. . . . . . . . The Notes (and any related Receipts and Coupons) will constitute direct,general and unconditional obligations of the Issuer and the performance ofall the obligations of the Issuer under the Notes and the Trust Deed will besecured by, inter alia, a first ranking pari passu charge (by way ofhypothecation) over all current assets, book-debts, loans and advances,receivables, including gold loan receivables, both present and future (theReceivables) and all benefits, rights, title, interest, claims and demandswhatsoever of the Issuer in, to or in respect of all the aforesaid amounts, bothpresent and future, provided that the Collateral shall not include anyproperty, assets and/or receivables of the Issuer from the Collateraldesignated as Excluded Collateral pursuant to Condition 5.4(b) (collectivelyreferred to as the Collateral).

The Notes will at all times rank pari passu among themselves and at leastpari passu with all other present and future secured obligations of the Issuer,save for such obligations as may be preferred by provisions