Indigo Paints Limited — Audit Report / Information 2021

Aug 9, 2021

Date: August 09, 2021

To,	To
BSE Limited	National Stock Exchange of India Limited
Corporate Relationship Department	Exchange Plaza, Plot No. C-1, Block G,
25" Floor, Phiroze Jeejeebhoy Towers,	Bandra Kurla Complex, Bandra (East)
Dalal Street, Mumbai- 400001	Mumbai -400051
Scrip Code: 543258	NSE Symbol: INDIGOPNTS

Dear Sir/Madam,

Sub: Report of Monitoring Agency under Regulation 41 (4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and under Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Pursuant to Regulation 41 (4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Monitoring Agency Report in respect of the utilization of proceeds of Initial Public Offer (IPO), for the quarter ended June 30, 2021 issued by ICICI Bank Limited, Monitoring Agency.

The intimation is also available on the website of the Company www.indigopaints.com

You are requested to take the above information on record.

Thanking you,

For Indigo Paints Limited (formerly known as Indigo Paintg iyapey, imited)

Boe.

Sujoy Sudipta Bose Company Secretary & Compliance Officer

Encl — As above.

Report of the Monitoring Agency

Name of the Issuer: Indigo Paints Limited For quarter ended: June 30, 2021 Name of the Monitoring Agency: ICICI Bank Limited

(a) Deviation from the objects: No deviation from the object

(b) Range of Deviation: Not applicable

Declaration:

We declare that this report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018, We further declare that this report provides a true and fair view of the utilization of the issue proceeds.

We declare that we do not have any direct/indirect interest in or relationship with the issuer/promoters/ directors/management and also 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.

Signature:

Name of the Authorized Person/Signing Authority: Saurabh Kumar Designation of Authorized person/Signing Authority: Chief Manager Seal of the Monitoring Agency: Date: August 7, 2021

Tower,

ICICI Bank Towers Fax: (91-22) 2653 1122 Near Chakli Circle, Bandra-Kurla Complex Website www.icicibank.com Old Padra Rd, Mumbai 400 051, India CIN.: L65190GJ1994PLC021012 Vadodara 390 007, India

1) Issuer Details:

Name of the issuer: Indigo Paints Limited Names of the promoter: Hemant Jalan, Anita Jalan, Parag Jalan, Kamla Prasad Jalan, and Halogen Chemicals Industry/sector to which it belongs: Paint Industry

2) Issue Details:

Issue Period: January 20, 2021 to January 22, 2021 Type of issue (public/rights): Initial Public Offer Type of specified securities: Equity Shares Public Issue Grading, if any: NA Issue size (INR in million): 11691.2

1. Details of the arrangement made to ensure the monitoring of issue proceeds:

(Give item by item description for all the objects stated in offer document separately in following format)

Particulars	Reply	Commentsofthe	Comments of the
		Monitoring Agency	Board of Directors
Whether all utilization is as per the disclosures in the OfferDocument?	Yes/No	Yes	Yes
Whether shareholder approval has been obtained in case ofmaterial deviations# from expenditures disclosed in the OfferDocument?	Yes/No	NA	NA
Whether the means of finance for the disclosed objects of theissue has changed?	Yes/No	No	No
Is there any major deviation observed over the earlier monitoringagency reports?	Yes/No	NA	No
Whether all Government/statutory approvals related to theobject(s) have been obtained?	Yes/No	NA	Yes
Whetherallarrangementspertainingtotechnicalassistance/collaboration are in operation?	Yes/No	NA	Yes
Are there any favorable events improving the viability of theseobject(s)?	Yes/No	NA	No
Are there any unfavorable events affecting the viability of theobject(s)?	Yes/No	No	No
Is there any other relevant information that may materially affectthe decision making of the investors?	Yes/No	NA	No

*Where material deviation may be defined to mean:

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

b) Deviation in the amount of fund actually utilized by more than 10% of the amount projected in the offer documents.

ICICI Bank Towers Fax: (91-22) 2653 1122 Near Chakli Circle, Bandra-Kurla Complex Website www.icicibank.com Old Padra Rd, Mumbai 400 051, India CIN.: L65190GJ1994PLC021012 Vadodara 390 007, India

1. Details of object(s)s to be monitored:

(i) Cost of object(s)- INR in Million

Comments of Board of DirectorsParticulars of firmarrangements
made
NA
NA
NA
NA

* The Company had provisioned INR 135.78 million for offer expenses. However, upon finalization, the provision for offer related expenses was revised downwards to INR 126.22 million. Due to this revision in offer related expenses, the amount proposed to be utilized for General Corporate Purposes is revised to INR. 621.12 million as compared to original amount of INR. 611.56 million

