Aadhar Housing Finance Limited has filed a Monitoring Agency Report for the quarter ended March 31, 2026, pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Submitted to BSE Limited and the National Stock Exchange of India Limited on May 5, 2026, the report — issued by ICRA Limited, the appointed Monitoring Agency — confirms that the entire IPO proceeds of Rs. 1000.00 crore have been fully utilized as on March 31, 2026, with no material deviations from the objects of the issue. The filing was signed by Harshada Pathak, Company Secretary and Compliance Officer, and the Monitoring Agency report was signed by Parul Goyal Narang, Vice President & Head- Process Excellence, ICRA Limited.

IPO and Issue Details

The company's equity shares were listed on BSE Limited and the National Stock Exchange of India Limited with effect from May 15, 2024, following an Initial Public Offer. The issue opened on May 8, 2024, and closed on May 10, 2024. The total issue size was INR 3,000.00 crore, of which the fresh issue (excluding OFS portion) amounted to INR 1,000.00 crore. ICRA Limited monitored gross proceeds of INR 1,000.00 crore in Q4FY26. The revised net proceeds stood at INR 955.47 crore (excluding issue-related expenses), reflecting a revision from the original INR 952.33 crore on account of actual offer-related expenditure being lower than estimated by INR 3.14 crore. The key issue parameters are summarized below:

Cost of Objects and Utilization Progress

The original and revised cost allocations for the objects of the issue, along with the progress in utilization during the quarter, are detailed below. The revision in the General Corporate Purpose allocation reflects the lower-than-estimated issue-related expenses of INR 3.14 crore.

The progress in utilization of proceeds during the quarter is presented below:

ICRA Limited noted that the company took reimbursement of INR 2.52 crore for issue-related expenses and INR 3.14 crore for general corporate purposes, both of which had been incurred earlier from internal accruals. There are no unutilized proceeds as on March 31, 2026.

General Corporate Purpose Utilization

The General Corporate Purpose (GCP) amount was utilized entirely towards repayment of indebtedness across two tranches, as detailed below:

Both objects — onward lending and general corporate purposes — were completed on schedule as per the offer document timeline of FY25, with no delays reported.

NCD Status and Confirmation of No Deviations

In accordance with Regulation 52(7) and 52(7A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company also confirmed that proceeds from previously listed NCDs were fully utilized. No new NCDs were issued during the quarter ended March 31, 2026. As a result, the statement of NCD issuance for the quarter was reported as Nil, and the statement of deviation or variation for NCDs was marked as Not Applicable. The debenture trustees for the company are Catalyst Trusteeship Limited and Beacon Trusteeship Limited.

The Monitoring Agency explicitly confirmed no material deviation in the utilization of IPO proceeds, no change in the means of finance for disclosed objects, no major deviation over earlier monitoring agency reports, and no unfavorable events affecting the viability of the objects. The utilization was verified through peer-reviewed CA certificates, bank statements of the proceeds account, and confirmation from the issuer's management. The disclosures were made in the format prescribed by the SEBI Master circular dated July 11, 2025.

Aadhar Housing Finance Limited has announced that its Board of Directors has recommended the appointment of M/s. N M Raiji & Co as Joint Statutory Auditor. The decision was taken during a meeting held on May 5, 2026, based on the recommendation of the Audit Committee. The appointment is proposed for a tenure of three consecutive financial years, commencing from FY 2026-27 and continuing until the conclusion of the Annual General Meeting for FY 2028-29. This move is subject to the approval of the shareholders at the company's ensuing annual general meeting.

Regulatory Compliance and Auditor Details

The appointment follows the guidelines issued by the Reserve Bank of India regarding the appointment of Statutory Central Auditors and Statutory Auditors for NBFCs and HFCs, as per RBI Circular no. RBI/2021-22/25-Ref.No. DoS.CO.ARG/SEC.01/08.91.001/2021-22 dated April 27, 2021. M/s. N M Raiji & Co, a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India (ICAI Firm Registration No. 108296W), has been selected to fill the vacancy. The firm has its main office in Mumbai and a branch office in Bangalore, and holds a valid Peer Review certificate. The disclosure has been made pursuant to Regulation 30 and Regulation 51(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Change in Statutory Auditors

The recommendation comes as the term of the existing Joint Statutory Auditor, M/s. Kirtane & Pandit LLP, is set to expire at the conclusion of the Annual General Meeting for FY 2025-26. Their tenure as Joint Statutory Auditor covered a period of three years from FY 2023-24 till the conclusion of the Annual General Meeting for FY 2025-26. If appointed by the shareholders, M/s. N M Raiji & Co will serve alongside the existing statutory auditors, M/s. S. R. Batliboi & Associates LLP. The Board confirmed that there are no reportable relationships between the directors of the company and the proposed auditor.

Summary of Auditor Changes

The Board meeting, where this decision was finalized, commenced at 3:40 p.m. and concluded at 4:40 p.m. on May 5, 2026. The official disclosure regarding this appointment has been made available on the company's website in accordance with SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 as updated on January 30, 2026.