AI assistant
PAKKA LIMITED — Capital/Financing Update 2025
Nov 10, 2025
61648_rns_2025-11-10_7cd3efd1-43f0-4267-9dc0-4df914fcd2ac.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [199 x 55] intentionally omitted <==
7/Govt/SE/2025-26/0037 10[th] November, 2025
National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051 Trading Symbol: PAKKA
BSE Limited Department of Corporate Service Phiroze Jeejeebhoy Towers 25th Floor, Dalal Street Mumbai - 400 001 Scrip Code: 516030
Sub: Statement on Deviation or Variation of funds under Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”)
Dear Sir/Madam,
Pursuant to Regulation 32 of the SEBI Listing Regulations and SEBI Circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019, please note that there are no deviation(s) or variation(s) in respect of the utilization of the proceeds of the Preferential Issue of the Company during the 2[nd] quarter and half year ended 30[th] September, 2025, as mentioned in the object clause of the Notice dated 6[th] August, 2024. Please find enclosed herewith a statement in this regard.
The aforesaid statement has been reviewed by the Audit Committee in its meeting held on 6[th] November, 2025 and taken on record by the Board at their meetings held on 8[th] November, 2025.
Kindly take the above information on record. The information in the above notice is also available on the website of the Company https://www.pakka.com.
Kindly bring it to the notice of all concerned.
Thanking you,
Yours faithfully, f or Pakka Limited
Digitally signed by Sachin Kumar Sachin Kumar Srivastava Srivastava Date: 2025.11.10 22:14:41 +05'30' Sachin Kumar Srivastava Company Secretary & Legal Head
Encl.: as above
==> picture [467 x 48] intentionally omitted <==
==> picture [53 x 792] intentionally omitted <==
==> picture [199 x 55] intentionally omitted <==
STATEMENT OF DEVIATION OR VARIATION IN UTILIZATION OF FUNDS RAISED
| Name of listed entity | Name of listed entity | Name of listed entity | Name of listed entity | Pakka Limited | Pakka Limited | Pakka Limited | Pakka Limited |
|---|---|---|---|---|---|---|---|
| Mode of Fund Raising | Preferential Issue | ||||||
| Date of Raising Funds | (October 14,2024) (Date of Allotment) | ||||||
| Amount Raised | Issue of ₹244.80 Crore1 | ||||||
| Report filed for Quarter ended | September 30,2025 | ||||||
| Monitoring Agency | Applicable | ||||||
| Monitoring Agency Name, if applicable | Care Ratings Limited | ||||||
| Is there a Deviation / Variation in use of funds raised | No | ||||||
| If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the Unitholders |
Not Applicable | ||||||
| If Yes, Date of Unitholders Approval | Not Applicable | ||||||
| Explanation for the Deviation / Variation | Not Applicable | ||||||
| Comments of the Audit Committee after review | None | ||||||
| Comments of the auditors, if any | None | ||||||
| Set forth below are objects for which funds have been raised in the IPO | and details of deviation, if any, in the following table: | ||||||
| Original Object | Modified Object, if any |
Original Allocation (₹ in Crores) |
Modified Allocation, if any |
Funds Utilised (₹ in Crores) |
Amount of Deviation/ Variation for Quarter according to applicable object |
Remarks, if any |
|
| Investment in Plant & Machinery (Jagriti Project) |
- |
190 | - | 129.55 | NIL | - | |
| Investment in Subsidiary | - | 30 | - | 17.00 | NIL | - | |
| General corporate purposes | - | 24.80 | - | 24.80 | NIL | - | |
| Total | - | 244.80 | - | 171.35 | - | - |
Notes:
1. Company had come out with preferential issue of 54 lakh equity shares aggregating to Rs. 146.88 crore @ Rs. 272/- per share including securities premium of Rs.262 per share to the non-promoters. Company had also come out with preferential share warrants issue of up to 36 lakh fully convertible warrants (convertible into equal number of equity shares) aggregating to Rs. 97.92 crore, at an issue price of Rs. 272 per warrant ((including share premium of Rs. 262 per warrant) including warrant subscription price of Rs. 68.00 and the warrant exercise price of Rs. 204.00 each on preferential basis to the persons/entities belonging to nonpromoter category (“Allotees”). Total amount to be raised from the preferential issue is Rs. 244.80 crore.
