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Network People Services Technologies Limited Capital/Financing Update 2026

Feb 11, 2026

59552_rns_2026-02-11_fd5f85b5-a2d1-47d2-aaff-6a40e1783ac9.pdf

Capital/Financing Update

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ISIN: INE0FFK01017

Date: 11.02.2026

To,

The National Stock Exchange of India Limited, Exchange Plaza, NSE Building, Bandra Kurla Complex, Bandra East, Mumbai-400 0513 Fax: 022-26598237, 022-26598238 SYMBOL: NPST

BSE Limited Corporate Relationship Department Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 544396

Subject: Regulation 32(6) – Report of Monitoring Agency on the use of proceeds raised through Preferential Allotment for the quarter ended December 31, 2025

Respected Sir/Madam,

Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith the Monitoring Agency Report dated February 11, 2026 issued by Care Ratings Limited, in respect of use of proceeds raised through the issue of equity shares by way of Preferential Allotment, for the quarter ended December 31, 2025, which was placed before the Audit Committee and Board at its Meeting held on today i.e., February 11, 2026.

Kindly take the same on your record.

For Network People Services Technologies Limited

Digitally signed by Chetna Avinash Chetna Avinash Chawla Chawla Date: 2026.02.11 20:35:35 +05'30' Chetna Chawla

Company Secretary and Compliance Officer

Date: 11.02.2026 Place: Thane

Monitoring Agency Report

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No. CARE/PRO/GEN/2025-26/1065

The Board of Directors Network People Services Technologies Limited

OFF NO. 427/428/429, A-Wing, NSIL, Lodha Supremus II, Near New Passport Office, Road No. 22, Wagle Industrial Estate, Thane, Maharashtra, 400604

February 11, 2026

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended December 31, 2025 - in relation to the Preferential Issue of Network People Services Technologies Limited (“the Company”)

We write in our capacity of Monitoring Agency for the Preferential Issue of Equity Shares for the amount aggregating to Rs.300.00 crore of the Company and refer to our duties cast under Regulation 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations.

In this connection, we are enclosing the Monitoring Agency Report for the quarter ended December 31, 2025 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated August 28, 2025.

Request you to kindly take the same on records.

Thanking you,

Yours faithfully,

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Ashish Kashalkar

Associate Director [email protected]

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Report of the Monitoring Agency

Name of the issuer: Network People Services Technologies Limited For quarter ended: December 31, 2025

Name of the Monitoring Agency: CARE Ratings Limited

(a) Deviation from the objects: Yes; The Company has utilised issue proceeds towards rent and salary payments aggregating Rs.3.18 crore and have categorized under General Corporate Purpose which does not have any detailed definition/does not specify such expenses to be included in GCP as per offer document. As these expenses are not defined in any of the objects same has been considered as deviation.

(b) Range of Deviation: Up to 10%

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 there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.

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 title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee 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 responsibility for such comments of the issuer’s Management/Board.

Signature: Name and designation of the Authorized Signatory: Ashish Kashalkar Designation of Authorized person/Signing Authority: Associate Director

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1) Issuer Details:

Name of the issuer : Network People Services Technologies Limited Name of the promoter : Mr. Ashish Aggarwal Mr. Deepak Chand Thakur Ms. Savita Vashist Industry/sector to which it belongs : IT Services - IT enabled services

2) Issue Details

Issue Period : Not Applicable Type of issue (public/rights) : Preferential Issue (PI) Type of specified securities : Equity shares IPO Grading, if any : Not Applicable Issue size (in `crore) : Rs.300.00 crore

3) Details of the arrangement made to ensure the monitoring of issue proceeds:

