Borosil Limited — Capital/Financing Update 2025

Feb 7, 2025

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February 07, 2025

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block - G, Dalal Street, Bandra Kurla Complex, Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Scrip Code: 543212 Symbol: BOROLTD

Dear Sirs,

Sub: Monitoring Agency Report for the quarter ended December 31, 2024

Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 173A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed the Monitoring Agency Report for the quarter ended December 31, 2024. The said Report has been issued by ICRA Limited (Monitoring Agency) in respect of the utilization of proceeds raised through Qualified Institutions Placement (QIP) by the Company.

The same is also being uploaded on the Company’s website at www.borosil.com.

Yours Faithfully,

For Borosil Limited

Anshu Digitally signed by Anshu Arvind Arvind Agarwal Date: 2025.02.07 Agarwal 18:00:53 +05'30' Anshu Agarwal Company Secretary & Compliance Officer FCS – 9921

Encl: as above

December 2024

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MONITORING AGENCY REPORT

Name of the Issuer: Borosil Limited

For quarter ended: December 31, 2024

Name of the Monitoring Agency (MA): ICRA Limited

• (a) Deviation from the objects of the issue:

No deviation - The utilization of the issuance proceeds is in line with the objects of the issue.

• (b) Range of deviation:

Not Applicable

Declaration:

We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that we do not perceive any conflict of interest in such relationship/ interest while monitoring and reporting the utilization of the issue proceeds by the issuer. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no

Signature:

Parul Goyal Narang Vice President & Head-Process Excellence

Analyst: Tiyasha Dey Quality Analyst: Adrita Sadhukhan

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December 2024

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1. Issuer Details

Name of the Issuer : Borosil Limited

Name(s) of the promoters:

Promoters Shreevar Kheruka Pradeep Kumar Kheruka

Source: BSE

Industry/ sector to which it belongs : Consumer Durables

2. Issue Details

Issue Period : Opening date - June 24, 2024

Closing date - June 25, 2024

Type of Issue : QIP Issue

Type of specified securities : Equity shares

IPO Grading, if any : Not Applicable

Issue Size (Rs. Crore): INR 150.00 Crore (4,716,981 equity Shares of Face Value Re. 1/- @ Rs. 318 per equity Share i.e. at a premium of Rs.317/- per equity share.)

With OFS portion: Not applicable

Excluding OFS portion: Not applicable

Net proceeds as per placement document: INR 146.00 Crore

Note: ICRA has monitored Gross Proceeds of INR 150.000 crore for Q3 FY2025

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December 2024

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3. Details of the arrangement made to ensure the monitoring of issue proceeds.

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Source of information, Comments
certifications considered Comments of the of the
Particulars Reply by the Monitoring Agency Monitoring
for the preparation of Agency Board of
report Directors
-Peer reviewed CA
certificate
Whether all utilization is as per the -Confirmation from
No deviation No
disclosures in the Offer Yes management
observed comments
Document? -Bank statement of the
escrow account/Proceed
Account
Whether shareholder approval has
been obtained in case of material Not As confirmed by the No
No comments
deviations [#] from expenditures Applicable comments
disclosed in the Offer Document?
Whether the means of finance for
As confirmed by the No
the disclosed objects of the issue No No comments
management comments
has changed?
Is there any major deviation
As confirmed by the No
observed over the earlier No No comments
comments
monitoring agency reports?
Whether all Government/
Not No
statutory approvals related to the As confirmed by the No comments
Applicable comments
object(s) have been obtained?
Whether all arrangements
Not As confirmed by the No
pertaining to technical assistance/ No comments
Applicable management comments
collaboration are in operation?
Are there any favorable events As understood
As confirmed by the No
improving the viability of these No
comments
object(s)? management
Are there any unfavorable events As understood
As confirmed by the No
affecting the viability of the No
comments
object(s)? management
Is there any other relevant
As understood
information that may materially As confirmed by the No
No
affect the decision making of the comments
management
investors?
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# Where material deviation is defined to mean:

(a) Deviation in the objects or purposes for which the funds had been raised.

