Salasar Techno Engineering Limited — Capital/Financing Update 2025

Nov 14, 2025

Salasar Techno Engineering Limited

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Date: 14.11.2025

To,

The Manager – Listing The Secretary National Stock Exchange of India Ltd. Exchange Corporate Relationship Dept. Plaza, Bandra Kurla Complex Bandra East BSE Limited Mumbai – 400051 P. J. Tower, Dalal Street, Symbol - SALASAR Mumbai – 400001 Scrip Code: 540642

SUB: Monitoring Agency Report for quarter ended September 30, 2025

Dear Sir/ Madam,

Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Monitoring Agency Report for the quarter ended 30[th] September 2025, issued by CARE Ratings Limited to monitor the utilization of proceeds of the Preferential Issue of Equity Shares and Fully-Convertible Warrants.

The above information will be made available on the Company’s website at www.salasartechno.com

You are requested to kindly take the same on record.

Yours faithfully,

For Salasar Techno Engineering Limited

MOHIT Digitally signed by KUMAR MOHIT KUMAR GOEL Date: 2025.11.14 GOEL 17:27:37 +05'30'

Mohit Kumar Goel

Company Secretary & Compliance Officer

CIN No. - L23201UP2001PLC209751

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Corporate Office: - A-301-320, 3[rd] Floor, Tower-A, Plot No.8, Block-B, Sec-62, Noida U.P 201309 Regd. Off. & Unit 1: - Khasra 265, 281-288, Parsaun-Dasna, Jindal Nagar, Distt. HapurU.P. 201015

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+91 7017538987, 8750725142 +91 9368883592 +91 7417971568

Unit 2- Khasra 1184, 1185, Khera, Pilkhuwa, Tehsil Dhaulana, Distt. Hapur, U.P.-245304

Unit 3- Khasra 686/6, Khera, Pilkhuwa, Tehsil Dhaulana, Distt. Hapur, U.P.- 245304 www.salasartechno.com

towers@salasartechno.com marketing@salasartechno.com

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CARE/NRO/GEN/2025-26/1141

The Board of Directors

Salasar Techno Engineering Limited

Khasra No. 265,281,282, 283,284,285, 286, 287 and 288 Jindal Nagar, Parsaun Dasna Uttar Pradesh, Hapur, India-201313

November 14, 2025

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended September 30, 2025 - in relation to the Preferential Issue of Salasar Techno Engineering Limited (“the Company”)

We write in our capacity of Monitoring Agency for the preferential Issue for the amount aggregating to Rs. 290.77 crore (Preferential issue of equity share: Rs. 166.67 crores & Preferential issue of share warrants: Rs.124.10 crores) of the Company and refer to our duties cast under 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 May 01, 2024.

Request you to kindly take the same on records.

Thanking you, Yours faithfully,

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Rajan Sukhija

Associate Director Rajan.sukhija@careedge.in

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

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4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in

CIN-L67190MH1993PLC071691

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Report of the Monitoring Agency

Name of the issuer: Salasar Techno Engineering Limited For quarter ended: September 30, 2025 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No (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.

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

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Gautam Budh Nagar, Uttar Pradesh -201301 Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in

CIN-L67190MH1993PLC071691

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1) Issuer Details:

Name of the issuer Name of the promoter Industry/sector to which it belongs

: Salasar Techno Engineering Limited : Mr. Alok Kumar : Industrial Products - Iron & Steel Products

2) Issue Details

Issue Period Type of issue (public/rights) Type of specified securities IPO Grading, if any Issue size (in crore)

: April 30, 2024, to October 31, 2025 : Preferential Issue : Equity shares and fully convertible warrants : Not applicable : Rs. 290.77 crore

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

Particulars	Reply	Source of information / certifications considered by Monitoring Agency forpreparation 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?	Not applicable	Management Certificate, Chartered Accountant certificate*,Bank statements	No utilization was made during Q2FY26 (July01,2025,to September 30,2025)	No comments
Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document?	Not applicable	Not applicable	Not applicable	No comments
Whether the means of finance for the disclosed objects of the issue have changed?	No	National Stock Exchange	Low share price (below the share warrant exercise price) may lead to the subscribers letting the warrants to lapse which may lead to change in means of finance for the object(s).	The promoters have paid their balance contribution of Rs. 22.87 crore and exercised the warrants in the second week of October. The other warrant holders from the public have neither exercised their warrants nor paid Rs. 35.10 crore. However,the companyhas
CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691

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Particulars	Reply	Source of information / certifications considered by Monitoring Agency forpreparation of report	Comments of the Monitoring Agency	Comments of the Board of Directors
				adequate internal accruals to achieve its objectives.
Is there any major deviation observed over the earlier monitoringagencyreports?	No	Not applicable	Not applicable	No comments
Whether all Government/statutory approvals related to the object(s) have been obtained?	Yes	Board Resolution, Offer Document	1. Initially, under the EGM dated February 19, 2024, preferential issue of Rs. 806.04 crore was approved. Subsequently, issue size was reduced & the objects of the issue were modified via board resolution dated April 30, 2024. 2. Board Resolution dated October 22, 2024, for extension of timeline for issue related expenses from September 2024 to December 2025.	No comments
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	Not applicable	Not applicable	Not applicable	No comments
Are there any favorable/unfavorable events affecting the viability of these object(s)?	Yes	Bombay Stock Exchange Website, Board Resolution, Offer Document	Low share price (below the share warrant exercise price) may lead to the subscribers letting the warrants to lapse which may ultimately affect the viability of the object(s).	The promoters have paid their balance contribution of Rs. 22.87 crore and exercised the warrants in the second week of October. The other warrant holders from the public have neither exercised their warrants nor paid Rs. 35.10 crore. However, the company has adequate internal accruals
CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691