Particulars Reply Source of information /
certifications considered by
Monitoring Agency for
preparation of report		 Comments of the
Monitoring Agency		 Comments of the
Board of Directors
Whether all utilization is as per the disclosures
in the Offer Document?		 No EOGM
Resolution,
Chartered
Accountant (CA) Certificate*, Bank
statements,
Invoices
and
Management Certificate		 The Company has utilised issue proceeds
towards
rent
and
salary
payments
aggregating
Rs.3.18
crore
and
has
categorized the same under General
Corporate Purpose (GCP) which does not
have any detailed definition/does not
specify such expenses to be included in
GCP as per offer document. As these
expenses are not defined in any of the
objects, same has been considered as
deviation.		 The Board has taken note of the
observation of the Monitoring
Agency regarding utilisation of
₹3.18 crore towards rent and salary
payments, which has been classified
under General Corporate Purpose
(“GCP”).
In this regard, the Board submits
that as per Regulation 2(1)(r) of the
SEBI(Issue of Capital and Disclosure

3

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Particulars Reply Source of information /
certifications considered by
Monitoring Agency for
preparation of report		 Comments of the
Monitoring Agency		 Comments of the
Board of Directors
During the quarter, company has utilized
the proceeds in form of reimbursement
towards the expenses incurred from
current account.
MA notes that utilisation of proceeds
towards object 1 and object 2 includes
salary expenses which are categorised on
basis of CFO undertaking defining role of
staff for which the salary expenses were
incurred and linking it to the object (Details
of the same is captured in table-4(ii) -
Progress in the objects).		 Requirements) Regulations, 2018,
“general
corporate
purposes”
includes such identified purposes
for which no specific amount is
allocated
or
any
amount
so
specified towards general corporate
purposes or any such purpose by
whatever name called, in the offer
document.
The offer document / notice had
provided for utilisation of a portion
of the issue proceeds towards
General
Corporate
Purposes,
including expenses incidental to
carrying on the operations of the
Company. The salaries paid were to
employees on the official payroll of
the Company (supported by salary
registers and related records), and
the rent payments were made
towards
the
Company’s
duly
contracted office premises under
valid lease agreements. These
expenses are routine and essential
operational
expenditures,
duly
accounted for in the Profit & Loss

4

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Particulars Reply Source of information /
certifications considered by
Monitoring Agency for
preparation of report		 Comments of the
Monitoring Agency		 Comments of the
Board of Directors
Statement in the ordinary course of
business.
Further, before arriving at its
conclusion, the Board deliberated
on the matter in detail and also
sought and considered the opinion
of an external expert to ensure
regulatory alignment and prudent
interpretation of the applicable
provisions.
Based
on
such
deliberation and expert opinion, the
Board is of the considered view that
payment of salaries and rent
constitutes legitimate operational
expenditure and appropriately falls
within
the
scope
of
General
Corporate Purposes as disclosed.
However, the Board also notes the
Monitoring Agency’s observation
and
will
ensure
that
future
disclosures,
wherever
required,
provide enhanced clarity regarding
the scope and coverage of General
Corporate Purpose to avoid any
interpretational concerns.

5

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Particulars Reply Source of information /
certifications considered by
Monitoring Agency for
preparation of report		 Comments of the
Monitoring Agency		 Comments of the
Board of Directors
Whether shareholder approval has been
obtained in case of material deviations# from
expenditures disclosed in the Offer Document?		 Not Applicable EOGM Resolution, CA Certificate*
and Management Certificate		 Not Applicable Not Applicable
Whether the means of finance for the disclosed
objects of the issue have changed?		 No EOGM Resolution, CA Certificate*
and Management Certificate		 Not Applicable Not Applicable
Is there any major deviation observed over the
earlier monitoringagencyreports?		 No Previous monitoring agency report No major deviation observed. Not Applicable
Whether all Government/statutory approvals
related to the object(s)have been obtained?		 Yes Not Applicable Not Applicable Not Applicable
Whether all arrangements pertaining to
technical assistance/collaboration are in
operation?		 Not Applicable EOGM Resolution, CA Certificate*
and Management Certificate		 Not Applicable Not Applicable
Are there any favorable/unfavorable events
affectingthe viabilityof these object(s)?		 No EOGM Resolution, CA Certificate*
and Management Certificate		 Nil Nil
Is there any other relevant information that
may materially affect the decision making of
the investors?		 No EOGM Resolution, CA Certificate*
and Management Certificate		 Nil Nil

*The above details are verified by Singhi & Co. vide its CA certificate dated February 10, 2026.

