Medi Assist Healthcare Services Limited has submitted its statement of deviation or variation in utilisation of funds raised through a Preferential Issue for the quarter ended March 31, 2026, in compliance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statement was reviewed and approved by the company's Audit Committee and Board of Directors at their meeting held on May 09, 2026. The company confirmed that there has been no deviation or variation in the utilisation of funds from the objects stated in the explanatory statement to the notice for the Preferential Issue.

Preferential Issue: Key Details

The Preferential Issue was completed on October 10, 2025, with the company raising a total of INR 1,98,00,35,000/-. The funds were transferred from the escrow account to the company's bank account in two tranches on December 30, 2025 and December 31, 2025. CARE Ratings Limited was appointed as the Monitoring Agency to oversee the utilisation of the issue proceeds, operating under the Monitoring Agency Agreement dated September 15, 2025 and January 09, 2026.

Fund Utilisation Progress as at March 31, 2026

The issue proceeds were allocated across two primary objects. As at the end of the quarter ended March 31, 2026, Rs. 148.40 crore had been utilised towards investment in the subsidiary for debt prepayment/repayment, while the general corporate purposes allocation remained entirely unutilised. No funds were deployed during the quarter under review; the utilisation of Rs. 148.40 crore was recorded as at the beginning of the quarter, reflecting deployment in Q3FY26.

Deployment of Unutilised Proceeds

The total unutilised amount of Rs. 49.60 crore has been temporarily deployed in liquid mutual funds and a subsidiary's current account, pending utilisation as per the stated objects. The following table details the deployment of these proceeds as at the end of the quarter:

Monitoring Agency Findings

CARE Ratings Limited, in its Monitoring Agency Report for the quarter ended March 31, 2026, confirmed that all utilisation is as per the disclosures in the offer document, with no material deviation observed. The report noted that Rs. 148.40 crore was utilised in Q3FY26 as per the objects specified in the Extraordinary General Meeting (EGM) resolution dated September 04, 2025, and there was no utilisation during Q4FY26. The Monitoring Agency also confirmed no deviation from the previous monitoring agency report dated February 06, 2026. Both the investment in subsidiary for debt prepayment/repayment and the general corporate purposes objects are noted as ongoing, with a completion timeline of within 2 years as per the offer document. The CA certificate for this report was issued by M/s Dangi Jain & Company, dated April 24, 2026.

Medi Assist Healthcare Services Limited has received a substantial acquisition disclosure from Massachusetts Institute of Technology (MIT) and 238 Plan Associates LLC after their combined shareholding crossed the 5% regulatory threshold on 29 April 2026.

Share Acquisition Details

The acquisition involved MIT purchasing 38,000 equity shares and 238 Plan Associates LLC acquiring 12,000 equity shares through open market transactions. Both entities are acting as persons acting in concert (PAC) for this investment.

Shareholding Pattern Changes

The acquisition resulted in a significant change in the combined shareholding pattern of both entities:

Regulatory Compliance

The disclosure was filed under Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as the combined holding crossed the mandatory 5% threshold. The document was signed by Seth Alexander, President of MIT Investment Management Company, representing both entities as authorized signatory.

Company Share Capital Structure

Medi Assist Healthcare Services Limited maintains a total equity share capital of 74,701,842 equity shares with a face value of INR 5 each, amounting to INR 373,509,210. The company's shares are listed on both the National Stock Exchange of India Limited and BSE Limited.

Investment Background

Neither MIT nor 238 Plan Associates LLC belong to the promoter or promoter group of Medi Assist Healthcare Services Limited. The acquisition represents a strategic investment by these institutional entities in the healthcare services sector through open market purchases.