Shalimar Paints Ltd. — Capital/Financing Update 2024

Feb 9, 2024

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February 09, 2024

BSE Limited

Corporate Relationship Department 1[st] Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, Fort, Mumbai - 400 001 BSE Scrip Code: 509874

National Stock Exchange of India Limited Exchange Plaza, 5[th] Floor, Plot No. C/1, G- Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051 NSE Symbol : SHALPAINTS

Sub: Disclosure under Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/Madam,

Please find enclosed herewith the statements of deviation or variation under Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as on December 31, 2023, pursuant to:

• a. the preferential allotment of Equity Shares attached as Annexure - A.

• b. the preferential allotment of Warrants attached as Annexure - B .

The same have been reviewed by the Audit Committee at its meeting held today i.e. February 09, 2024.

This is for your information and record.

Thanking You,

Yours faithfully,

For Shalimar Paints Limited

SHIKHA Digitally signed by SHIKHA RASTOGI RASTOGI Date: 2024.02.09 16:04:59 +05'30' Shikha Rastogi Company Secretary & Head - Legal

Encl: As above

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Annexure - A

Statement of Deviation / Variation in utilization of funds raised through Preferential Issue of Equity Shares

Name of listed entity	Shalimar Paints Limited
Mode of Fund Raising	Preferential Issue of EquityShares
Date of Raising Funds	February24,2022
Amount Raised	Rs. 215,00,00,040 received on allotment of 1,79,16,667 equity shares of face value of Rs. 2/- each fully paid-up, for cash at an issue price of Rs. 120/- per Share (including premium of Rs. 118/- per Equity Share) to Hella Infra Market Private Limited
Report filed forQuarter ended	December 31,2023
Monitoring Agency	N.A.
Monitoring Agency Name, if applicable	N.A.
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 shareholders	N.A.
If Yes, Date of shareholder Approval	N.A.
Explanation for the Deviation / Variation	N.A.
Comments of the Audit Committee after review	Nil
Comments of the auditors, if any	Nil

Objects for which funds have been raised and where there has been a deviation, in the following table

Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table
Original Object	Modified Object, if any	Original Allocation	Modified allocation, if any	Funds Utilised (Rs. in Lacs)	Amount of Deviation/ Variation for the quarter according to applicable object	Remarks if any
To utilize the proceeds of the issue to strengthen Company’s balance sheet and have access to long term resources to meet its growth requirements	N.A.	100%	N.A.	21,500	Nil	Nil

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.

For and on behalf of Shalimar Paints Limited

SHIKHA Digitally signed by SHIKHA RASTOGI RASTOGI Date: 2024.02.09 16:05:34 +05'30'

Shikha Rastogi Company Secretary & Head - Legal

Annexure - B

Statement of Deviation / Variation in utilization of funds raised through Preferential Issue of Warrants

Name of listed entity	Shalimar Paints Limited
Mode of Fund Raising	Preferential Issue of 1,14,94,252 Warrants
Date of Raising Funds	 April 13, 2022(1,14,94,252 Warrants were allotted on said date upon receipt of subscription money @25% of issue price i.e. Rs. 37,49,99,971.50); and  October 10, 2023(1,14,94,252 Equity Shares were allotted on October 11, 2023 pursuant to conversion of Warrants upon receipt of subscription money @75% of issue price i.e. Rs. 1,12,49,99,914.50)
Amount Raised	Rs. 1,49,99,99,886
Report filed for Quarter ended	December 31, 2023
Monitoring Agency	N.A.
Monitoring Agency Name, if applicable	N.A.
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 shareholders	N.A.
If Yes, Date of shareholder Approval	N.A.
Explanation for the Deviation / Variation	N.A.
Comments of the Audit Committee after review	Nil
Comments of the auditors, if any	Nil

Objects for which funds have been raised and where there has been a deviation, in the following table

Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table
Original Object	Modified Object, if any	Original Allocation	Modified allocation, if any	Funds Utilised (Rs. in Lacs)	Amount of Deviation/ Variation for the quarter according to applicable object	Remarks if any
To utilize the proceeds of the issue to strengthen Company’s balance sheet, have access to long term resources to meet its growth requirements and for general corporatepurposes	N.A.	100%	N.A.	Rs. 9,693.40	Nil	The unutilized funds have been kept in the form of Fixed Deposits & Cash Credit.

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.

For and on behalf of Shalimar Paints Limited

SHIKHA Digitally signed by SHIKHA RASTOGI RASTOGI Date: 2024.02.09 16:06:01 +05'30'

Shikha Rastogi Company Secretary & Head - Legal