2. Till September 30, 2025, the warrants have been fully subscribed from the proposed allottees (i.e. non-promoter category) with 25% of the issue price received as upfront payment aggregating to Rs. 24.48 crore at the rate of Rs. 68 per warrant and balance 75% of the warrants exercise price to be received within 18 months from the date of allotment. The same remains fully unutilized till Q3FY25. The preferential issue of equity shares has been fully subscribed, raising the entire amount of Rs. 146.88 crore.
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.
Yours faithfully, f or Pakka Limited
Sachin Kumar Srivastava Company Secretary & Legal Head
==> picture [467 x 48] intentionally omitted <==
==> picture [51 x 792] intentionally omitted <==
==> picture [137 x 38] intentionally omitted <==
No. CARE/NRO/GEN/2025-26/1111
The Board of Directors Pakka Limited
312, Plaza Kalpana Society, 24/147, B-49, Birhana Road, Kanpur – 208001, Uttar Pradesh, India
November 10, 2025
Dear Sir/Ma’am,
Monitoring Agency Report for the quarter ended September 30, 2025 - in relation to the Preferential issue of Equity shares and Fully Convertible warrants of Pakka Limited (“the Company”)
We write in our capacity of Monitoring Agency for the Preferential Issue for the amount aggregating to Rs. 244.80 crore (Preferential issue of equity share: Rs.146.88 crore & Preferential issue of fully convertible share warrants: Rs.97.92 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 September 30, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated October 09, 2024.
Request you to kindly take the same on records.
Thanking you, Yours faithfully,
==> picture [81 x 34] intentionally omitted <==
Sandeep Aggarwal
Associate Director [email protected]
CARE Ratings Limited
9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000
==> picture [124 x 187] intentionally omitted <==
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691
1
==> picture [137 x 37] intentionally omitted <==
Report of the Monitoring Agency
Name of the issuer: Pakka Limited For quarter ended: September 30, 2025 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil
(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 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.
==> picture [81 x 33] intentionally omitted <==
==> picture [124 x 187] intentionally omitted <==
Signature:
Name and designation of the Authorized Signatory: Sandeep Aggarwal Designation of Authorized person/Signing Authority: Associate Director
CARE Ratings Limited
9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Road, Off Eastern Express Highway, Sion Phone: +91-120-445 2000 (East), Mumbai - 400 022 Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691
2
==> picture [137 x 37] intentionally omitted <==
1) Issuer Details:
Name of the issuer : Pakka Limited Name of the promoter : Mr. Ved Krishna Industry/sector to which it belongs : Paper, Forest & Jute Products - Paper & Paper Products Issue Details Issue Period (Equity shares) : October 04, 2024 to October 11, 2024 (Date of Allotment: October 14, 2024) Issue Period (Share warrants) : 18 months from the date of allotment i.e. April 13, 2026 Type of issue (public/rights) : Preferential Issue Type of specified securities : Equity shares and fully convertible share warrants IPO Grading, if any : Not Applicable Issue size of equity shares (in crore) : Rs. 146.88 crore Issue size of share warrants (in crore) : Rs. 97.92 crore
2) Issue Details
CARE Ratings Limited
9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in
==> picture [17 x 21] intentionally omitted <==
==> picture [174 x 210] intentionally omitted <==
CIN-L67190MH1993PLC071691
3
==> picture [137 x 37] intentionally omitted <==
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? |
Yes | Management Certificate, Chartered Accountant Certificate*, Bank statements, ^Special Resolution copy |
All proceeds from the preferential issue have been utilized as per the objectives mentioned in the shareholder resolution, as supported by management and CA certificate. A resolution passed in the 45th Annual General Meeting of the company dated September 30, 2025, where members of the company have approved the extension in timeline for exercise share warrants from existing period of 12 months to 18 months from the allotment date. All other terms and conditions shall remain unchanged as per the earlier special resolution passed at the extra ordinary general meeting dated August 29, 2024. |
No Comment received |
| Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? |
No material deviation |
Management Certificate | Not Applicable | No Comment received |
| Whether the means of finance for the disclosed objects of the issue have changed? |
