CARE Ratings Limited has submitted its first Monitoring Agency (MA) report for the quarter ended March 31, 2026, pertaining to the Rights Issue of HealthCare Global Enterprises Limited. The report, issued under Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 82 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, confirms nil utilisation of the Rights Issue proceeds during the quarter. The Rights Issue, which was open from March 11, 2026 to March 25, 2026, raised an aggregate amount of Rs. 424.68 crores through equity shares.

Rights Issue Overview

The Rights Issue was conducted by HealthCare Global Enterprises Limited, a company operating in the Hospital & Healthcare Services sector. The promoters of the company include Dr. B. S. Ajalkumar, Hector Asia Holdings II Pte Ltd, and Catalyst Trusteeship Limited. The following table summarises the key details of the issue:

Objects of the Issue and Utilisation Status

The Rights Issue proceeds were earmarked across four distinct objects as disclosed in the Offer Document. As of the quarter ended March 31, 2026, nil utilisation was recorded across all objects. The table below presents the cost allocation and utilisation status for each object:

All four objects are recorded as ongoing with no delays, and their completion is targeted for Fiscal 2027, except for issue-related expenses for which no specific completion date was provided in the Offer Document.

Deployment of Unutilised Proceeds

The entire unutilised Rights Issue proceeds as at the end of Q4FY26 were held in Axis Bank accounts. The deployment details are as follows:

A note accompanying the report states that an amount of ₹4,096, which was initially held up due to an issue in the HDFC account of a customer and therefore not received until March 31, 2026, was subsequently realized on April 9, 2026 following resolution of the discrepancy and was thereafter transferred to the Monitoring Account on April 15, 2026.

Key Findings and Compliance Status

The Monitoring Agency report highlights the following key findings for Q4FY26:

• Deviation from objects: Nil
• Range of deviation: Not Applicable
• Shareholder approval for material deviations: Not Applicable
• Change in means of finance: No
• Major deviation from earlier monitoring reports: Not Applicable (this is the first monitoring agency report)
• Government/statutory approvals: Not Applicable
• Favorable/unfavorable events affecting viability: No
• Other material information affecting investor decisions: No

The General Corporate Purposes (GCP) component, amounting to Rs. 95.57 crore, also recorded nil utilisation for the quarter ended March 31, 2026. As stated in the Offer Document, the company intends to deploy the balance net proceeds aggregating to ₹9,556.87 lakhs towards general corporate purposes, subject to the condition that the amount utilised for this purpose shall not exceed 25% of the Gross Proceeds.

Monitoring Agency and Certification

The report was prepared by CARE Ratings Limited and signed by Sahil Goyal, Assistant Director, in the capacity of Monitoring Agency. The report is based on a CA Certificate dated April 22, 2026 from Esha Prasanna & Co., along with Management Certificates and Management Undertakings provided by the issuer. The MA has confirmed that there is no conflict of interest in its relationship with HealthCare Global Enterprises Limited while monitoring and reporting the utilisation of the issue proceeds. The report has been made available on the company's website and submitted to both the National Stock Exchange of India Limited and BSE Limited.

Motilal Oswal Asset Management Company Limited, acting as the investment manager to the schemes of Motilal Oswal Mutual Fund, has reported the disposal of shares in HealthCare Global Enterprises Ltd. under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011. The transaction was executed on May 4, 2026, through open market transactions, and the disclosure was filed with BSE Limited on May 07, 2026.

Transaction Overview

The disposal was carried out collectively by eight schemes of Motilal Oswal Mutual Fund, which are considered as persons acting in concert (PAC) for the purpose of this disclosure. The acquirer does not belong to the promoter or promoter group of the target company. The following schemes participated in the transaction:

• Motilal Oswal BSE Healthcare ETF
• Motilal Oswal Nifty Microcap 250 Index Fund
• Motilal Oswal Multi Cap Fund
• Motilal Oswal Business Cycle Fund
• Motilal Oswal Services Fund
• Motilal Oswal BSE 1000 Index Fund
• Motilal Oswal Special Opportunities Fund
• Motilal Oswal Consumption Fund

Shareholding Details Before and After Disposal

The following table summarises the change in shareholding position of Motilal Oswal Mutual Fund in HealthCare Global Enterprises as a result of the disposal:

Target Company Capital Structure

The equity share capital of HealthCare Global Enterprises Ltd. remained unchanged following the disposal. Key details of the target company's capital structure are presented below:

Regulatory Disclosure

The disclosure was made by Aparna Karmase, Head – Compliance, Legal and Secretarial at Motilal Oswal Asset Management Company Limited, from Mumbai, dated May 07, 2026. The filing is in compliance with the prescribed format under SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011, which mandates disclosure whenever an acquirer's shareholding crosses specified thresholds through acquisition or disposal of shares.