MONITORING AGENCY REPORT FOR THE QUARTER ENDED 31ST MARCH, 2026 FOR FUNDS RAISED THROUGH PREFERENTIAL ISSUE

Ind-Swift Laboratories has submitted its Q4 FY26 monitoring report for a preferential issue that originally aimed to raise Rs. 314.60 crore through convertible warrants. CARE Ratings Limited, the monitoring agency, reports that Rs. 255.61 crore has been raised so far, with Rs. 232.02 crore (91%) utilized. The shortfall of Rs. 58.99 crore arose because Saral Incorporated VCC Sub Fund 1 failed to exercise its option to convert 65 million warrants within the 18-month deadline (by February 28, 2026), causing the warrants to lapse. Rs. 23.59 crore remains unutilized and parked in fixed deposits. CARE flagged concerns about commingling of funds from the preferential issue account with the company's current account, which limited its ability to directly verify end use of proceeds. During Q4, Rs. 19.47 crore was deployed for expansion (land, building, machinery advances), while working capital and general corporate purpose funds were fully utilized earlier. The company states it has sufficient internal accruals to cover the funding gap.