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 funds actually utilized by more than 10% of the amount projected in the offer documents.

6

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4) Details of objects to be monitored:

(i) Cost of objects –

Sr.
No		 Item
Head		 Source of information /
certifications considered by
Monitoring Agency for
preparation of report		 Original cost Comments of Comments of the Board of Directors Comments of the Board of Directors Comments of the Board of Directors
(as per the Offer
Document) in Rs.
Crore		 Revised Cost
in Rs. Crore		 the
Monitoring
Agency		 Reason for
cost revision		 Proposed
financing
option		 Particulars of -firm
arrangements
made
1 Global Expansion and Brand
Building		 EOGM Resolution^and CA
Certificate*		 60.00 Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable
2 Accelerating Growth through
Product Development,
Infrastructure Enhancement &
Strategic Acquisition		 EOGM Resolution^and CA
Certificate*		 170.00 Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable
3 Other General Corporate
Purpose which also includes
cost of fund raising/ issue
expenses		 EOGM Resolution^and CA
Certificate*		 70.00 Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable
Total 300.00

*The above details are verified by Singhi & Co. vide its CA certificate dated February 10, 2026.

^Sourced from Special Resolution passed at Extraordinary General Meeting held on August 28, 2025

(ii) Progress in the objects –

Sr.
No		 Item
Head		 Source of
information /
certifications
considered by
Monitoring
Agency for
preparation of
report		 Amount
as
proposed
in the
Offer
Document
in Rs.
Crore		 Amount utilised in Rs. Crore Amount utilised in Rs. Crore Amount utilised in Rs. Crore Total
 Comments of the Monitoring Agency Comments of the
Board of Directors		 Comments of the
Board of Directors
As at
beginning
of the
quarter in
Rs. Crore		 Reasons
for idle
funds		 Proposed
course of
action
During the At the end
 unutilised
quarter in
Rs. Crore		 of the
quarter in
Rs. Crore		 amount in
Rs. crore
1 Global Expansion
and Brand Building		 EOGM
Resolution^,Bank		 60.00 0.00 0.65 0.65 59.35 During the quarter, the company has
utilizedproceed towards salary payment of		 The Funds
for each		 The Board
and the

7

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Sr.
No		 Item
Head		 Source of
information /
certifications
considered by
Monitoring
Agency for
preparation of
report		 Amount
as
proposed
in the
Offer
Document
in Rs.
Crore		 Amount utilised in Rs. Crore Amount utilised in Rs. Crore Amount utilised in Rs. Crore Total
 Comments of the Monitoring Agency Comments of the
Board of Directors		 Comments of the
Board of Directors
As at
beginning
of the
quarter in
Rs. Crore		 Reasons
for idle
funds		 Proposed
course of
action
During the At the end
 unutilised
quarter in
Rs. Crore		 of the
quarter in
Rs. Crore		 amount in
Rs. crore
Statement,
Invoices, CFO
Undertaking,
Salary Sheet and
CA Certificate*		 Rs.0.20 crore to the marketing team,
Rs.0.28 crore towards expenses incurred
for the Global Fintech Fest, and Rs.0.17
crore towards branding activities.
As per management undertaking, “The
salaries paid to the marketing team, along
with employee reimbursements, including
reimbursements expenses incurred during
the Global Fintech Festival (GFF), have
been allocated under Object No. 1 – Global
Expansion and Brand Building, specifically
under sub-object (b) Establish a strong
brand. The said team is primarily engaged
in
brand-building
activities
of
the
Company,
including
public
relations,
branding initiatives, graphic design, social
media
communication
and
investor
communication, and the related employee
reimbursements form an integral part of
the said object”.
The above-mentioned expenditures are
incurred from company’s Current Account
during Q2FY26(Rs. 0.09 crore)andQ3FY26		 objective
will be
utilisied in
a phased
manner
for a
period of
two years
from the
date of
allotment.
Further
the
unutilised
amount
will
parked in
fixed
deposits
maintain
the
liquidity.		 managem
ent has
agreed for
the
expenditu
re of the
money in
the areas
of the
mentione
d object

