We enclose herewith, the Monitoring Agency Report dated May 13, 2026, issued by CARE Ratings Limited, in respect of the utilization of proceeds made by the Company through preferential issue for the quarter ended March 31, 2026.
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CARE Ratings Limited has submitted the Monitoring Agency Report for Embassy Developments Limited confirming full utilization of ₹3,510.66 crore raised through a preferential issue (originally ₹3,908.14 crore). The issue comprised 9.14 crore equity shares and 25.91 crore convertible warrants at ₹111.51 per share. Of the warrants issued, 21.16 crore were converted into equity shares between April 2024 and December 2025, while 4.75 crore warrants lapsed due to non-exercise within the prescribed period, resulting in forfeiture of ₹132.49 crore upfront amount. Proceeds were deployed for acquiring Embassy Residency, Embassy East Avenue, Embassy Eden, and Blu Annex FSI rights, plus repayment of obligations to Sky Forest Projects and growth initiatives. No material deviations were observed, and all objects have been completed.
The filing confirms proper end-use of funds from the preferential issue with all acquisitions completed. The warrant conversion activity (21.16 crore warrants converted) and forfeiture of ₹132.49 crore on lapsed warrants represents partial subscription risk that materialized but did not derail the stated objectives.