Parag Milk Foods Limited has filed a Monitoring Agency Report for the quarter ended March 31, 2026, pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The filing, dated May 8, 2026, pertains to the utilisation of proceeds from the company's preferential issue of Convertible Share Warrants. India Ratings & Research Private Limited served as the Monitoring Agency, and the report confirmed no deviation from the objects of the issue. The statement was reviewed and approved by the company's Audit Committee and Board of Directors, with no adverse comments recorded.

Issue and Fund Raising Details

The company raised INR 40.30 Crore through a Preferential Issue of Convertible Share Warrants. The issue comprised 90,00,000 convertible warrants at a price of INR 179.10 per share warrant (including a premium of INR 169.10). The total issue size stood at INR 161.19 Crores; however, the company received 25% of the value of the convertible warrants as upfront consideration, amounting to INR 44.78 per warrant. The balance 75% (INR 134.33 per warrant) is receivable upon exercise of the conversion option by warrant holders during the 18-month tenure of the warrants. The utilisation of proceeds was guided by the objects outlined in the Extra-ordinary General Meeting (EGM) notice dated April 3, 2025, read with the Corrigendum to the EGM notice dated April 24, 2025.

The key details of the issue and compliance status are summarised below:

Fund Utilisation Progress

As of March 31, 2026, funds totalling INR 40.00 Crore had been utilised against the total raised amount of INR 40.30 Crore, with no deviation or variation reported against any individual object. The Monitoring Agency noted nil utilisation during the quarter itself, with all utilisation having occurred in prior periods. The remaining unutilised balance of INR 0.30 Crore was held in a Union Bank of India account (A/c No. 792701010000012).

The progress in fund utilisation across the defined objects is detailed below:

Monitoring Agency Findings

India Ratings & Research Private Limited confirmed that all utilisation was as per the disclosures in the offer document, based on management undertaking, Statutory Auditor Certificate dated May 4, 2026 issued by Sharp & Tannan, Chartered Accountants (FRN – 109982W), EGM notice with Corrigendum, and relevant bank statements. No deviation from the objects was observed. The Monitoring Agency also confirmed that the means of finance for the disclosed objects had not changed, and no major deviation was observed over earlier monitoring agency reports. No favorable or unfavorable events affecting the viability of the objects were reported.

All four objects — Debt Reduction, Working Capital, Capital Expenditure, and General Corporate Purpose — carry a tentative completion timeline of within 12 months from the date of receipt of funds, and their status remains on-going with no delays reported.

Regulatory Compliance

The filing was signed by Virendra Varma, Company Secretary and Compliance Officer (FCS No. 10520), on behalf of Parag Milk Foods Limited. The Monitoring Agency Report was submitted by Shrikant Dev, Company Secretary at India Ratings & Research Private Limited, on May 8, 2026. The report confirms full adherence to the utilisation framework as disclosed to shareholders, with no modifications to the original objects or allocation amounts reported for the quarter ended March 31, 2026. The intimation along with the Monitoring Agency Report has also been made available on the company's website.

Parag Milk Foods Limited has received a request from Vitalia Tradeglob Private Limited, a member of its promoter group, seeking reclassification from the promoter group category to the public category of shareholders. The request, dated May 3, 2026, was submitted in accordance with Regulation 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations). The company informed the stock exchanges on May 4, 2026, about the receipt of this communication.

Reclassification Request Details

As on May 4, 2026, Vitalia Tradeglob Private Limited holds Nil shareholding in Parag Milk Foods Limited. The reclassification request is subject to consideration and approval by the Board of Directors of the company and requires no-objection from the stock exchanges. The following table summarises the key details of the reclassification request:

Company Background

The intimation was submitted to both BSE Limited and National Stock Exchange of India Ltd. The communication was signed by Virendra Lalbahadur Varma, Company Secretary & Compliance Officer of Parag Milk Foods Limited. Parag Milk Foods Limited is headquartered in Pune, Maharashtra, with its corporate office located at the 10th Floor, Nirmal Building, Nariman Point, Mumbai - 400021, Maharashtra.