Nature of the Disclosure

This document is a regulatory filing submitted by VISA Chrome Limited (formerly VISA Steel Limited) to the BSE Limited and the National Stock Exchange of India Limited. It comprises the company's covering letter and the enclosed Monitoring Agency Report from CARE Ratings Limited, prepared pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 162A of the SEBI (Issue of Capital & Disclosure Requirements) Regulations.

Key Quantitative Figures

The preferential issue size is ₹200 crore. The objects of the issue are specifically allocated as: ₹150.00 crore for Payment/Repayment of Existing Debt and ₹50.00 crore for General Corporate Purpose. As of March 31, 2026, the total amount raised is ₹90.50 crore. The total amount utilized as of the beginning of the quarter (i.e., carried over from previous periods) is ₹90.00 crore, entirely allocated to the 'Payment/Repayment of Existing Debt' object. The amount utilized during the quarter ended March 31, 2026, is ₹0.00 (Nil) for all objects. The total unutilized amount at the end of the quarter is ₹0.50 crore, which is held in an ICICI Bank Share Application account.

Dates of Action

The Monitoring Agency Report by CARE Ratings Limited is dated May 12, 2026, and covers the quarter ended March 31, 2026. The chartered accountant certificate from LB Jha & Co. LLP, which was a source of information for the report, is dated May 07, 2026. VISA Chrome Limited's covering letter to the stock exchanges is dated May 25, 2026. The Monitoring Agency Agreement between the company and CARE Ratings was dated October 29, 2025.

Parties Involved

The issuer is VISA Chrome Limited (CIN: L27109OR1996PLC004601). The promoters listed are VISA Infra Limited (formerly VISA Infrastructure Limited) and VISA Industries Limited. The Monitoring Agency is CARE Ratings Limited. The authorized signatory from CARE Ratings is Hardik Shah, Director. The company's signatory is Amisha Chaturvedi Khanna, Company Secretary & Compliance Officer. The chartered accountant firm providing certification is LB Jha & Co. LLP.

Purpose and Regulatory References

The primary purpose is to comply with ongoing post-issue monitoring requirements for the preferential warrant issue. The filing is explicitly made under Ref: Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The monitoring is performed under the duties cast by Regulation 162A of the SEBI (Issue of Capital & Disclosure Requirements) Regulations and the Monitoring Agency Agreement.

Financial and Operational Impact

The Monitoring Agency reports that there has been no utilization of the issue proceeds during the quarter under review. The report highlights that the company "continues to incur cash losses," which is noted as information that may materially affect investor decision-making. The implementation of the objects is stated as 'Ongoing', with no specific delay quantified.

Detailed Findings from Monitoring Report

  • Deviations: Nil deviation from the objects disclosed in the Offer Document.
  • Shareholder Approval: Not applicable for material deviations, as there were none.
  • Means of Finance: No change in the means of finance for the disclosed objects.
  • Comparison to Prior Reports: No major deviation observed over the earlier monitoring agency report (dated February 04, 2026).
  • Statutory Approvals: Not applicable, as no government/statutory approvals are required for the objects of the issue.
  • Technical Arrangements: Not applicable.
  • Viability of Objects: No favorable/unfavorable events affecting the viability of the objects were reported.

Capital Structure Impact

The report pertains to the monitoring of funds raised from a preferential issue of equity warrants. The disclosure indicates that a significant portion (₹90.00 crore) of the raised funds (₹90.50 crore) has already been utilized for debt repayment, which would have altered the company's debt-equity mix. The remaining ₹0.50 crore is unutilized and held as a current asset.

Declaration and Disclaimers

CARE Ratings Limited provides a declaration stating the report offers an objective view based on information from the issuer and other sources but is not an audit. The MA discloses no conflict of interest. It explicitly disclaims any legal binding obligation or responsibility for loss from the use of the report's information and states it does not act as a fiduciary or an expert as defined under the Companies Act, 2013.