Monitoring agency report for the quarter ended March 31, 2026

CRISIL Ratings Limited, the monitoring agency for Northern Arc Capital's IPO (Sep 2024), has filed its Q4 FY2026 report confirming that IPO proceeds are being used as per the offer document. The IPO raised Rs 7,770 million (fresh issue of Rs 5,000 million plus OFS of Rs 2,770 million), with net proceeds of Rs 4,498.45 million after issue expenses of Rs 501.55 million. The entire net proceeds of Rs 4,498.45 million were fully deployed towards the stated object — meeting future capital requirements for onward lending as an NBFC — as of the quarter ended December 31, 2024. Rs 113.68 million of issue expenses remained in the public offer account (HDFC Bank) as of March 31, 2026, pending final reimbursement. No deviations from the disclosed objects were reported. The report is certified by Peer-reviewed Chartered Accountants Kumbhat & Co LLP.