SOLARA
Active Pharma Sciences
Corporate Office:
Solara Active Pharma Sciences Limited
TICEL Bio Park, 6th Floor,
Module No. 601, 602, 603, Phase II – CSIR Road,
Taramani, Chennai, Tamil Nadu – 600113.
Tel: +91 44 4344 6700
Fax: +91 44 47406190
E-mail: [email protected]
Website: www.solara.co.in

Date: May 15, 2026

| The BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street, Mumbai – 400 001 | The National Stock Exchange of India Limited
Exchange Plaza, C-1, Block G, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 |
| --- | --- |

Scrip Code: 541540, 890202
Symbol: SOLARA, SOLARAPP1

Dear Sir / Madam,

Sub: Disclosure in terms of Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) – “Utilization of Proceeds & Statement of Deviation / Variation” of Solara Active Pharma Sciences Limited

As per the provisions of Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby confirm that there is no deviation or variation in use of proceeds raised through Rights Issue.

The above referred Statement of Utilization of Proceeds & Statement of Deviation / Variation, for the quarter ended March 31, 2026, was placed before the Audit Committee of the Company, at its meeting held today i.e., Friday, May 15, 2026, wherein the Audit Committee has noted the same and approved for submission with the Stock Exchanges, without any comments thereon.

This is for your information and records.

Thanking you,
Yours faithfully,
For Solara Active Pharma Sciences Limited

POOJA JAYA KUMAR
Digitally signed by POOJA JAYA KUMAR
Date: 2026.05.15
14:28:30 +05'30'

Pooja Jaya Kumar
Company Secretary & Compliance Officer
Membership No: A57415

Solara Active Pharma Sciences Limited - CIN: L24230MH2017PLC291636
Registered Office: 9th Floor, 'Cyber One', Unit No. 902, Plot No. 4 & 6, Sector 30A, Vashi, Navi Mumbai - 400 703 / Tel: +91-22-20870033

Annexure- A

Reg. 32 - Statement of Deviation / Variation in utilization of funds raised

Name of listed entity	Solara Active Pharma Sciences Limited
Mode of Fund Raising	Rights Issue
Date of Raising Funds	March 04 2026
(date of noting receipt of 1st call Money pursuant to 2nd reminder notice)
Amount Raised (In crores)	Rs. 309.79 Crores
Report filed for Quarter ended	March 31 2026
Monitoring Agency	Applicable
Monitoring Agency Name, if applicable	CRISIL Ratings Limited
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	Not applicable
If Yes, Date of shareholder Approval	Not applicable
Explanation for Deviation / Variation	Not applicable
Comments of the Audit Committee after review	No comments from the Audit Committee
Comments of the auditors, if any	Not applicable
Objects for which funds have been raised and where there has been a deviation, in the following table
---	---
Original Object	Modified Object, if any
Repayment or Pre-payment in full or part of certain outstanding Borrowings availed by the Company.	Nil

General Corporate Purpose (CGP)	Nil	111.57 Crores	Rs. 112.24 Crores	Rs. 74.97 Crores (During the quarter, Company did not utilise any amount)	Nil	The amount utilised for general corporate purposes does not exceed 25% of the Gross Proceeds (amounting to Rs 112.49 crore) from the Fresh Issue. Surplus issue related expenses of Rs. 0.67 crore were added to GCP.

Note:
The Rights Equity Shares were issued as partly paid-up and an amount of Rs. 131.25 per Rights Equity Share has been received on application (of which Rs. 3.5 towards face value of Rights Equity Share and Rs. 127.75 towards premium amount of Rights Equity Share).

On March 26, 2025, the Rights Issue Committee approved the Rights Issue First Call of Rs.131.25 per Rights Share (Rs.3.50 face value and Rs.127.75 securities premium) for 1,19,98,755 partly paid Rights Shares, as per the Letter of Offer dated May 09, 2024. The First Call payment window was open from April 16, 2025 to April 30, 2025. The Rights Issue Committee on May 06, 2025, took note of receipt of 1st call money amounting Rs.149.49 crores and approved conversion of 1,13,89,767 partly paid shares of Rs. 3.5 per shares to partly paid of Rs. 7 per shares.

On July 01, 2025, Company issued First reminder notice for payment of 1st call Money. The First Call payment window (pursuant to First reminder notice) was open from Monday, July 07, 2025 to Monday July, 21, 2025. The Rights Issue Committee on August 16, 2025, took note of receipt of 1st call money amounting Rs. 4.88 crores and approved conversion of 3,71,779 partly paid shares of Rs. 3.5 per shares to partly paid of Rs. 7 per shares.

On February 04, 2026, Company issued Second reminder notice for payment of 1st call Money. The First Call payment window (pursuant to First reminder notice) was open from Thursday, 5 February, 2026 to Thursday, 19 February, 2026. The Rights Issue Committee on March 04, 2026, took note of receipt of 1st call money amounting Rs. 0.93 crores and approved conversion of 71,402 partly paid shares of Rs. 3.5 per shares to partly paid of Rs. 7 per shares.

Out of the funds raised on 1st Call amounting to Rs. 155.31 crores:
- Rs. 154.10 Crores has been utilised.
- Rs. 0.01 crores is held at Rights issue allotment account (Escrow account), will be transferred to the Monitoring account and will be utilized in the upcoming quarters.
- Rs. 1.20 crores held at Monitoring account and will be utilized in the upcoming quarters.
- During the quarter, Company did not utilise any amount.

As on March 31, 2026, total funds received from the Rights Issue was Rs. 309.79 crores including collection towards First Call of Rs. 155.31 Crore. Out of the total funds received as on March 31, 2026, Rs. 1.20 was held in the monitoring agency account and was yet to be utilized.

SOLARA
Active Pharma Sciences

Corporate Office:
Solara Active Pharma Sciences Limited
TICEL Bio Park, 6th Floor,
Module No. 601, 602, 603, Phase II – CSIR Road,
Taramani, Chennai, Tamil Nadu – 600113.
Tel: +91 44 4344 6700
Fax: +91 44 47406190
E-mail: [email protected]
Website: www.solara.co.in

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 Solara Active Pharma Sciences Limited

POOJA JAYA
KUMAR
Digitally signed by
POOJA JAYA KUMAR
Date: 2026.05.15
14:29:20 +05'30'

Pooja Jaya Kumar
Company Secretary & Compliance Officer
Membership No: A57415

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