No | Management Certificate | Not Applicable | No Comment received |
| Is there any major deviation observed over the earlier monitoring agency reports? |
Yes | Management certificate, Chartered Accountant certificate*, Bank statements, BSE / NSE website |
The company's share price is currently trading significantly below the share warrant exercise price. This may result in subscribers allowing the warrants to lapse, potentially impacting the viability of the objectives. Shares of Pakka Ltd are currently trading at Rs. 140.55 (as on November 05, 2025) in comparison to share price of Rs.209.60 as on June 30, 2025. |
No Comment received |
| Whether all Government/statutory approvals related to the object(s) have been obtained? |
Yes | Management certificate | As per management certificate, the company has obtained all the requisite approvals. |
No Comment received |
==> picture [137 x 37] intentionally omitted <==
| 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 arrangements pertaining to technical assistance/collaboration are in operation? |
NA | Management Certificate | Not Applicable, as management has confirmed that no technical assistance is required for the objects of the issue. |
No Comment received |
| Are there any favorable/unfavorable events affecting the viability of these object(s)? |
Yes | Management Certificate, Bombay Stock Exchange website |
The company's share price is currently trading significantly below the warrant exercise price. This may result in subscribers allowing the warrants to lapse, potentially impacting the viability of the objectives. During Q1FY26, the company reported a decline in revenue to Rs.82.24 crore as against Rs.92.16 crore in Q4FY25, primarily due to a plant shutdown between June 16, 2025, and July 24, 2025, undertaken to support the expansion of paper machine 3 and the pulp machine as part of the phased rollout of Project Jagriti. The shutdown led to zero pulp sales during the period, adversely affecting both revenue and profit margins, while Net Sales Realizations (NSR) also trended downward in line with broader industry dynamics. |
No Comment received |
| Is there any other relevant information that may materially affect the decision making of the investors? |
Yes | Management Certificate, Bombay Stock Exchange website |
As per the BSE announcement dated August 13, 2025, Jagdeep Hira, Managing Director and designated Key Managerial Personnel of the Company, has submitted his resignation citing health-related concerns, which has been duly accepted by the Company’s management. He has been replaced byVed Krishna(Promoter & Executive). |
No Comment received |
*Chartered Accountant Certificate from CNK & Associates LLP (Statutory Auditor) dated November 04, 2025.
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.
CARE Ratings Limited
9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Road, Off Eastern Express Highway, Sion (East), Phone: +91-120-445 2000 Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in
==> picture [18 x 21] intentionally omitted <==
==> picture [174 x 210] intentionally omitted <==
CIN-L67190MH1993PLC071691
5
==> picture [137 x 37] intentionally omitted <==
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 (as per the Offer Document) in Rs. Crore |
Comments of the Board of Directors | Comments of the Board of Directors | Comments of the Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| Revised Cost in Rs. Crore |
Comments of the Monitoring Agency |
Reason for cost revision |
Proposed financing option |
Particulars of -firm arrangements made |
||||
| 1 | Investment in Plant & Machinery (Jagriti Project) |
Management Certificate, Chartered Accountant Certificate*, Shareholder Resolution^, Board Resolution copy# |
190.00 | Not Applicable | Not Applicable | No comments received |
No comments received |
No comments received |
| 2 | Investment in Subsidiary |
Management Certificate, Chartered Accountant Certificate*, Shareholder Resolution^, Board Resolution copy# |
30.00 | Not Applicable | No comments received |
No comments received |
No comments received |
|
| 3 | General corporate purposes |
Management Certificate, Chartered Accountant Certificate*, Shareholder Resolution^, Board Resolution copy# |
24.80 | Not Applicable | No comments received |
No comments received |
No comments received |
|
| Total | 244.80 | - |
-
*Chartered Accountant Certificate from CNK & Associates LLP (Statutory Auditor) dated November 04, 2025.
-
^ Shareholder Resolution implies the special resolution passed in reference to the EGM Notice dated August 29, 2024, of the Company.
Board Resolution copy implies the resolution passed by the Board of directors of the Company in their Meeting dated October 07, 2024, and November 09, 2024.
