Walchandnagar Industries Ltd — Capital/Financing Update 2023

Apr 20, 2023

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Date : April 20, 2023

National Stock Exchange of India Ltd Corporate Action Department Exchange Plaza, 5[th] floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (East) Mumbai 400 051. Fax :26598237/38, 66418126/25/24 Scrip Code : WALCHANNAG

BSE Ltd. Corporate Relations Department 1st floor, New Trading Ring, Rotunda Bldg P.J. Tower, Mumbai 400 001. Fax:: 22723121/2039/2037 Scrip Code : 507410

Sub.: Statement of deviation or variation in the use of proceeds raised through Preferential Issue

Dear Sir/Madam,

Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby confirm that there is no deviation or variation in the use of proceeds raised through Preferential Issue. A statement confirming that there is no deviation or variation in the utilisation of these proceeds, duly reviewed by the Audit Committee, is enclosed herewith as “Annexure A”.

Further, we would like to inform that the equity shares were issued towards conversion / appropriation of part of debt owed by the Company to the promoter / promoter group entities and Assets Care & Reconstruction Enterprise Limited (acting in its capacity as trustee of ACRE-120-Trust) Hence, the purpose for which these proceeds were raised has been achieved.

We request you to take the same on record.

Thanking you,

For Walchandnagar Industries Limited

GIRIRAJ SHARAN AGRAWAL Digitally signed by GIRIRAJ SHARAN AGRAWAL DN: c=IN, o=PERSONAL, title=5216, pseudonym=2244a53b316a48fcb21a15e09beadf76, 2.5.4.20=d377a37a9c44bd0db5b3d17dd821ed935afdab89d983731b99c7c8e717112652, postalCode=400034, st=Maharashtra, serialNumber=5a4130bf9a70610c0fd108bdfb582c7679b4082096434107dba690b8c4821e18, cn=GIRIRAJ SHARAN AGRAWAL Date: 2023.04.20 13:23:09 +05'30'

G. S. Agrawal

Whole Time Director & Company Secretary

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Statement of Deviation / Variation in utilisation of funds raised:

	Annexure A Walchandnagar Industries Limited Preferential Issue October 21,2022 INR 46.86 crores December 31,2022 Not Applicable Not Applicable No Not Applicable Not Applicable Not Applicable No Comments No Comments
Name of listed entity	Walchandnagar Industries Limited
Mode of Fund Raising	Preferential Issue
Date of RaisingFunds	October 21,2022
Amount Raised	INR 46.86 crores
Report filed forQuarter ended	December 31,2022
MonitoringAgency	Not Applicable
MonitoringAgencyName,if applicable	Not Applicable
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 bythe shareholders	Not Applicable
If Yes,Date of shareholder Approval	Not Applicable
Explanation for the Deviation/Variation	Not Applicable
Comments of the Audit Committee after review	No Comments
Comments of the auditors,if any	No Comments

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	Amount of Deviation /Variation for the quarter according to applicable object	Remarks if any
To repay part of the Subrogated Debt of the Promoters/ Promoters Group of an amount of Rs. 27.60 Cr and to repay part of the debt owed to ACRE of an	Not Applicable	INR 46.86 crores	Not Applicable	Yes	Not Applicable	No Deviation

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amount of Rs. 19.26 Cr by issuing equity shares of the company to the Promoters/ Promoters Group and ACRE by attributing/ appropriating such debt towards consideration for the equity shares of the com an . p y 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 Walchandnagar Industries Limited

Digitally signed by GIRIRAJ SHARAN AGRAWAL DN: c=IN, o=PERSONAL, title=5216, GIRIRAJ SHARAN pseudonym=2244a53b316a48fcb21a15e09beadf76, 2.5.4.20=d377a37a9c44bd0db5b3d17dd821ed935afdab89d983731 b99c7c8e717112652, postalCode=400034, st=Maharashtra, serialNumber=5a4130bf9a70610c0fd108bdfb582c7679b408209643 AGRAWAL 4107dba690b8c4821e18, cn=GIRIRAJ SHARAN AGRAWAL Date: 2023.04.20 13:23:39 +05'30'

G. S. Agrawal Whole Time Director & Company Secretary

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