Shalimar Paints Ltd. — Capital/Financing Update 2020

Nov 10, 2020

November 10, 2020

BSE Limited National Stock Exchange of India Ltd Corporate Relationship Department, Exchange Plaza, 5" Floor, 1° Floor, New Trading Ring, Plot No. C/1, G- Block Rotunda Building, P.J. Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Fort, Mumbai - 400 001 Mumbai — 400051

Reference: Scrip Code - NSE-SHALPAINTS, BSE-509874

Subject: Submission of undertaking in respect to Regulation 32 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 ("SEBI Listing Regulations")

Dear Sir(s),

Please find attached undertaking in respect of deviation/ variation in utilization proceeds under Regulation 32(1) of SEBI Listing Regulations.

This is for your information and record.

For Shalimar Paints Limited

Je

(Gautam) Co y Secretary

Encl: a/a

Shalimar Paints Ltd. | Corporate Office : 1st Floor, Plot No. 28, Sector 32, Gurugram 122001, Haryana SHALIMAR Regd. Office: Stainless Centre, 4th Floor, Plot No. 50, Sector- 32, Gurugram-122001, Haryana lindial PAINTS |B: +91 124 461 6600 Fs +91 124 461 6659 | E: askus@shalimarpaints.com | www.shalimarpaints.com | CIN: L24222HR1902PLC065611

Annexure-A

Statement of Deviation / Variation in utilisation of funds raised

Name of listed entity	Shalimar Paints Limited
Mode of Fund Raising	Rights Issues
Date of Raising Funds	December 03, 2018 toDecember 24, 2018
Amount Raised	20,087.24 Lakhs
Report filed for Quarterended	September 30 th , 2020
Monitoring Agency	Yes
Name, if applicableMonitoring Agency	Industrial Financial Branch,State Bank of India,Mumbai-400069Andheri East,
Variation in use of fundsIs there a Deviation /raised	$\frac{1}{2}$
If yes, whether the sameis pursuant to change interms of a contract orobjects, which wasapproved by theshareholders	$\frac{4}{2}$
shareholder ApprovalIf Yes, Date of	$\leq$

					Remarks ifany						$\frac{\Delta}{\Delta}$
					Deviation/VariationAmount of	applicable objectfor the quarteraccording to					No Major Deviation
					Funds Utilised(Rs. In Lacs)		4,840.24			40.00		12,564.15		3,415.07		92.00	20,951.46
					allocation, ifModified	(Rs. In Lacs)anγ**	5,075.78			40.00		12,564.15		3,415.07		92.00	21,186.99
					Allocation*Original	(Rs. In Lacs)	5,152.13			340.00		13,500.00		3,782.75		92.00	22,866.88
$\frac{4}{2}$	$\frac{4}{2}$	$\frac{\Delta}{\Delta}$			if anyModified Object,						$\frac{4}{2}$
Deviation / VariationExplanation for the	Committee after reviewComments of the Audit	Comments of theauditors, if any	Objects for which fundswhere there has been ahave been raised and	deviation, in thefollowing table	Original Object		1. Project of	Reinstatement of paint	manufacturing plant atNashik	2. Setting up a Regional	Distribution Centre(RDC) at Nashik	3. Long Term Working	Capital Requirements	4. General Corporate	Purposes	5. Expenses for the issue	Total

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LTD Ŝ RPAIA IJ TAHS

(c) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc (b) Deviation in the amount of funds actually utilized as against what was originally disclosed or (a) Deviation in the objects or purposes for which the funds have been raised or Deviation or variation could mean:

*Including Rs. 20,087.26 Lakhs from Rights Issue proceeds and Rs. 1,099.73 Lakhs received as Insurance claim for Nashik Plant.

Issue amounted to Rs. 20,087.24 Lakhs instead of Rs. 21,767.15 Lakhs as per the Letter of Offer. Accordingly, the there is increase in the allocation of funds towards Long Term Working Capital Requirement - The major Object of the Issue. Further, the same is adjusted through reduction in estimated cost of Setting up of Paints manufacturing ** Deviation from the objects: Due to lower Subscription of 92.28% in the Rights Issue, the proceeds from the Rights amount allocated in some of the Objects has been modified. In view of additional Working Capital requirement, plant at Nashik including Regional Distribution Centre (RDC) at Nashik.

For Shalimar Paints Limited

Authorised Signatory For and on behalf of Company Secretary