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Particulars	Reply	Source of information / certifications considered by Monitoring Agency forpreparation of report	Comments of the Monitoring Agency	Comments of the Board of Directors
				to achieve its objectives.
Is there any other relevant information that may materially affect the decision making of the investors?	Yes	Bombay Stock Exchange Website	The Directorate of Enforcement (ED) has conducted a search operation on April 16, 2025, at the residential premises of Mr. Alok Kumar, Chairman & Managing Director, & Mr. Shashank Agarwal, Joint ManagingDirector of the company.	As of now, there have been no further developments, and the company has disclosed all updates on the stock exchange website.

• CA certificate from Prateek Gupta & Co. (peer reviewed) dated October 17, 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.

4) Details of objects to be monitored:

(i) Cost of objects –

S. 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	Revised	Comments	Comments of the Board of Directors	Comments of the Board of Directors	Comments of the Board of Directors
				Cost in Rs. Crore	of the Monitoring Agency	Reason for cost revision	Proposed financing option	Particulars of -firm arrangements made
1	Issue related expenses	Offer Documents,Board Resolution copy	46.04	7.77	* ^	No comments	No comments	No comments
2	General Corporate Purposes	Offer Documents,Board Resolution copy	185.00	0.00		No comments	No comments	No comments
3	Financingof acquisition	Offer Documents,Board Resolution copy	250.00	178.00		No comments	No comments	No comments
4	Workingcapital requirements	Offer Documents,Board Resolution copy	300.00	95.00		No comments	No comments	No comments
5	Capital Expenditure including towards development, refurbishment and renovation of Assets	Offer Documents, Board Resolution copy	25.00	10.00		No comments	No comments	No comments
Total			806.04	290.77

*Initially company obtained shareholders’ approval for the preferential issue of Rs. 806.04 through EGM dated February 19, 2024. However, subsequently the company made preferential issue of Rs. 290.77 crores only and objects of the issue were revised accordingly as per the above table through board resolution dated April 30, 2024.

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in

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CIN-L67190MH1993PLC071691

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^Low share price (below the share warrant exercise price) may lead to the subscribers letting the warrants to lapse which might impact the costing of the objects.

(ii) Progress in the objects –

S. 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							Comments of the Board of Directors	Comments of the Board of Directors
				Amount raised till date i.e. September 30, 2025	Amount	utilised in	Rs. Crore	Total	Comments of the Monitoring Agency
					As at beginning of the quarter in Rs. Crore	During the quarter in Rs. Crore	At the end of the quarter in Rs. Crore			Reasons for idle funds	Proposed course of action
								unutilised
								amount in
								Rs. crore
1	Issue related expenses	Management Certificate, CA certificate*, Board Resolution copy,Bank statements	7.77	232.80	0.21	-	0.21	0.03	-	No comments	No comments
2	Financing of acquisition	Management Certificate, CA certificate*, Board Resolution copy,Bank statements	178.00		179.27^	-	179.27^		-	No comments	No comments
3	Working capital requirements	Management Certificate, CA certificate*, Board Resolution copy,Bank statements	95.00		53.29	-	53.29		-	No comments	No comments
4	Capital Expenditure including towards development, refurbishment and renovation of Assets	Management Certificate, CA certificate*, Board Resolution copy, Bank statements	10.00		-	-	-		-	No comments	No comments
Total			290.77	232.80	232.77	0.00	232.77	0.03
CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 *CA certificate from Prateek Gupta & Co. (peer reviewed) dated_October 17, 2025. ^ Utilization is within permission limit of +/- 10%._

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(iii) Deployment of unutilized proceeds:

Sr. No.	Type of instrument and name of the entity invested in	Amount invested (In Rs. Crore)	Maturity date	Earning	Return on Investment(%)	Market Value as at the end ofquarter
1.	Yes Bank - Monitoringaccount(001481300002623)	0.03	On demand	-	-	0.03

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

	Completion Date	Completion Date	Delay (no. of	Comments of the Board of Directors	Comments of the Board of Directors
Objects	Asper the offer document	Actual	days/ months)	Reason of delay	Proposed course of action
Issue related expenses	December 2025	Ongoing	No Delay*	No comments	No comments
Financingof acquisition	December 2025	Ongoing	No Delay	No comments	No comments
Workingcapital requirements	December 2025	Ongoing	No Delay	No comments	No comments
Capital Expenditure includingtowards development,refurbishment and renovation of Assets	October 2025	Ongoing	No Delay	No comments	No comments

*Board of Directors vide board resolution dated October 22, 2024, has extended the timeline for utilization of issue related expenses to December 2025 through board resolution as against earlier timeline of September 2024.

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

Sr. No Item Head Amount (in Rs. Crore) Source of information / certifications considered by Monitoring Agency for preparation of report Comments of Monitoring Agency Comments of the Board of Directors Not Applicable*

• CA certificate from Prateek Gupta & Co. (peer reviewed) dated October 17, 2025.

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

CIN-L67190MH1993PLC071691

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in

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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 auditors (or from peer reviewed CA firms) 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 auditors (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

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9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in

CIN-L67190MH1993PLC071691