Baazar Style Retail Limited successfully conducted its Extra-Ordinary General Meeting on February 13, 2026, through video conferencing to address a critical strategic initiative. The meeting, held from 12:00 Noon to 12:43 PM IST, focused on approving the issuance of fully convertible equity warrants on preferential basis to identified persons.

Meeting Participation and Governance

The EOGM witnessed substantial participation from stakeholders, with comprehensive representation from the company's leadership team. The meeting was conducted in accordance with the Companies Act, 2013, and SEBI Listing Regulations, ensuring full compliance with regulatory requirements.

The board was fully represented with all directors participating through video conferencing from various locations including Kolkata, Surat, Mumbai, and Bikaner. Key attendees included Chairperson Rohit Kedia, Managing Director Shreyans Surana, and other whole-time and independent directors.

Strategic Partnership Initiative

The primary agenda centered on the approval of fully convertible equity warrants, which forms part of the company's strategic partnership with Cupid Limited. Managing Director Shreyans Surana elaborated on the strategic rationale and synergies of this partnership during the meeting.

The leadership emphasized several key benefits of this initiative:

• Support for store expansion plans
• Reduction in existing borrowings
• Enhancement of working capital position
• Long-term value creation for stakeholders

Voting Process and Compliance

The company implemented a comprehensive voting mechanism to ensure maximum shareholder participation. Remote e-voting was conducted through MUFG Intime India Private Limited, providing shareholders with convenient access to the voting process.

CS Sanjay Kumar Joshi from S.K. Joshi & Associates served as the scrutinizer for the voting process, ensuring transparency and accuracy in vote counting.

Resolution and Next Steps

The special resolution regarding the issuance of fully convertible equity warrants on preferential basis was presented to shareholders for approval. A dedicated question-and-answer session allowed shareholders to seek clarifications and express their views on the proposed resolution.

The meeting concluded with expressions of gratitude from the leadership team to all participating shareholders. The results of the e-voting process, along with the scrutinizer's report, will be made available on the company's website and stock exchange platforms including BSE Limited and National Stock Exchange of India Limited.

This strategic initiative represents Baazar Style Retail Limited's commitment to purposeful growth and strengthening its financial position through strategic partnerships and capital optimization.

Baazar Style Retail Limited has filed its monitoring agency report for the quarter ended December 31, 2025, regarding the utilization of proceeds raised through its Initial Public Offering (IPO). The report was submitted under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Monitoring Agency Report Overview

CARE Ratings Limited, serving as the monitoring agency, prepared the comprehensive report covering the utilization of Rs.185 crore raised through pre-IPO placement and IPO. The monitoring agency confirmed that all proceeds have been utilized appropriately for the objectives mentioned in the offer document, with no deviations reported.

IPO Proceeds Utilization Details

The company's IPO proceeds of Rs.185 crore were allocated across three primary objectives as outlined in the offer document. The utilization status shows near-complete deployment of funds with minimal remaining balance.

Issue Details and Timeline

The company conducted both pre-IPO placement and public offering during August-September 2024. The issue period spanned from August 03, 2024 for pre-IPO placement to September 03, 2024 for the IPO closure.

Key Issue Parameters:

• Issue Type: Pre-IPO placement and Initial Public Offering
• Securities Type: Equity Shares
• Issue Period: August 03, 2024 to September 03, 2024
• Industry Sector: Value Fashion Retailer

Deployment of Unutilized Proceeds

The remaining Rs.0.42 crore of unutilized proceeds is maintained in designated bank accounts with Axis Bank. This includes Rs.0.08 crore in share application account and Rs.0.34 crore in public offer account, representing the company's share of offer expenses.

Compliance and Certification

The monitoring agency report confirms full compliance with SEBI regulations and offer document disclosures. Singh & Co. provided statutory auditor certification dated January 29, 2026, validating the utilization details. The report indicates no material deviations, changes in financing means, or unfavorable events affecting the viability of stated objectives.

Company Information

Baazar Style Retail Limited, formerly known as Baazar Style Retail Pvt. Ltd., operates as a value fashion retailer. The company is headquartered at PS Srijan Tech Park, DN-52, 12th Floor, Sector-V, Salt Lake, North 24 Parganas, West Bengal. The report was signed by Abinash Singh, Chief Compliance Officer, Company Secretary and Head - Legal & Compliance.