Garuda Construction and Engineering Limited — Capital/Financing Update 2025

Feb 13, 2025

Date: February 13, 2025

BSE Limited National Stock Exchange of India Limited Phiroze Jeejebhoy Towers “Exchange Plaza” Dalal Street Bandra-Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400051 Scrip Code (BSE): 544271 Symbol: GARUDA

Sub.: Statement of Deviation (s) or Variation (s) of funds for quarter ended December 31, 2024.

Dear Sir / Ma'am,

The equity shares of the Company have been listed on BSE Ltd and National Stock Exchange of India Limited w.e.f. 15[th] October 2024. Accordingly, pursuant to Regulation 32(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, we hereby confirm that there was no deviation or variation in the utilization of proceeds of Initial Public offer (‘IPO’) for quarter ended December 31, 2024.

A Statement of deviation(s) or variation(s) if any for the aforesaid period in respect of utilization of proceeds of the IPO for the quarter ended December 31, 2024 is duly reviewed by the Audit Committee and the same is enclosed as ‘Annexure A’

You are requested to take the above information on your records.

Kindly take the same on your record.

For Garuda Construction and Engineering Limited

(Formerly known as Garuda Construction and Engineering Private Limited)

Digitally signed by PRAVIN PRAVIN KUMAR KUMAR BRIJENDRA KUMAR BRIJENDRA AGARWAL Date: 2025.02.13 17:52:58 KUMAR AGARWAL +05'30'

Pravin Kumar Brijendra Kumar Agarwal Managing Director DIN: 00845482

Annexure A

Statement On Deviation or Variation for Proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc.-

Qualified Institutions Placement Etc.-	Qualified Institutions Placement Etc.-	Qualified Institutions Placement Etc.-	Qualified Institutions Placement Etc.-
Statement on deviation / variation in utilisation of funds raised
Name of listed entity	Garuda Construction and Engineering Limited
Mode of Fund Raising	Public Issues / ~~/ Others~~		~~Rights Issues / Preferential Issues / QIP~~
Date of Raising Funds	October 11, 2024
Amount Raised	173.85 Crores
Report filed for Quarter ended	December 31, 2024
Monitoring Agency	applicable /	~~not applicable~~
Monitoring Agency Name, if applicable	Acuite Ratings & Research Limited
Is there a Deviation / Variation in use of funds raised	~~Yes~~/ No
If yes, whether the same is pursuant to change in terms of a contract or objects, which was	NA
approved by the shareholders
If Yes, Date of shareholder Approval
Explanation for the Deviation / Variation
Comments of the Audit Committee after review	No Comments
Comments of the auditors, if any	No Comments
Objects for which funds have been raised and where there has been a deviation, in the following table	Details mentioned below for Original Object and there is non-deviation

Original Object	Modified Object, if any	Original Allocation (in crores)	Modified allocation, if any	Funds Utilised (in crores)	Amount of Deviation/Variation for the quarter according to applicable object	Remarks if any
Working Capital Requirements	NA	100.00	NA	77.49	NA	NA
General Corporate Purposes and unidentified inorganic acquisitions	NA	59.67	NA	29.65	NA	NA
Note: Out of the total Rs. 159.67 crore, the company has utilized Rs. 107.14 crore for progress towards its objectives. The remaining balance of Rs. 52.53 crore is currently parked in fixed deposits and will be utilised as per business requirements.
Deviation or variation could mean: (a) Deviation in the objects or purposes for which the funds have been raised or (b) Deviation in the amount of funds actually utilized as against what was originally disclosed or (c) Change in terms of a contract referred to in the fund-raising document i.e. prospectus, letter of offer, etc.

Note: Out of the total Rs. 159.67 crore, the company has utilized Rs. 107.14 crore for progress towards its objectives. The remaining balance of Rs. 52.53 crore is currently parked in fixed deposits and will be utilised as per business requirements.

Deviation or variation could mean:

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

(b) Deviation in the amount of funds actually utilized as against what was originally disclosed or

(c) Change in terms of a contract referred to in the fund-raising document i.e. prospectus, letter of offer, etc.

For Garuda Construction and Engineering Limited (Formerly known as Garuda Construction and Engineering Private Limited)

PRAVIN KUMAR BRIJENDRA Digitally signed by PRAVIN KUMAR BRIJENDRA KUMAR AGARWAL KUMAR AGARWAL Date: 2025.02.13 19:13:41 +05'30'

Pravin Kumar Brijendra Kumar Agarwal Managing Director DIN: 00845482