Brickwork Ratings India Private Limited has submitted the Third Monitoring Agency Report for Pushpa Jewellers Limited for the quarter ended March 31, 2026, pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report confirms that the utilisation of IPO proceeds has been fully in line with the objects disclosed in the Offer Document, with no deviation reported.

IPO Issue Details

Pushpa Jewellers raised funds through a combination of Fresh Issue and Offer for Sale of Equity Shares. The issue was open for anchor investors from June 27, 2025 to July 02, 2025, and for other investors from June 30, 2025 to July 02, 2025. The following table summarises the issue structure:

It is noted that Pushpa Jewellers transferred the total Offer for Sale amount without initially deducting its share of issue expenses, originally estimated at Rs 2.17 crore as per the Prospectus. As overall issue expenses exceeded the proposed Rs 10.85 crore, expenses were proportionately reallocated, resulting in an increased OFS share of Rs 2.26 crore. On September 26, 2025, the promoters issued a cheque to the Company for Rs 2.31 crore, which was credited to the company monitoring account on November 01, 2025. The excess amount of Rs. 0.05 crore was subsequently refunded to the OFS shareholder on February 05, 2026.

Monitoring Compliance and Observations

The Monitoring Agency reviewed the utilisation of issue proceeds based on bank statements, invoices, company letters, and a CA Certificate from Ms. S K Agrawal and Co. Chartered Accountants LLP dated May 13, 2026. Key compliance findings are summarised below:

Progress in Utilisation of IPO Proceeds

The following table details the progress in utilisation of IPO proceeds across all stated objects as at the end of the quarter ended March 31, 2026:

Working capital expenses and inventory cost for the proposed new showroom have been fully utilised. Capital expenditure for the new showroom and general corporate purpose remain ongoing, with no delay reported against the scheduled completion timeline of up to Financial Year 2025-26.

Deployment of Unutilised Proceeds

As of March 31, 2026, the unutilised IPO proceeds are held in the company's monitoring account. The details are as follows:

These details have been verified by Ms. S K Agrawal and Co. Chartered Accountants LLP dated May 13, 2026.

General Corporate Purpose Utilisation

During the quarter ended March 31, 2026, an amount of ₹3.11 Crore was utilised under General Corporate Purpose (GCP). As per the Prospectus dated July 03, 2025, GCP includes strategic initiatives, funding growth opportunities, strengthening marketing capabilities and brand building, meeting ongoing general corporate contingencies, meeting fund requirements in the ordinary course of business, meeting expenses incurred in the ordinary course of business, and capital expenditure including towards expansion, development, refurbishment, or renovation of assets, among other board-approved purposes.

The Monitoring Agency report was submitted by Mr. Niraj Kumar Rathi, Senior Director, Ratings at Brickwork Ratings, and the filing to the National Stock Exchange was authorised by Mr. Anupam Tibrewal, Managing Director of Pushpa Jewellers Limited, from Kolkata on May 14, 2026.

Pushpa Jewellers Limited has formally cancelled its proposed preferential issue of Convertible Equity Share Warrants following the rejection of the resolution by shareholders. The Board of Directors had previously approved the issuance of 20,00,000 (Twenty Lakhs) warrants to the Promoter, Promoter Group, and Public Investors, subject to regulatory approvals. However, the resolution was not approved at the Extraordinary General Meeting (EGM) held on May 06, 2026.

EGM Voting Outcome

The EGM was conducted through Video Conferencing to seek shareholder approval for the warrant issuance and other agenda items. While four resolutions were passed, the special resolution regarding the preferential allotment of warrants failed. The voting results indicated significant opposition, with 99.59% of votes cast against the resolution and only 0.41% in favour. Consequently, the company will not proceed with the allotment of these instruments.

Other Resolutions Passed

Despite the rejection of the warrant issue, the shareholders approved other key proposals. These included an increase in the authorised share capital and the approval of borrowing limits up to ₹100,00,00,000 under Section 180(1)(c) of the Companies Act, 2013. Additionally, resolutions regarding loans, guarantees, and securities under Sections 185 and 186 were also passed with the requisite majority.

Regulatory Disclosures

The company had received an in-principle approval from the National Stock Exchange of India Limited regarding the proposed preferential issue. Following the EGM outcome, the company intimated the exchange on May 12, 2026, that the issue stands cancelled. The Scrutinizer's Report confirmed that the voting process was conducted fairly, and results have been hosted on the company's website.