Prestige Estates Projects Limited — Capital/Financing Update 2025

May 14, 2025

==> picture [82 x 88] intentionally omitted <==

May 14, 2025

To
The General Manager Dept. of Corporate Services National Stock Exchange of India Limited Bandra Kurla Complex Bandra (E) Mumbai-400051 NSE Scrip code: PRESTIGE	The Manager Dept of Corporate Services BSE Limited Floor 25, P J Towers Dalal Street Mumbai – 400 001 BSE Scrip code: 533274

Dear Sir/Madam

Sub: Disclosure pursuant to Regulation 32(6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Regulations”)

Ref: Qualified Institutional Placement (“QIP”) proceeds utilization Report.

Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Monitoring Agency Report with respect to the utilisation of Issue proceeds for the quarter ended March 31, 2025, issued by ICRA Limited.

The monitoring agency confirmed in its report that there is no deviation in utilization of proceeds of QIP as stated in the object of the issue.

This is for your information and records.

Thanking You,

Yours sincerely

For Prestige Estates Projects Limited

VENKATARATHN Digitally signed by AIAH SETTY VENKATARATHNAI AH SETTY JEELAKUNTE JEELAKUNTE MANOJ KRISHNA MANOJ KRISHNA

Manoj Krishna J V Company Secretary and Compliance Officer

Encl: a/a.

Prestige Estates Projects Limited , Prestige Falcon Towers, No 19 Brunton Road, Bangalore – 560 025. Phone : +91 80 25591080 Fax : +91 80 25591945 E-mail : investors@prestigeconstructions.com www.prestigeconstructions.com CIN : L07010KA1997PLC022322

March 2025

MONITORING AGENCY REPORT

Name of the Issuer: Prestige Estates Projects Limited

For quarter ended: March 31, 2025

Name of the Monitoring Agency: ICRA Limited

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

No material 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 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: PARUL Digitally signed by PARUL GOYAL GOYAL NARANG Date: 2025.05.13 NARANG 18:49:42 +05'30'

Parul Goyal Narang Vice President & Head-Process Excellence

Analyst: Sweety Shaw QA: Dhwani Vinchhi

1

March 2025

1. Issuer Details

Name of the Issuer : Prestige Estates Projects Limited

Name(s) of the promoters:

Promoters

Mr. Irfan Razack Mr. Rezwan Razack Mr. Noaman Razack

Source: Letter of Offer

Industry/ sector to which it belongs : Real Estate

2. Issue Details

Issue Period : Opening date- August 29, 2024 Closing date- September 04, 2024

Type of Issue : QIP Type of specified securities : Equity shares

Issue Size (Rs. Crore): 5000.00 Crore

With OFS portion: Not Applicable; Excluding OFS portion: Not Applicable. Gross Proceeds: INR 5000.00 Crore (Including Issue Related Expenses amounting INR 99.40 Crore) *

*The net proceeds have been revised downwards to INR 4899.17 Crore, as actual Issue related expenses (IRE) are higher by 1.43 Crore as on 31st March 2025.

2

March 2025

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

	Particulars	Reply	Source of information, certifications considered by the Monitoring Agency for the preparation of report	Comments of the Monitoring Agency	Comments of the Issuer’s Board of Directors
Whether all utilization is as per the disclosures in the Offer Document?		Yes	-Placement Document -Peer Reviewed CA Certificate - Monitoring Account statement and bank statement of the proceed account.	Net Proceeds has been revised at INR 4899.17 Crore owing to Issue related expenses (IRE) are higher by 1.43 Crore	No Comments
Whether shareholder approval has been obtained in case of material deviations#from expenditures disclosed in the Offer Document?		Not Applicable	As confirmed by the Issuer’s management	No comments	No comments
Whether the means of finance for the disclosed objects of the issue has changed?		No	As confirmed by the Issuer’s management	No comments	No comments
Is there any major deviation observed over the earlier monitoring agency reports?		No	No deviation observed.	No comments	No comments
Whether all Government/ statutory approvals related to the object(s) have been obtained?		Not Applicable	As confirmed by the Issuer’s management	No comments	No comments
Whether all arrangements pertaining to technical assistance/ collaboration are in operation?		Not Applicable	As confirmed by the Issuer’s management	No comments	No comments
Are there any favorable events improving the viability of these object(s)?		No	As confirmed by the Issuer’s management	As understood from the Issuer’s management	No comments
Are there any unfavorable events affecting the viability of the object(s)?		No	As confirmed by the Issuer’s management	As understood from the Issuer’s management	No comments
Is there any other relevant information that may materially affect the decision making of the investors?		No	As confirmed by the Issuer’s management	As understood from the Issuer’s management	No comments

3

March 2025

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

(i) Cost of object(s)

S.N.	Item Head	Source of information, certifications considered by the Monitoring Agency for the preparation of report	Original cost (as per the offer document) [Rs. Crore]	Revised cost [Rs. Crore]	Comments of the Monitoring Agency	Comments of the Issuer’s Board of Directors	Comments of the Issuer’s Board of Directors	Comments of the Issuer’s Board of Directors
						Reason for cost revision	Propos ed financi ng option	Particulars of firm arrangements made
1	Repayment / pre- payment, in full or in part, of certain outstanding borrowings availed by the Company and/or certain of its Subsidiaries	-Placement Document	1500	Not Applicable	No comments	N.A.	N.A.	N.A.
2	Acquisition of land or land development rights	Same as above	1000	Not Applicable	No comments	N.A.	N.A.	N.A.
3	Investment in Subsidiaries and Joint Ventures for funding some of its Ongoing Projects and one Upcoming Project which will be undertaken by such Subsidiaries and Joint Ventures	Same as above	1250	Not Applicable	No comments	N.A.	N.A.	N.A.
4	General Corporate Purpose	Same as above	1150.60	1149.17	Revision in General Corporate Purpose is on account of actual Issue related expenditure being higher by INR 1.43 Crore	N.A.	N.A.	N.A.
Total			4900.60	-

