Avantel Limited has submitted the Monitoring Agency Report for the quarter ended March 31, 2026, to BSE Limited and National Stock Exchange of India Limited pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report, issued by M/s. CARE Ratings Limited, covers the utilization of funds raised through the Rights Issue of equity shares made by the company vide its Letter of Offer dated May 5, 2025.

The Rights Issue, conducted during the period May 15, 2025, to May 28, 2025, raised proceeds aggregating Rs. 80.91 crore. The funds were allocated across four main objects: establishment of a new manufacturing facility at Kondaparva Village in Andhra Pradesh (Rs. 53.85 crore), establishment of GSaaS infrastructure at Hyderabad (Rs. 6.17 crore), General Corporate Purpose (Rs. 19.94 crore), and issue-related expenses (Rs. 0.95 crore).

Utilization Status

As of March 31, 2026, the company had utilized Rs. 76.48 crore of the total proceeds, representing approximately 94.5% of the issue size. The remaining Rs. 4.43 crore is maintained in the Axis Bank monitoring account. The monitoring agency confirmed that there are no material deviations from the objects of the issue, though timeline deviations were noted for objects 1 and 2.

Project Implementation Status

The new manufacturing facility at Kondaparva Village for Design, Development & Manufacturing of Electronics, Antennas & Connectors for Commercial, Defence & Aerospace applications is ongoing. During Q4FY26, the company utilized Rs. 18.57 crore towards vendor payments made directly through the monitoring account. The Board noted that the marginal unutilized amount represents normal timing differences in execution.

For the GSaaS infrastructure project, the company utilized Rs. 3.26 crore during the quarter towards procurement of machinery. However, approximately Rs. 4 crore allocated towards GSaaS antenna procurement remained unutilized due to the absence of clear policy guidelines from the Department of Telecommunications regarding private sector participation in GSaaS operations. The Board decided to redirect these funds towards capital procurement of equipment and materials used in the manufacture of GSaaS antennas to support execution of an order received from NSIL.

Compliance and Declarations

CARE Ratings Limited, in its capacity as Monitoring Agency, declared that the report provides an objective view of the utilization of issue proceeds based on information provided by the issuer. The agency confirmed no change in means of finance and no major deviations from earlier monitoring reports. The unutilized proceeds of Rs. 4.43 crore are maintained in the Axis Bank monitoring account, with Rs. 0.53 crore earned as interest on fixed deposits. The balance funds are expected to be utilized in FY 2026-27 upon completion of vendor milestones and project execution stages.

Avantel Limited announced key board decisions at its meeting held on April 26, 2026, including the appointment of two new independent directors and the reconstitution of various board committees. The appointments are subject to shareholder approval at the upcoming Annual General Meeting.

New Director Appointments

The board appointed Dr. Tamilmani Kandasamy (DIN: 07617444) and Mr. Lakshminarasimha Acharyulu Muktevi (DIN: 02118771) as Additional Directors (Non-Executive Independent) for a five-year term from April 26, 2026, to April 25, 2031.

Dr. Tamilmani Kandasamy (73 years) brings over four decades of experience in defence research and development, having served as Director General (Aeronautics) at DRDO. He led major aerospace programs exceeding ₹10,000 crore and contributed to the development of indigenous platforms including LCA Tejas, ALH, and AEW systems. He holds a Ph.D. in Technology Dynamics and National Security and is a recipient of the DRDO Technology Leadership Award.

Mr. Lakshminarasimha Acharyulu Muktevi (68 years) is a seasoned corporate management professional with over four decades of experience across infrastructure, manufacturing, financial services, and semiconductor technology. He has held senior leadership positions including CEO & Executive Director of Karaikal Port Private Limited and Managing Director of Sentini Sanitary Private Limited and Qualcore Logic Limited. Both directors hold no shares in the company and are not debarred from holding office by any regulatory authority.

Committee Reconstitution

The board approved the reconstitution of four key committees with the following membership:

Auditor Appointments

The board approved the appointment of M/s. Grandhy & Co., Chartered Accountants (Firm Registration No. 001007S) as Statutory Auditors for a second term of five consecutive years from the conclusion of the 36th AGM till the conclusion of the 41st AGM, subject to shareholder approval. The firm, established in 1976, has over five decades of experience in audit, assurance, and advisory services.

Additionally, M/s. MPR & Associates, Cost Accountants (Firm Registration No. 000413) was appointed as Cost Auditor for the financial year ending March 31, 2027. M/s. Ramesh & Co., Chartered Accountants (Firm Registration No. 002979S) was appointed as Internal Auditor for the same period. All appointments were based on Audit Committee recommendations.