CARE Ratings Limited
9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in
==> picture [17 x 21] intentionally omitted <==
==> picture [174 x 210] intentionally omitted <==
CIN-L67190MH1993PLC071691
6
==> picture [137 x 37] intentionally omitted <==
| (ii) Progress in the objects– | (ii) Progress in the objects– | (ii) Progress in the objects– | (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 |
|
| Investment | Bank | |||
| 1 | in Plant Machinery (Jagriti |
& |
statements, CA Certificate*, Management |
190.00 |
| Project) | Certificate | |||
| Bank | ||||
| 2 | Investment in Subsidiary |
statements, CA Certificate*, Management |
30.00 | |
| Certificate | ||||
| Bank | ||||
| 3 | General corporate purposes |
statements, CA Certificate*, Management |
24.80 | |
| Certificate | ||||
| Total | 244.80^ |
| Sr. No |
Sr. No |
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 raised till date i.e. Sep 30, 2025 |
Amount utilised in Rs. Crore As at beginning of the quarter in Rs. Crore During the quarter in Rs. Crore At the end of the quarter in Rs. Crore |
Amount utilised in Rs. Crore As at beginning of the quarter in Rs. Crore During the quarter in Rs. Crore At the end of the quarter in Rs. Crore |
Amount utilised in Rs. Crore As at beginning of the quarter in Rs. Crore During the quarter in Rs. Crore At the end of the quarter in Rs. Crore |
Amount utilised in Rs. Crore As at beginning of the quarter in Rs. Crore During the quarter in Rs. Crore At the end of the quarter in Rs. Crore |
Amount utilised in Rs. Crore As at beginning of the quarter in Rs. Crore During the quarter in Rs. Crore At the end of the quarter in Rs. Crore |
Total unutilise d amount in Rs. crore |
Comments of the Monitoring Agency |
Comments of the Board of Directors Reasons for idle funds Proposed course of action |
Comments of the Board of Directors Reasons for idle funds Proposed course of action |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| During Q2FY26, the | |||||||||||||||||||
| investment in plant & | |||||||||||||||||||
| Investment | Bank | machinery of Rs.2.75 crore | |||||||||||||||||
| 1 | in Plant & Machinery (Jagriti |
statements, CA Certificate*, Management |
190.00 | 126.80 | 2.75 | 129.55 | has been made towards the procurement of machinery and spare parts/ accessories. |
No comments received |
No comments received |
||||||||||
| Project) | Certificate | The payment has been made | |||||||||||||||||
| to various vendors directly | |||||||||||||||||||
| from the monitoring account. | |||||||||||||||||||
| Bank | 171.36 | 0.01 | |||||||||||||||||
| 2 | Investment in Subsidiary |
statements, CA Certificate*, Management |
30.00 | 17.00 | - | 17.00 | Nil funds utilized by the company towards investment in subsidiary in Q2FY26. |
No comments received |
No comments received |
||||||||||
| Certificate | |||||||||||||||||||
| Bank | |||||||||||||||||||
| 3 | General corporate purposes |
statements, CA Certificate*, Management |
24.80 | 24.80 | - | 24.80 | Nil funds utilized by the company towards investment in subsidiary in Q2FY26. |
No comments received |
No comments received |
||||||||||
| Certificate | |||||||||||||||||||
| Total | 244.80^ | 171.36 | 168.60 | 2.75 | 171.35 | 0.01 | |||||||||||||
| *Chartered Accountant Certificate from CNK & Associates | LLP (Statutory Auditor) dated November | 04, 2025. | |||||||||||||||||
| CARE Ratings Limited | |||||||||||||||||||
| 9th | Floor, C-001/A2, Berger Towers, Sector-16B, | 4th Floor, Godrej Coliseum, Somaiya Hospital | |||||||||||||||||
| Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 | Road, Off Eastern Express Highway, Sion (East), | ||||||||||||||||||
| Phone: +91-120-445 2000 | Mumbai | - 400 022 | |||||||||||||||||
| Phone: +91-22-6754 3456 | |||||||||||||||||||
| Email: [email protected] • www.careedge.in | |||||||||||||||||||
| CIN-L67190MH1993PLC071691 | |||||||||||||||||||
| 7 |
==> picture [137 x 37] intentionally omitted <==
^ Company had come out with preferential issue of 54 lakh equity shares aggregating to Rs. 146.88 crore @ Rs. 272/- per share including securities premium of Rs.262 per share to the nonpromoters. Company had also come out with preferential share warrants issue of up to 36 lakh fully convertible warrants (convertible into equal number of equity shares) aggregating to Rs. 97.92 crore, at an issue price of Rs. 272 per warrant ((including share premium of Rs. 262 per warrant) to the persons/entities belonging to non-promoter category (“Allotees”). Total amount to be raised is Rs. 244.80 crore.