(b) Deviation in the amount of funds utilized by more than 10% of the amount specified in the offer document.

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December 2024

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4. Details of the object(s) to be monitored.

(i) Cost of object(s)

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Source of
information, Directors
Original
certifications Revised Comments
cost (as per
considered by cost of the Particulars of
S.N. Item Head the offer Reason Proposed
the Monitoring [Rs. Monitoring firm
document) for cost financing
Agency for the Crore] Agency arrangements
[Rs. Crore] revision option
preparation of made
report
Repayment/
prepayment, in full
or in part, of long Placement Not No
1 term project loans 115.00 No comments
Document Applicable comments
and short term
working capital loans
availed by Company
General corporate Placement Not No
2 31.00 No comments
purposes Document Applicable comments
Total 146.00
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December 2024

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(ii) Progress in the object(s)

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Source of Comments of the
Amount as Amount utilized.
information, Total
proposed [Rs. Crore]
certifications unutilized Directors
in the Comments of the
S.N. Item Head considered by the As at the amount
offer At the Monitoring Agency Reasons Proposed
Monitoring Agency beginning During the [Rs.
document. end of the for idle course of
for the preparation of of the quarter Crore]
[Rs. Crore] quarter funds action
report quarter
The company has taken
-Placement document reimbursement of INR
-Peer reviewed CA 1.975 crore
certificate (Q2 FY2025 INR 1.971
Issue Related Expenses -Bank Statement of 4.000 3.996 0.004 4.000 Nil crore and No comments
the proceeds account/ Q3 FY2025 INR 0.004
corresponding bank crore), which has been
account statements incurred earlier from its
internal accruals
Objects for utilization of Net Proceeds
Repayment/ -Placement document
prepayment, in full or -Peer reviewed CA
in part, of long term certificate
1
project loans and short -Bank Statement of 115.000 115.000 - 115.000 Nil No Comments No comments
term working capital the proceeds account/
loans availed by corresponding bank
Company account statements
General corporate
2 Same as above 31.000 29.000 2.000 31.000 Nil No Comments No comments
purposes
Total 150.000 147.996 2.004 150.000 Nil
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Note: The issuer has utilised INR 76.0000 crore for repayment of working capital as against INR 56.3903 crore, which is the outstanding amount, proposed to be repaid, mentioned in the Placement Document. However, the utilisation of funds is aligned to the overall object of repayment/prepayment of the outstanding borrowings availed by the Company. The Placement Document includes a clause stating that given the nature of the borrowings and the terms of repayment, the aggregate outstanding amounts under the borrowings may vary from time to time and the amounts outstanding under the borrowings are dependent on several factors and may vary with the business cycle of the Company.

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December 2024

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(iii) Deployment of unutilized proceeds:

S.N. Type of instrument and name of the entity invested in	Amount invested Maturity date [Rs. Crore]	Earning Return on Investment Market Value as at the end of quarter
		[Rs. Crore] [%] [Rs. Crore]
	Nil

Source: As certified by R K Malpani & Co

(iv) Delay in the implementation of the object(s)

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Completion date
Board of Directors
As per the Delay Proposed
Reason for
Object(s) offer Actual [Number of course of
delay
document days or months] action
Repayment/ prepayment, in
full or in part, of long term
project loans and short term FY25 Completed N.A. No comments
working capital loans availed
by Company
General corporate purposes FY25 Completed N.A. No comments
t
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5. Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document.

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Source of information, Comments Comments of
Amount
certifications considered by the of the
S.N. Item Head [Rs.
Monitoring Agency for the Monitoring Board of
Crore]
preparation of report Agency Directors
-Peer reviewed CA certificate
Repayment of short
-Bank Statement of the
term working capital No
1 29.000 proceeds account/ No comments
loans availed comments
corresponding bank account
(Q2 FY2025)
statements
Repayment of short
term working capital No
2 2.0000 Same as above No comments
loans availed comments
(Q3 FY2025)
Total 31.000
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