8

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Sr.
No		 Item
Head		 Source of
information /
certifications
considered by
Monitoring
Agency for
preparation of
report		 Amount
as
proposed
in the
Offer
Document
in Rs.
Crore		 Amount utilised in Rs. Crore Amount utilised in Rs. Crore Amount utilised in Rs. Crore Total
 Comments of the Monitoring Agency Comments of the
Board of Directors		 Comments of the
Board of Directors
As at
beginning
of the
quarter in
Rs. Crore		 Reasons
for idle
funds		 Proposed
course of
action
During the At the end
 unutilised
quarter in
Rs. Crore		 of the
quarter in
Rs. Crore		 amount in
Rs. crore
(Rs. 0.56 crore), for which the company has
taken reimbursement inQ3FY26.
2 Accelerating Growth
through Product
Development,
Infrastructure
Enhancement &
Strategic Acquisition		 EOGM
Resolution^, Bank
Statement,
Invoices, CFO
Undertaking,
Salary Sheet and
CA Certificate*		 170.00 0.00 4.28 4.28 165.72 During the quarter, the company has
utilised procced towards procurement of
hardware (Rs.1.28 crore), salary payment
to product development team (Rs.1.58
crore), cloud infrastructure (Rs.1.09 crore)
and Rs.0.33 crore towards payment of the
security deposit for the new office and rent
for the same premises.
As per management undertaking “The
salaries paid to the product development
team have been allocated under Object
No. 2 – Accelerating Growth through
Product
Development,
Infrastructure
Enhancement and Strategic Acquisition,
specifically under sub-object (a) Extend
Product Offerings. This team is responsible
for the continuous development and
enhancement of the Company’s products,
including introduction of new products,
improvement of existingofferings which		 The Funds
for each
objective
will be
utilisied in
a phased
manner
for a
period of
two years
from the
date of
allotment.
Further
the
unutilised
amount
will
parked in
fixed
deposits		 The Board
and the
managem
ent has
agreed for
the
expenditu
re of the
money in
the areas
of the
mentione
d object.

9

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Sr.
No		 Item
Head		 Source of
information /
certifications
considered by
Monitoring
Agency for
preparation of
report		 Amount
as
proposed
in the
Offer
Document
in Rs.
Crore		 Amount utilised in Rs. Crore Amount utilised in Rs. Crore Amount utilised in Rs. Crore Total
 Comments of the Monitoring Agency Comments of the
Board of Directors		 Comments of the
Board of Directors
As at
beginning
of the
quarter in
Rs. Crore		 Reasons
for idle
funds		 Proposed
course of
action
During the At the end
 unutilised
quarter in
Rs. Crore		 of the
quarter in
Rs. Crore		 amount in
Rs. crore
are directly aligned with the aforesaid
object.”
The above-mentioned expenditures are
incurred from company’s current account
in Q3FY26 for which the company has
taken reimbursement.		 to
maintain
the
liquidity.
3 Other General
Corporate Purpose
which also includes
cost of fund raising/
issue expenses		 EOGM
Resolution^, Bank
Statement,
Invoices, CFO
Undertaking,
Salary Sheet and
CA Certificate*		 70.00 0.00 3.40 3.40 66.60 The company has utilised Rs.0.21 crore
towards issue expenses, Rs.0.80 crore
towards rent payment and Rs.2.39 crore
for salary payment.
The above-mentioned expenditures are
incurred from company’s current account
during Q2FY26 (Rs.0.22 Crore) and Q3FY26
(Rs.3.18 Crore) for which the company has
taken reimbursement in Q3FY26.		 The Funds
for each
objective
will be
utilised in
a phased
manner
for a
period of
two years
from the
date of
allotment.
Further
the
unutilised
amount		 The Board
and the
managem
ent has
agreed for
the
expenditu
re of the
money in
the areas
of the
mentione
d object

