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. The table below provides a detailed breakdown of all components under this head.

Implementation Timeline

The report also captures the progress of each object against the scheduled deployment timeline as disclosed in the prospectus. No delays were reported for any of the objects.

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 , formerly known as Zinka Logistics Solutions Limited, has disclosed the strike-off of its non-material wholly owned subsidiary, ZZ Logistics Solutions Private Limited (ZZLSPL), effective May 11, 2026. The disclosure was made to the National Stock Exchange of India Ltd. and BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Strike-Off of Subsidiary

The Ministry of Corporate Affairs struck off the name of ZZLSPL on an application filed by ZZLSPL itself. As a result, ZZLSPL ceased to exist as a wholly owned subsidiary of BlackBuck Limited with effect from May 11, 2026. The company clarified that the disposal was carried out by way of strike-off and was not applicable to any sale consideration.

Financial Profile of ZZLSPL

As required under Regulation 30 of the Listing Regulations, read with SEBI Circular bearing reference number SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, BlackBuck Limited provided the following disclosures regarding ZZLSPL's financial standing:

ZZLSPL had no business operations since its incorporation and did not contribute any turnover, revenue, income, or net worth to BlackBuck Limited during the last financial year.

Regulatory Compliance

The disclosure was signed by Barun Pandey, Company Secretary and Compliance Officer of BlackBuck Limited (Membership No. A39508), and submitted on May 11, 2026. The company noted that the above information would also be made available on its website at www.blackbuck.com . BlackBuck Limited is registered at Vaswani Presidio, No. 84/2, II Floor, Panathur Main Road, Off Outer Ring Road, Bangalore – 560103, Karnataka, India, with CIN: L63030KA2015PLC079894.