(ii) Progress in the object(s)- INR in Million

Sr.No	Item Head	AmountasproposedinOffer	Amount utilized			TotalunutilizedAmount	CommentsofMonitoringAgency	Comments	ofBoard of Directors
		Document	As atBeginningof thequarter	Duringthequarter#	At theend ofthequarter			Reasonof idlefunds	ProposedCourse ofAction
1	Funding capitalexpenditure for theProposed Expansion	1,500.00	12.58	115.52	128.10	1371.90	NA	NA	NA
2	Purchase of tintingmachines and gyroshakers	500.00	-	50.79	50.79	449.21	NA	NA	NA
3	Repayment/prepaymentof certain borrowings ofthe Company	250.00	250.00	-	250.00	-	NA	NA	NA
4	General corporatepurposes	621.12	60.00	311.12*	371.12	250.00	NA	NA	NA
	Total# The amount has been utilized for the Object as defined in the Offer Document. The amount utilized is inclusive of goods	2,871.12	322.58	477.43	800.01	2071.11

and service tax and TDS deposited on expense relating to utilization of IPO proceeds till the period ended June 30, 2021

Tower,

ICICI Bank Towers Fax: (91-22) 2653 1122 Near Chakli Circle, Bandra-Kurla Complex Website www.icicibank.com Old Padra Rd, Mumbai 400 051, India CIN.: L65190GJ1994PLC021012 Vadodara 390 007, India

(iii) Deployment of unutilized Public offer proceeds- INR In millions

* The amount has been utilized for the object as defined in the Offer Document that is "General Corporate Purposes". However, there has been accelerated deployment of INR 159.56 million as compared to the Estimated deployment schedule as mentioned in the Offer Document.

Sl.No	Type of instrument and name of the entityinvested in	Amount Invested	Maturity date	Earnings	Return onInvestment(ROI %)	MarketValue as atthe end ofquarter*
1	Fixed Deposit - Kotak Mahindra Bank Limited(A/c No - 1045069830)	150.00	16-Jul-21	2.02	3.35	NA
2	Fixed Deposit - Kotak Mahindra Bank Limited(A/c No - 1045069908)	100.00	26-Jul-21	1.35	3.35	NA
3	Fixed Deposit - Kotak Mahindra Bank Limited(A/c No - 1045069854)	150.00	10-Nov-21	2.26	3.70	NA
4	Fixed Deposit - Kotak Mahindra Bank Limited(A/c No - 1045069588)	150.00	25-Nov-21	2.26	3.73	NA
5	Fixed Deposit - Kotak Mahindra Bank Limited(A/c No - 1045069601)	150.00	10-Dec-21	2.26	3.73	NA
6	Fixed Deposit - Kotak Mahindra Bank Limited(A/c No - 1045117821)	320.00	15-Sep-21	0.41	3.35	NA
7	Fixed Deposit - HDFC Bank Limited(A/c No - 50300494027524)	150.00	16-Nov-21	2.23	3.65	NA
8	Fixed Deposit - HDFC Bank Limited(A/c No - 50300494042720)	150.00	25-Nov-21	2.23	3.65	NA
9	Fixed Deposit - HDFC Bank Limited(A/c No - 50300494028862)	150.00	16-Dec-21	2.23	3.65	NA
10	Fixed Deposit - HDFC Bank Limited(A/c No - 50300494029454)	150.00	16-Jan-22	2.23	3.65	NA
11	Fixed Deposit - HDFC Bank Limited(A/c No - 50300494029721)	150.00	16-Feb-22	2.30	3.75	NA
12	Fixed Deposit - HDFC Bank Limited(A/c No - '50300494030073)	150.00	16-Mar-22	2.30	3.75	NA
13	Fixed Deposit - HDFC Bank Limited(A/c No - 50300494030301)	150.00	16-Apr-22	2.31	3.75	NA
14	Monitoring Account - ICICI Bank	5.40	NA	NA	NA	NA
	Total	2,075.40**		26.39

** Total amount invested is higher than the unutilized amount as it includes interest earned on fixed deposits which is reinvested.

Tower,

ICICI Bank Towers Fax: (91-22) 2653 1122 Near Chakli Circle, Bandra-Kurla Complex Website www.icicibank.com Old Padra Rd, Mumbai 400 051, India CIN.: L65190GJ1994PLC021012 Vadodara 390 007, India

(iv)	Delay in implementation of the object(s)- NA
Object(s) NameCompletion Date		Delay(No.ofdays/ months)		Comments of Board of Directors
	AsperOfferDocument	Actual				Reason of delay	Proposed Course of Action

Signature:

Name of the Authorized Person/Signing Authority: Saurabh Kumar Designation of Authorized person/Signing Authority: Chief Manager Seal of the Monitoring Agency: Date: August 7, 2021

Tower,

ICICI Bank Towers Fax: (91-22) 2653 1122 Near Chakli Circle, Bandra-Kurla Complex Website www.icicibank.com Old Padra Rd, Mumbai 400 051, India CIN.: L65190GJ1994PLC021012 Vadodara 390 007, India