Grasim Industries Limited has submitted the Monitoring Agency Report for the quarter ended March 31, 2026, to BSE Limited and the National Stock Exchange of India Limited, in compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 82(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report, issued by CARE Ratings Limited, confirms that there is no variation or deviation in the utilisation of funds raised through the company's Rights Issue.

Rights Issue Overview

The Rights Issue of Grasim Industries was open for subscription from January 17, 2024, to January 29, 2024, at an offer price of ₹1,812 per share, including a share premium of ₹1,810 per share. The issue was fully subscribed, with 3,025 shares kept in abeyance pending regulatory and other clearances. The company allotted 2,20,70,910 shares aggregating to ₹3,999.25 crore. Funds were collected in three tranches:

• Share application money: ₹453 per share (25% of ₹1,812), totalling ₹999.81 crore (2,20,70,910 shares × ₹453)
• First call money: ₹453 per share (25% of ₹1,812), totalling ₹998.89 crore (2,20,50,618 shares × ₹453)
• Second and final call money: ₹906 per share (50% of ₹1,812), totalling ₹1,996.48 crore (2,20,36,186 shares × ₹906)

The promoter shareholding prior to the Rights Issue, as on December 31, 2023, was 42.75%, which now stands at 43.74% as on March 31, 2026, after the Rights Issue.

Fund Utilisation as at Q4FY26

The following table summarises the progress in utilisation of Rights Issue proceeds as at the end of the quarter ended March 31, 2026:

CARE Ratings noted that there was no utilisation of funds under either object during Q4FY26. The monitoring agency confirmed that all proceeds have been utilised appropriately for the objects mentioned in the offer document, and there has been no material deviation from expenditures disclosed therein.

Monitoring Account and Unutilised Proceeds

As of March 31, 2026, the company had unutilised General Corporate Purposes (GCP) proceeds of ₹0.42 crore and unutilised issue expense proceeds of ₹1.30 crore, which would have resulted in an expected monitoring account balance of ₹1.72 crore. However, the actual balance in the Axis Bank monitoring account stood at ₹0.32 crore, as the company utilised the remaining unutilised issue expense proceeds of ₹1.40 crore in Q4FY25 towards GCP. There is also a pending amount of ₹4.61 crore yet to be collected from investors.

Implementation Status and Compliance

The repayment or prepayment of borrowings was completed on February 25, 2025, ahead of the offer document's stipulated timeline of March 2027, with no delay recorded. General Corporate Purposes utilisation is ongoing, also with no delay. No major deviation was observed over earlier monitoring agency reports, with the previous report covering the quarter ended December 31, 2025, serving as the reference. All details in the report have been verified by Nerkar & Co. (peer reviewed audit firm) vide CA certificate dated April 28, 2026.

The report was submitted by Arti Roy, Associate Director at CARE Ratings Limited, and the filing was signed by Neelabja Chakrabarty, Company Secretary and Compliance Officer of Grasim Industries Limited, on May 8, 2026. The report is also available on the company's website at www.grasim.com .

Grasim Industries has completed the full and timely repayment of its Commercial Papers (CPs) on 8th May 2026, redeeming 10,000 CPs amounting to ₹500 crore upon their scheduled maturity. The repayment was carried out in compliance with SEBI Master Circular No. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated 15th October 2025, and in reference to the corporate announcement dated 22nd April 2026 regarding the record date for redemption.

Repayment Details

The company disclosed the complete details of the CP repayment to BSE Limited. The repayment was made in full on the due date, leaving no outstanding obligations under this issuance. The key details of the transaction are presented below:

Compliance and Disclosure

The disclosure was signed by Neelabja Chakrabarty, Company Secretary and Compliance Officer of Grasim Industries, on 8th May 2026. The communication was addressed to BSE Limited and copied to the Luxembourg Stock Exchange and Citi Bank N.A., reflecting the company's obligations across its listed and depository arrangements. With the actual repayment date aligning exactly with the due date, the company has fulfilled its obligations to CP holders in a timely manner, with nil amount remaining outstanding under this issuance.