Monitoring Agency Report under Regulation 32 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter and half year ended March 31, 2026

CRISIL Ratings Limited, as Monitoring Agency, has filed its quarterly report for the quarter ending March 31, 2026 on the utilisation of proceeds from a Preferential Issue of equity shares and warrants. The issue size was revised from Rs. 157.11 crores to Rs. 141.50 crores due to undersubscription, comprising Rs. 101.50 crores from equity shares and Rs. 40 crores from warrants. Rs. 111.50 crores has been deployed so far, with Rs. 30.00 crores (75% of warrant proceeds) still pending receipt from warrant subscribers. No proceeds were deployed during the reported quarter. The company is an NBFC and the stated use of proceeds is onward lending, investments, and repayment of borrowings. No deviations from the objects or material concerns were flagged by the monitoring agency. Notably, warrants were issued at Rs. 78 per share while the current market price is Rs. 67.85, indicating potential loss for warrant holders upon conversion.