Shalimar Paints Ltd. — Capital/Financing Update 2020

Feb 17, 2020

February 14, 2020

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

BSE Limited National Stock Exchange of India Ltd

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

For dnd on behalf of Company Secretary Authorised Signatory

Encl: a/a

Shalimar Paints Ltd. Corporate Office: 1" Floor, Plot No. 28, Sector 32, Gurugram ~ 12200, Haryana SHALIMAR | Regd. Office: Stainless Centre, 4" Floor, Plot No. 50, Sector 32, Gurugram ~ 122001, Haryana. EAINT® Call: +91 124 461 6600 Fax: +91 124 461 6659 Toll Free: 180-103-6509: Email Id: askus(@shalimarpaints.cam. Website: www.shalimarpaints.com CIN: L24222HR1902PLC065611 Annexure-A

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Statement of Deviation / Variation in utilisation of funds raised

$\equiv$

Shalimar Paints Limited	Rights Issues	December 03, 2018 to December 24, 2018	20,087.24 Lakhs	December 31st, 2019	Yes	State Bank of India,	Industrial Financial Branch,	Mumbai-400069 Andheri East,	$\frac{1}{2}$		$\frac{4}{2}$	$\frac{4}{2}$
Name of listed entity	Mode of Fund Raising	Date of Raising Funds	Amount Raised	Report filed for Quarter ended	Monitoring Agency	Monitoring Agency	Name, if applicable		Is there a Deviation /	Variation in use of funds raised	If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders	shareholder Approval If Yes, Date of

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			Remarks if Yue	≨
			Deviation/Variation applicable object for the quarter according to Amount of	No Major Deviation
			Funds Utilised (Rs. In Lacs)	4,676.93	18.55	12,564.15	3,415.07	92.00	20,766.69
			allocation, if (Rs. In Lacs) Modified any**	5,075.78	40.00	12,564.15	3,415.07	92.00	21,186.99
			(Rs. In Lacs) Allocation* Original	5,152.13	340.00	13,500.00	3,782.75	92.00	22,866.88
$\frac{4}{2}$ ≨	≨		ect, if any Modified Obj	≨
Comments of the Audit Deviation / Variation Explanation for the	Committee after review Comments of the auditors, if any	Objects for which funds where there has been a have been raised and deviation, in the following table	Original Object	Reinstatement of paint manufacturing plant at 1. Project of Nashik	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

$\bigodot$

(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 ** Deviation from the objects: Due to lower Subscription of 92.28% in the Rights Issue, the proceeds from the Rights 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 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