Shanti Gold International Limited has filed its Monitoring Agency Report for Q4 FY2025-26 with BSE Limited and the National Stock Exchange of India Limited on May 11, 2026, in compliance with Regulation 32 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The report was prepared by Acuité Ratings and Research Limited, the appointed Monitoring Agency, and covers the utilisation of proceeds from the company's Initial Public Offer. The Audit Committee reviewed and approved the report at its meeting held on May 11, 2026.

Issue and Company Overview

Shanti Gold International Limited operates in the Gems, Jewellery and Watches / Consumer Durables sector. The company's IPO was conducted during the period July 25, 2025 to July 29, 2025, as a public issue of equity shares, raising a total of INR 360.11 Cr. The company's promoters are Mr. Pankaj Kumar Jagawat, Mr. Manojkumar Jain, and Mr. Shashank Jagawat.

Key Findings: No Deviation Observed

The Monitoring Agency confirmed that no deviation from the objects stated in the Offer Document was observed during the quarter. The means of finance for the disclosed objects remain unchanged, and no material deviations requiring shareholder approval were identified. No favorable or unfavorable events affecting the viability of the objects were noted, and no information was found that could materially affect investor decision-making.

IPO Proceeds Utilisation — Q4 FY2025-26

The following table details the progress in utilisation of IPO proceeds across all stated objects as at the end of Q4 FY2025-26:

The total unutilised amount of INR 45.25 Cr. is deployed as follows:

• INR 44.18 Cr. deployed as Fixed Deposits
• INR 0.29 Cr. maintained in the ICICI Monitoring Agency account
• INR 0.79 Cr. available in the ICICI Public Issue account

General Corporate Purpose Utilisation

Of the INR 46.01 Cr. allocated for General Corporate Purposes, INR 46.00 Cr. was utilised towards vendor payments — specifically for the purchase of gold from vendors in the ordinary course of business, as confirmed by bank statements, invoices, and an Independent Auditors Certificate.

Deployment of Unutilised Proceeds

The unutilised IPO proceeds have been deployed across nine Fixed Deposit Receipts (FDRs) with Yes Bank. The table below summarises the deployment:

Monitoring Agency Declaration

Acuité Ratings and Research Limited confirmed that the report provides an objective view of the utilisation of issue proceeds based on information provided by the issuer and from sources believed to be accurate and reliable. The Monitoring Agency noted that it does not perform an audit and undertakes no independent verification of information, certifications, or statements received. No conflict of interest was identified in its role as Monitoring Agency in relation to any other commercial transactions with the issuer. The report was signed by Vikas Mishra, Deputy Vice President – Process Excellence, Acuité Ratings and Research Limited, on May 11, 2026.

Shanti Gold International Limited has completed its postal ballot process through remote e-voting, with the voting results announced on April 25, 2026. The ballot sought shareholder approval for the re-appointment of two key directors along with increases in their remuneration. The e-voting period was conducted from March 25, 2026, to April 23, 2026, with the record date set as March 20, 2026, determining eligible shareholders.

Voting Overview

The postal ballot covered two ordinary resolutions. The first resolution pertained to the re-appointment of Mr. Pankajkumar Jagawat (DIN: 01843846) as Managing Director and increase in his remuneration. The second resolution concerned the re-appointment of Mr. Manojkumar Jain (DIN: 01817027) as Whole-Time Director and increase in his remuneration. Both resolutions were passed with the requisite majority on April 23, 2026.

Detailed Voting Results

The voting process involved 33,143 total shareholders on the record date. The results were scrutinized by CS Maithili Nandedkar of MNB & Co. LLP, Practicing Company Secretaries, who served as the Scrutinizer for the postal ballot process.

Shareholder Participation

The voting participation was distributed across different shareholder categories. For both resolutions, the Promoter and Promoter Group cast 27,002,700 votes entirely in favour. Public Institutions contributed 199,811 votes, also entirely in favour. Public Non-Institutions showed some opposition, with 10,139 votes in favour and 2,972 votes against for the first resolution, and 10,524 votes in favour and 2,787 votes against for the second resolution.

Regulatory Compliance

The company has submitted the postal ballot results along with the scrutinizer's report to the Listing/Compliance Departments of BSE Limited and National Stock Exchange of India Limited. The submission was made in compliance with Regulation 44(3) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The voting results and scrutinizer's report have also been uploaded on the company's website at www.shantigold.in .

Scrutinizer Report

The scrutinizer's report was issued by CS Maithili Nandedkar (FCS No. 8242, COP No. 9307) from MNB & Co. LLP. The report confirmed that the e-voting data was scrutinized, matched, and confirmed with the shareholding list of beneficiaries. The management of the company is responsible for ensuring compliance with the requirements of the Companies Act, 2013 and rules relating to voting through electronic means. The scrutinizer's responsibility was restricted to making a report of the votes cast in favour or against the resolutions based on reports generated from the e-voting system provided by NSDL, the authorized agency engaged by the company for providing e-voting facilities.

Company Information

Shanti Gold International Limited is listed on both BSE Limited and National Stock Exchange of India Limited. The company's CIN is L74999MH2013PLC249748. The postal ballot notice was dated March 19, 2026, and dispatched on March 24, 2026. The results were formally submitted to the stock exchanges on April 25, 2026, by Vrushti Shah, Company Secretary & Compliance Officer of the company.

Both resolutions have been passed as ordinary resolutions with the requisite majority, as confirmed in the scrutinizer's report dated April 25, 2026. The soft copy of the list of equity shareholders who voted "FOR", "AGAINST" and those whose votes were declared invalid for each resolution has been emailed to the Company Secretary of the company.