Gem Aromatics Limited has intimated the stock exchanges of a scheduled Board of Directors meeting on Thursday, May 21, 2026. The intimation, dated May 18, 2026, has been filed pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting Agenda

The Board of Directors meeting has been convened to consider and approve the following:

• Standalone and Consolidated Audited Financial Results of the Company for the quarter and year ended March 31, 2026.

The following table summarises the key details of the scheduled board meeting:

Trading Window Closure

In connection with the upcoming declaration of audited financial results, Gem Aromatics has also communicated the status of the Trading Window for its designated persons. Further to the company's earlier intimation dated Thursday, March 26, 2026, the Trading Window for dealing in the securities of the company shall remain closed for all Designated Persons and their immediate relatives from Wednesday, April 01, 2026, until 48 hours after the declaration of the audited financial results for the quarter and year ended March 31, 2026.

The intimation was signed by Akshita Deepak Gohil, Company Secretary & Compliance Officer of Gem Aromatics Limited, and was addressed to the Listing/Compliance Departments of both BSE Limited and the National Stock Exchange of India Limited.

gem aromatics has successfully completed the utilization of its Initial Public Offer (IPO) proceeds as of the quarter ended March 31, 2026. The company submitted the final monitoring agency report to the stock exchanges on May 06, 2026, confirming that the gross proceeds of Rs 1,750.00 million have been fully deployed. The report, issued by CRISIL Ratings Limited, was prepared in compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Issue Details and Allocation

The IPO, which opened for subscription from August 19, 2025, to August 21, 2025, comprised equity shares with a total issue size of Rs 1,750.00 million. After deducting issue expenses amounting to Rs 121.37 million, the net proceeds available for deployment were Rs 1,628.63 million. The company allocated these funds towards specific objectives, including the repayment of borrowings and general corporate purposes.

Utilization of Proceeds

The primary object of the issue was the prepayment or repayment of outstanding borrowings availed by the company and its subsidiary, Krystal Ingredients Private Limited. A total of Rs 1,400.00 million was utilized for this purpose. Additionally, funds were allocated to general corporate purposes and issue expenses. The actual issue expenses were lower than estimated, resulting in a saving of Rs 4.58 million, which was subsequently added to the general corporate purposes allocation. The following table summarizes the revised and actual utilization of IPO proceeds:

Monitoring Agency Observations

CRISIL Ratings Limited, acting as the monitoring agency, confirmed that there were no deviations from the objects stated in the offer document. The agency verified the utilization based on a management undertaking, statutory auditor certificates dated April 20, 2026 issued by Chhajed & Doshi, Chartered Accountants, and bank statements. The report highlighted that the amount utilized for general corporate purposes did not exceed 25% of the gross proceeds. As of March 31, 2026, the IPO public issue account and monitoring account balances were nil, indicating the complete deployment of funds.

The board of directors approved the utilization of funds for general corporate purposes towards meeting expenses incurred in the ordinary course of business, including vendor payments for raw materials, via a resolution dated May 05, 2026. The following table details the quarter-wise progress in utilization of IPO proceeds:

With the full utilization of proceeds, this monitoring agency report serves as the final submission regarding the IPO fund deployment for Gem Aromatics Limited.