VISA Chrome Preferential Issue Monitoring Report Q1 FY27

Date: August 12, 2026

Monitoring Agency Report

Report Overview

This document is a regulatory filing submitted to BSE Limited and the National Stock Exchange of India Limited pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It contains the Monitoring Agency Report from CARE Ratings Limited for the quarter ended June 30, 2026 (Q1 FY27), concerning the utilization of proceeds from a preferential issue of warrants.

Key Details of the Issue

Type of Issue: Preferential Share Warrant Issue
Type of Securities: Equity Warrants
Issue Size: ₹200 Crore
Monitoring Agency: CARE Ratings Limited
Monitoring Period: Quarter ended June 30, 2026
Reference Agreement: Monitoring Agency Agreement dated October 29, 2025

Utilization of Proceeds Against Stated Objects

(i) Original Cost of Objects

| 1 | Payment/Repayment of Existing Debt | 150.00 | NA (No Revision) |

| 2 | General Corporate Purpose | 50.00 | NA (No Revision) |

| Total | | 200.00 | |

(ii) Progress in Utilization

| 1 | Repayment of Existing Debt | 150.00 | 140.00 | 90.00 | 50.00 | 140.00 | - |

| 2 | General Corporate Purpose | 50.00 | 140.00 | - | - | - | - |

| Total | | 200.00 | 140.00 | 90.00 | 50.00 | 140.00 | - |

Monitoring Agency Comments on Utilization:

During the quarter, ₹50 crore was utilized towards the repayment of existing debt owed to Asset Care and Reconstruction Enterprise Limited (ACRE).
There has been no utilization towards the General Corporate Purpose object during the quarter.
The total amount raised as of June 30, 2026, is ₹140 crore.

Key Findings and Declarations

Deviation from Objects: Nil
Shareholder Approval for Material Deviation: Not Applicable (as there is no deviation)
Change in Means of Finance: No
Major Deviation from Earlier Reports: No
Government/Statutory Approvals: Not Applicable (as none are required for the objects)
Technical Arrangements: Not Applicable
Events Affecting Viability: No
Other Material Information for Investors: Yes. The report notes that the company incurred cash losses in FY26 (Year Ended March 31, 2026).
Delay in Implementation: Not Applicable. The objects (debt repayment and general corporate purpose) are stated as "Ongoing" with an 18-month completion timeline from receipt of proceeds.
Deployment of Unutilized Proceeds: There are no unutilized proceeds.

Basis of Information

The Monitoring Agency's report is based on:

A Chartered Accountant certificate from LB Jha & Co. LLP dated August 06, 2026.
Management confirmation and the Extraordinary General Meeting (EOGM) notice.
Bank statements.
The company's financial results for the quarter and year ended March 31, 2026.

Context on Debt Repayment (ACRE)

The report includes a note stating that during FY26, the company arrived at an understanding with ACRE for the restructuring/settlement of its outstanding loan exposure, covering 100% of the lenders. A sanction letter based on the approval of this restructuring/settlement has been received. The adjustment has been carried out in the company's books of accounts, and the settlement agreement is under process.

General Corporate Purpose (GCP) Definition

As per the enclosed excerpt from the offer document, up to ₹50.00 Crores (25% of issue proceeds) is earmarked for General Corporate Purposes. This includes meeting operational expenses, corporate exigencies, managing contingencies, improving the company's financial health, enhancing net worth, and reducing debt.

Disclaimer

The Monitoring Agency (CARE Ratings Limited) declares that the report provides an objective view based on information from the issuer and other sources but does not perform an audit or independent verification. The report is not intended to create legally binding obligations on the MA.