Zen Technologies Ltd. — Capital/Financing Update 2021

Jan 30, 2021

Statement of Deviation I Variation in utilisation of funds raised
Name of listed enti	Zen Technolo ies Limited Preferential lssue of convertible warrants I 04/02/20 19 - Date of allotment of warrants & 2. 03/09/2020 - Date of allotment of equity shares upon conversion of warrants
Mode of Fund Raising
Date of Raising Funds
Amount Raised (in Rs.)*	17 ~5,95,440
Report filed for _Quarter ended	December 3 1, 2020
Monitoring Agency	Not Applicable
Monitoring Agency Name, if applicable	Not Applicable
ls there a Deviation I Variation in use of funds raised	No
If yes, whether the same is pursuant to change in terrns of a I Not Applicable contract or objects, which was approved by the shareholders
lfYes,Date of shareholder Approval	Not Applicable
Explanation for the Deviation I Variation	Not Applicable
Comments of the Audit Committee after review	None
Comments of the auditors, if any	None

Original Object	Modified Object, if any	Original Allocation (in Rs.)	a ocanon, II if I any	Modified IF d U ·1· d · 1D n/V • un s n rse (m evrano Rs.)	Amount of f ariation or the quarter according to applicable object	Remarks if any
The proceeds of the preferential issue will be utilized towards research and development (R&D). potential acquisitions, export promotion, working capital, capital expenditure and general corporate	Not Applicable	I 7 ,85,95,440 I Not	Applicable	4,46,48,860 I None I		No Deviations or Variations
purposes. *Out of the total amount raised, 25% of the amount i.e., Rs. 4,46,48,860/- has been received by the company towards warrant subscription at the time of allotment of warrants. Further, the balance 75% of the amount i.e., Rs. 13,39,46,580/- has been received at the time of allotment of equity shares upon conversion of warrants. 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

Not~: Unutilised amounts of the issue as at December 3 I ,_2()20 have been temporarily deployed in fixed deposit with Scheduled Banks.

Forand Oil. behalf of tr oard __ ~oLOG' ~,,. tlur i ~ (I} ~ <"<l' hair an a d ..i.J ;/Z, r- DIN,;:s,;,, M,,,,;,, o;,.,'.1(1' ~ } Date - 30 ~~~* 6Q;, Pl January 2021 ~..,,.

ace - Hyderabad -