4

March 2025

(ii) Progress in the object(s)

S.N.	Item Head*	Source of information, certifications considered by the Monitoring Agency for the preparation of report	Amount as proposed in the offer document [Rs. Crore]	Amount utilized [Rs. Crore]	Amount utilized [Rs. Crore]	Amount utilized [Rs. Crore]	Total unutilized	Comments of the Monitoring Agency	Comments of the Issuer’s Board of Directors	Comments of the Issuer’s Board of Directors
				As at the beginning of the quarter					Reasons for idle funds	Proposed course of action
					Di	At the	amount
					urng th	end of	[Rs.
					e t	the	Crore]
					quarer	quarter
	Issue Related Expenses	-Placement Document -Peer Reviewed CA Certificate - Monitoring Account statement and bank statement of the proceed account	100.83	100.83	-	100.83	NIL	Issue related expenses are increased by INR 1.43 Crore	No comments	No comments
	Objects for utilization of Net Proceeds
1	Repayment / pre- payment, in full or in part, of certain outstanding borrowings availed by the Company and/or certain of its Subsidiaries	-Placement Document -Peer Reviewed CA Certificate - Monitoring Account statement and bank statement of the proceed account	1500	1500.00	-	1500.00	NIL	No comments	No comments	No comments
2	Acquisition of land or land development rights	Same as above	1000	1000.00	-	1000.00	NIL	No comments	No comments	No comments

5

March 2025

3	Investment in Subsidiaries and Joint Ventures for funding some of its Ongoing Projects and one Upcoming Project which will be undertaken by such Subsidiaries and Joint Ventures	Same as above	1250	421.50	158.25	579.75	670.25	No comments	No comments	No comments
4	General Corporate Purpose	Same as above	1149.17	1028.18	120.99	1149.17	NIL	No comments	No comments	No comments
Total			5000.00	2537.64	279.24	4329.75	670.25

Note: Revised cost as per point no 4(i) above

(iii) Deployment of unutilized proceeds

S.N.	Type of instrument and name of the entity invested in	Amount invested [Rs. Crore]	Maturity date	Earning [Rs. Crore]	Return on Investment [%]	Market Value as at the end of quarter [Rs. Crore]
1	Fixed Deposit with ICICI Bank- A/c Number- 000210867692	17.50	11th April 2025	0.05	5.50%	17.55
2	Fixed Deposit with SBI Bank- FD Reference- 43786088266	255.00	5th April 2025	2.54	7.20%	257.54
3	Fixed Deposit with SBI Bank- FD Reference- 43786082945	255.00	5th April 2025	2.54	7.20%	257.54
4	Fixed Deposit with HDFC Bank- FD Reference- 50301052804760	119.00	10th August 2025	0.39	7.00%	119.39
5	Fixed Deposit with HDFC Bank- FD Reference-	50.00	5th April 2025	0.02	4.75%	50.02

6

March 2025

	50301135756482
4	Balance lying in Escrow Account-000205038721(ICICI Bank)	2.24	-	-	-	2.24
5	Balance lying in Monitoring Account-000205038716(ICICI Bank)	0.87	-	-	-	0.87
	Total	699.61*		5.54^	-	705.15

Source: As certified by MOJ & Associates

*Fixed deposits include investments of INR 29.36 Crore from internal accruals and interest received from FDs ^ Value represents net of TDS

7

March 2025

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

	Completion date	Completion date		Comments of the Issuer’s Board of Directors	Comments of the Issuer’s Board of Directors
Object(s)	As per the offer document	Actual^	Delay [Number of days or months]	Reason for delay	Proposed course of action
Repayment / pre- payment, in full or in part, of certain outstanding borrowings availed by the Company and/or certain of its Subsidiaries	31st March 2025	On Schedule	N.A.	No Comments	No Comments
Acquisition of land or land development rights	31st March 2026	On Schedule	N.A.	No Comments	No Comments
Investment in Subsidiaries and Joint Ventures for funding some of its Ongoing Projects and one Upcoming Project which will be undertaken by such Subsidiaries and Joint Ventures	31st March 2026	On Schedule	N.A.	No Comments	No Comments
General Corporate Purpose	31st March 2026	On Schedule	N.A.	No Comments	No Comments

Source: As confirmed by the Issuer’s management

8

March 2025

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

S.N.	Item Head	Amount [Rs. Crore]	Source of information, certifications considered by the Monitoring Agency for the preparation of report	Comments of the Monitoring Agency	Comments of the Issuer’s Board of Directors
1	Funding for working capital	144.42#	-Placement Document -Peer Reviewed CA Certificate - Monitoring Account statement and bank statement of the proceed account	No Comments	No Comments
2	Funding for working capital	432.50*	Same as above	No Comments	No Comments
3	Land acquisition	148.94*	Same as above	No Comments	No Comments
4	Loan Repayment	224.79*	Same as above	_No_Comments	No Comments
5	Dividend	77.53*	Same as above	No Comments	No Comments
6	Funding for working capital	120.99^	Same as above	No Comments	No Comments
Total		1149.17

# The said utilization was made in Q2 FY 2025

• The said utilization was made in Q3 FY2025

• ^ The said utilization was made in Q4 FY2025

9