10

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Sr.
No		 Item
Head		 Source of
information /
certifications
considered by
Monitoring
Agency for
preparation of
report		 Amount
as
proposed
in the
Offer
Document
in Rs.
Crore		 Amount utilised in Rs. Crore Amount utilised in Rs. Crore Amount utilised in Rs. Crore Total
 Comments of the Monitoring Agency Comments of the
Board of Directors		 Comments of the
Board of Directors
As at
beginning
of the
quarter in
Rs. Crore		 Reasons
for idle
funds		 Proposed
course of
action
During the At the end
 unutilised
quarter in
Rs. Crore		 of the
quarter in
Rs. Crore		 amount in
Rs. crore
will
parked in
fixed
deposits
maintain
the
liquidity.
Total 300.00 0.00 8.33 8.33 291.67
  • *The above details are verified by Singhi & Co. vide its CA certificate dated February 10, 2026

^Sourced from Special Resolution passed at Extraordinary General Meeting held on August 28, 2025. PAS 4 covers the utilization of the proceeds in generic manner towards first two objects while details of amount under each object and timelines are defined in special resolution at EGOM.

(iii) Deployment of unutilized proceeds:

Sr. No. Type of instrument and name of the entity
invested in		 Amount invested Maturity date Earning Return on
Investment (%)		 Market Value as at the
end of quarter
1 Fixed deposit with ICICI Bank(188910005632) 146.67 January16,2026 - 5.00% 146.67
2 Fixed deposit with ICICI Bank(188910005680) 145.00 March 02,2026 - 5.25% 145.00
Total Unutilized Proceeds 291.67 291.67

The above details are verified by Singhi & Co. vide its CA certificate dated February 10, 2026.

11

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

Comments of the Board of Comments of the Board of
Completion Date
Directors
Delay (no. of days/
Objects Proposed
months)
As per the offer document Actual Reason of delay course of
action
Global Expansion and Brand Building 24 months from the date of receiving
funds i.e. bySeptember 04,2027
Ongoing		 Not applicable No comments
received		 No comments
received
Accelerating Growth through Product Development, Infrastructure
Enhancement & Strategic Acquisition
24 months from the date of receiving
funds i.e. bySeptember 04,2027
Ongoing		 Not applicable No comments
received		 No comments
received
Other General Corporate Purpose which also includes cost of fund
raising/issue expenses
24 months from the date of receiving
funds i.e. bySeptember 04,2027
Ongoing		 Not applicable No comments
received		 No comments
received

The above details are verified by Singhi & Co. vide its CA certificate dated February 10, 2026.

5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document

Source of information / certifications
Amount
Sr. No Item Head considered by Monitoring Agency for Comments of Monitoring Agency Comments of the Board of Directors
in Rs. Crore
preparation of report
1. Preferential issue expense 0.21 Bank Statement, Invoices and CA Certificate*
The company has incurred said
expenditure in Q2FY26 from its
current account and taken
reimbursement for the same in
Q3FY26.		 No comments received
2. Rent Payments 0.80 Bank Statement, Invoices and CA Certificate*
The company has incurred said
expenditure from its current account
and taken reimbursement for the
same(Refer note -1).		 No comments received
3. Salary Payment 2.39 Bank Statement, CFO Undertaking, Salary
Sheetand CA Certificate		 No comments received
Total 3.40

The above details are verified by Singhi & Co. vide its CA certificate dated February 10, 2026.

12

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Note-1: The Company has utilised issue proceeds towards rent and salary payments aggregating Rs.3.18 crore and has categorized the same under General Corporate Purpose which does not have any detailed definition/does not specify such expenses to be included in GCP as per offer document. As these expenses are not defined in any of the objects same has been considered as deviation.

13

Disclaimers to MA report:

a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as “Monitoring Agency/MA” ). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. 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.

b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditor/ internal auditor which is peer reviewed audit firm appointed by the Issuer believed by it to be accurate and reliable.

c) Nothing contained in this Report is capable or 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 MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report.

d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from statutory auditors/ internal auditor which is peer reviewed audit firm, lawyers, chartered engineers or other experts, and relies on in its reports.

e) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.

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