Till September 30, 2025, the preferential issue of equity share and convertible warrants have been fully subscribed from the proposed allottees (i.e. non-promoter category). However, only 25% of the share warrants issue price received as upfront payment aggregating to Rs. 24.48 crore (i.e. at the rate of Rs. 68 per warrant) and balance 75% of the warrants exercise price to be received within 12 months from the date of allotment i.e. October 13, 2025. Further, pursuant to the special resolution passed on September 30, 2025, members of the company have approved an extension in timeline for exercising remaining part of the share warrants from existing period of 12 months to 18 months from the allotment date.
Note: In Q1FY26, the company earned interest of Rs.2.02 crore on FDRs created from funds raised through preferential allotment. These funds were subsequently utilized in Q2FY26. However, this utilisation is not monitored by the monitoring agency.
(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 | Closing balance of Monitoring Account at Axis Bank | 0.002 | - | - | - | - |
| 2 | Closing balance of Monitoring Account at HDFC Bank | 0.01 |
- | - | - | - |
| Total unutilized proceeds | 0.01 | - | - | - | - |
– (iv) Delay in implementation of the object(s)
| Completion | Date | Delay | Comments of the Board of Directors | Comments of the Board of Directors | |
|---|---|---|---|---|---|
| Objects | As per the offer | (no. of days/ |
Proposed course of | ||
| Reason of delay | |||||
document |
Actual | months) | action |
||
| Investment in Plant & Machinery (Jagriti Project) | Within 12 months from receipt of funds for the warrants |
Ongoing | Not applicable | No comments received | No comments received |
| Investment in Subsidiary | Ongoing | Not applicable | No comments received | No comments received | |
| General corporate purposes | January 03, 2025 |
No delay | No comments received | No comments received |
Note: A resolution passed in the 45th Annual General Meeting of the company dated September 30, 2025, where members of the company have approved the extension in timeline for exercise share warrants from existing period of 12 months to 18 months from the allotment date.
CARE Ratings Limited
9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Road, Off Eastern Express Highway, Sion (East), Phone: +91-120-445 2000 Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in
==> picture [18 x 21] intentionally omitted <==
CIN-L67190MH1993PLC071691
8
==> picture [137 x 37] intentionally omitted <==
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document:
| Source of information / certifications | |||||
| Amount | Comments of the Board of | ||||
| Sr. No | Item Head^ |
considered by Monitoring Agency for | Comments of Monitoring Agency | ||
| in Rs. Crore | Directors | ||||
| preparation of report | |||||
| 1 | General Corporate Purpose | 0.00 | Bank Statement, CA Certificate*, Management Certificate |
Nil funds utilized by the company towards general corporate purposes in Q2FY26. |
No comments received |
| Total | 0.00 |
- *Chartered Accountant Certificate from CNK & Associates LLP (Statutory Auditor) dated November 04, 2025.
^Section from the offer document related to GCP:
“Rs. 24.80 crore to be utilized for general corporate purposes, which include, but is not limited to, repayment of Cash Credit facility or Long-Term debt or such other permitted modes as per applicable laws and other instruments as may be approved by the Managing Director of the company from time to time.”
CARE Ratings Limited
9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Road, Off Eastern Express Highway, Sion (East), Phone: +91-120-445 2000 Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in
==> picture [18 x 21] intentionally omitted <==
==> picture [174 x 210] intentionally omitted <==
CIN-L67190MH1993PLC071691
9
==> picture [137 x 38] intentionally omitted <==
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/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/peer reviewed audit firm (or from peer reviewed CA firms), 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.
CARE Ratings Limited
9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000
==> picture [22 x 27] intentionally omitted <==
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691