Aadhar Housing Finance Submits Monitoring Agency Report for Q4FY26, Confirms Full IPO Proceeds Utilization

Aadhar Housing Finance Limited filed its Monitoring Agency Report for the quarter ended March 31, 2026, with BSE Limited and the National Stock Exchange of India Limited on May 5, 2026. The report was submitted 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. ICRA Limited served as the Monitoring Agency for this report, which covers the utilization of proceeds raised through the company's Initial Public Offer.

IPO and Issue Details

The company's Initial Public Offer opened on May 08, 2024, and closed on May 10, 2024. The key parameters of the issue are summarized below:

Parameter: Details Type of Issue: Initial Public Offer Type of Securities: Equity Shares Total Issue Size: INR 3,000.000 Crore OFS Portion: INR 3,000.000 Crore Excluding OFS Portion: INR 1,000.000 Crore Original Net Proceeds: INR 952.330 Crore (excluding issue-related expenses) Revised Net Proceeds: INR 955.470 Crore (excluding issue-related expenses) Promoter: BCP TOPCO VII PTE. LTD. Industry/Sector: Non-Banking Financial Company (Housing Finance Company)

The revised net proceeds of INR 955.470 Crore reflect a reduction in actual issue-related expenses by INR 3.140 Crore compared to the original estimate. ICRA monitored gross proceeds of INR 1,000.000 Crore in Q4FY2026.

No Deviation in Utilization of Proceeds

The Monitoring Agency confirmed no material deviation in the utilization of IPO proceeds from the objects stated in the offer document. All utilization was found to be in line with the disclosures made in the Prospectus. The means of finance for the disclosed objects remained unchanged, and no major deviation was observed over earlier monitoring agency reports. No unfavorable or favorable events affecting the viability of the objects were reported.

Cost of Objects

The revised cost allocation across the stated objects of the issue is detailed below:

S.N. Item Head Original Cost (Rs. Crore) Revised Cost (Rs. Crore) 1 To meet future capital requirements towards onward lending 750.000 Not Applicable 2 General corporate purposes 202.330 205.470 3 Issue related expenses 47.670 44.530 Total 1,000.000 1,000.000

The revision in the General Corporate Purpose allocation was on account of actual issue-related expenses being lower than estimated by INR 3.140 Crore.

Progress in Utilization of Proceeds

As on March 31, 2026, the company has fully utilized its entire IPO proceeds towards the objects of the issue. The quarter-wise progress in utilization is presented below:

Item Head Amount as Proposed (Rs. Crore) Utilized at Beginning of Quarter (Rs. Crore) Utilized During Quarter (Rs. Crore) Utilized at End of Quarter (Rs. Crore) Unutilized (Rs. Crore) Issue Related Expenses 44.530 42.013 2.517 44.530 Nil To meet future capital requirements towards onward lending 750.000 750.000 - 750.000 Nil General corporate purposes 205.470 202.330 3.140 205.470 Nil Total 1,000.000 994.343 5.657 1,000.000

The company took reimbursement of INR 2.517 Crore for issue-related expenses and INR 3.140 Crore for general corporate purposes, both of which had been incurred earlier from internal accruals. No unutilized proceeds remained as at March 31, 2026, and deployment of unutilized proceeds was reported as not applicable.

General Corporate Purpose Utilization

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

S.N. Item Head Amount (Rs. Crore) 1 Repayment of indebtedness (Q1FY25) 202.330 2 Repayment of indebtedness (Q4FY26) 3.140 Total 205.470

Both tranches were verified through bank statements of the proceeds account and a Peer Reviewed CA-Certificate, with the Monitoring Agency raising no comments on either. The implementation of all objects remained on schedule, with no delays reported against the completion timelines stated in the offer document. The report 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.

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. 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 operates with its main office in Mumbai and a branch office in Bangalore, holding a valid Peer Review certificate.

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. 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

Particulars Details New Joint Statutory Auditor M/s. N M Raiji & Co (Firm Registration No. 108296W) Tenure FY 2026-27 to conclusion of AGM for FY 2028-29 Outgoing Joint Statutory Auditor M/s. Kirtane & Pandit LLP Reason for Change Completion of tenure of outgoing auditor Existing Joint Statutory Auditor M/s. S. R. Batliboi & Associates LLP

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.

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