Monitoring Agency Report issued by CRISIL Ratings Limited for monitoring the utilization of funds raised through Preferential Issue as approved by the Board and members of the Company in their respective meetings held on January 09, 2025 and February 05, 2025, for the quarter ended on March 31, 2026

CRISIL Ratings Limited has issued its final monitoring report for Rs 123.41 crore raised through a preferential issue completed in February 2025. All proceeds have been fully deployed by March 31, 2026. The funds were allocated to: expansion of DAVAINDIA Project FOFO (Rs 16.04 crore - fully utilized), DAVAINDIA Project COCO (Rs 76.51 crore - fully utilized), working capital (Rs 12.34 crore - fully utilized), and general corporate purpose (Rs 18.51 crore - fully utilized). One allottee, Valiant Mauritius Partners FDI Limited, did not subscribe to its full allocation, reducing the issue size from Rs 188.60 crore to Rs 123.41 crore. The report confirms no deviations from stated objects and no delays in implementation.