BlackBuck Limited (formerly known as Zinka Logistics Solutions Limited) has filed its Monitoring Agency Report for the quarter ended March 31, 2026, with the National Stock Exchange of India and BSE Limited. The report, dated May 11, 2026, was prepared by ICRA Limited in its capacity as the Monitoring Agency, pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The filing pertains to the utilisation of proceeds from the company's Initial Public Offer.

IPO Issue Overview

BlackBuck Limited's IPO opened on November 13, 2024, and closed on November 18, 2024. The total issue size stood at INR 1,114.722 crore, inclusive of the Offer for Sale (OFS) portion. The fresh issue component, excluding the OFS, amounted to INR 550.00 crore in gross proceeds. Issue-related expenses, initially estimated at INR 30.281 crore as per the prospectus, were finally determined at INR 26.684 crore upon completion and reconciliation, and are being utilised as part of General Corporate Purposes.

Objects of the Issue and Cost Allocation

The gross proceeds of INR 550.000 crore were earmarked across four key objects as disclosed in the offer document. The original cost allocation, as per the prospectus, is detailed below.

ICRA confirmed that no revision to the original cost allocation has been made, and the means of finance for the disclosed objects remain unchanged.

Progress in Utilisation of IPO Proceeds

As of the quarter ended March 31, 2026, BlackBuck Limited had cumulatively utilised INR 444.361 crore of the total IPO proceeds. During Q4 FY2026 alone, INR 48.659 crore was deployed. The total unutilised amount stood at INR 105.639 crore at the end of the quarter.

ICRA noted that for the product development head, INR 0.222 crore was utilised as a reimbursement for expenditure originally funded through internal accruals. The investment in Blackbuck Finserve Private Limited was fully utilised by December 31, 2025.

Deployment of Unutilised Proceeds

The unutilised IPO proceeds have been deployed in fixed deposits and bank accounts. The total amount invested stood at INR 110.216 crore, with a market value of INR 112.735 crore at the end of the quarter. Total earnings on these deployments amounted to INR 2.519 crore.

The additional amount of INR 4.132 crore pertains to the OFS, and INR 0.445 crore pertains to interest earned on fixed deposits and internal accruals.

General Corporate Purposes Utilisation

The total utilisation under General Corporate Purposes amounted to INR 121.689 crore across multiple quarters. Key components included repayment of a working capital loan to Bajaj Finance (INR 45.065 crore), repayment of a working capital loan to Shivalik (INR 16.012 crore), repayment of Axis OD (INR 10.008 crore), loan repayment (INR 8.948 crore), payment towards on-roll salary (INR 8.148 crore), payment towards off-roll salary (INR 6.037 crore), and issue-related expenses across multiple tranches.

Compliance and No Deviation Confirmed

ICRA Limited confirmed that the utilisation of IPO proceeds is fully in line with the objects disclosed in the offer document, with no deviation observed. The monitoring agency also confirmed no material changes in the means of finance, no major deviations from earlier monitoring reports, and no unfavourable events affecting the viability of the objects. The report was signed by Parul Goyal Narang, Vice President & Head-Process Excellence at ICRA Limited, on May 11, 2026. The filing was submitted to the exchanges by Barun Pandey, Company Secretary & Compliance Officer of BlackBuck Limited.

BlackBuck Limited has completed the allotment of 99,793 equity shares under its Employee Stock Option Schemes and announced the grant of fresh stock options to eligible employees. The Nomination and Remuneration Committee of the Board of Directors approved these decisions through circular resolution on April 23, 2026.

Share Allotment Details

The company allotted a total of 99,793 equity shares having a face value of Re. 1/- each as fully paid-up shares to identified employees under two ESOP schemes:

Impact on Share Capital

Following the allotment, the company's financial structure has been updated significantly. The issued, subscribed and paid-up equity share capital increased from Rs. 18,17,96,612/- to Rs. 18,18,96,405/-. The exercise price per share was set at Re. 1/- with no premium charged.

Fresh Stock Option Grant

In addition to the share allotment, the Committee granted stock options equivalent to 66,667 equity shares under BlackBuck Limited Employee Stock Option Scheme 2019 to eligible employees. These options carry an exercise price of ₹ 1/- per equity share.

The vesting schedule for the new options is structured at 25% over 4 years. Each stock option in ESOP 2019 is convertible into one fully paid up equity share having face value of ₹1 each. The scheme includes provisions for handling stock options in cases of death, permanent incapacity, resignation, termination, retirement, and abandonment.

Regulatory Compliance

The allotment and grant comply with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The company filed the required statements with stock exchanges, with BSE filing completed on January 10, 2025, and NSE filing on January 11, 2025. All equity shares allotted pursuant to the exercise of stock options will rank pari-passu with existing equity shares of the company, with no lock-in restrictions applicable.

The company has made this intimation available on its website at www.blackbuck.com as per regulatory requirements.