Aptus Pharma Limited Reports NIL Deviation in Utilization of ₹13.02 Crore IPO Proceeds for Half Year Ended March 31, 2026

Aptus Pharma Limited has submitted its Monitoring Agency Report to BSE Limited for the half year and year ended March 31, 2026, in compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report was prepared by CARE Ratings Limited in its capacity as the Monitoring Agency for the company's IPO issue aggregating to ₹13.02 crore. The submission confirms NIL deviation in the utilization of public issue proceeds against the objects disclosed in the Offer Document.

IPO Issue Overview

Aptus Pharma Limited, a pharmaceuticals sector company headquartered in Ahmedabad, Gujarat, conducted its Initial Public Offer (IPO - SME) during the issue period of September 23, 2025 to September 25, 2025. The Monitoring Agency Agreement with CARE Ratings Limited was dated July 29, 2025. The key details of the issue are summarized below:

Parameter: Details Issuer: Aptus Pharma Limited Issue Type: Initial Public Offer (IPO - SME) Securities Type: Equity Shares Issue Size: Rs.13.02 crore Issue Period: September 23, 2025 to September 25, 2025 Monitoring Agency: CARE Ratings Limited Report Period: Half year ended March 31, 2026 Deviation from Objects: Nil

Full Utilization of IPO Proceeds

As per the Monitoring Agency Report, the entire IPO proceeds of ₹13.02 crore were fully deployed during H2FY26, with no unutilized funds as at the end of the half year. All utilization was confirmed to be in accordance with the objects stated in the Offer Document, as verified through Chartered Accountant certificates from A B K B & CO. dated April 22, 2026, management certificates, bank statements, and sample invoices.

The cost of objects and corresponding utilization are detailed in the table below:

Item Head: Amount as per Offer Document (Rs. Crore) Amount Utilised During Half Year (Rs. Crore) Total Unutilised Amount (Rs. Crore) Capital Expenditure for Office Premises with furniture and Industrial Racks: 1.63 1.63 0.00 Working Capital: 8.00 8.00 0.00 General Corporate Purposes: 1.91 1.91 0.00 Offer Expenses: 1.48 1.48 0.00 Total: 13.02 13.02 0.00

Object-Wise Utilization Highlights

The Monitoring Agency provided the following comments on the utilization of proceeds across each object during H2FY26:

Capital Expenditure (₹1.63 crore): Utilized towards office premises, modular office furniture, and heavy-duty racks.

Working Capital (₹8.00 crore): Deployed towards working capital requirements, specifically vendor payments.

General Corporate Purposes (₹1.91 crore): Utilized as ₹1.57 crore towards working capital requirements and ₹0.34 crore towards vendor payments.

Offer Expenses (₹1.48 crore): Incurred as per the objects of the issue. Out of the total offer expense of ₹1.48 crore, ₹0.63 crore has been taken as reimbursement by the company.

All four objects were completed by March 2026, consistent with the completion dates stated in the Offer Document, with no delays recorded.

General Corporate Purpose Utilization

The ₹1.91 crore allocated under General Corporate Purposes was utilized entirely towards financing working capital requirements — comprising ₹1.57 crore as payment of dropline overdraft limit and ₹0.34 crore as vendor payment during H2FY26. This is in line with the flexibility stated in the Offer Document, which permitted the use of ₹191.05 lakhs of net proceeds towards general corporate purposes including financing working capital requirements.

Monitoring Agency Observations

CARE Ratings Limited confirmed that proceeds have been utilized as per the objects mentioned in the Offer Document, with no major deviation observed over earlier monitoring agency reports. The previous Monitoring Agency Report was dated November 12, 2025. The Monitoring Agency also noted that the share price of the company was ₹360 as on April 24, 2026, as compared with the issue price of ₹70 per share. No favorable or unfavorable events affecting the viability of the objects were reported, and no changes in the means of finance for the disclosed objects were observed.

Aptus Pharma Limited has announced the successful completion of its postal ballot process, with shareholders approving two significant resolutions through remote e-voting on April 25, 2026. The proposals, which sought approval for increasing the company's authorized share capital and issuing bonus shares, received overwhelming support from voting members.

The postal ballot notice was dated March 24, 2026, with remote e-voting commencing on March 27, 2026, at 09:00 A.M. and concluding on April 25, 2026, at 05:00 P.M. A total of 337 shareholders were on record as of the cut-off date of March 24, 2026. The voting process was conducted through Central Depository Services Limited (CDSL) and scrutinized by CS Nalin T. Ganatra, a practicing company secretary appointed for this purpose.

Voting Results Overview

The two resolutions put to vote were both ordinary resolutions and neither had any interest from the promoter or promoter group. The voting participation showed strong engagement from shareholders, with 51,22,000 valid votes cast across both resolutions. All votes were cast in favor, with no votes against and no invalid or abstained votes recorded.

Resolution Description Votes in Favor Votes Against Percentage in Favor Resolution 1 Increase in Authorized Share Capital 51,22,000 0 100% Resolution 2 Issue of Bonus Shares (3:2 ratio) 51,22,000 0 100%

Resolution 1: Capital Increase

The first resolution sought approval for increasing the authorized share capital and consequent alteration to the capital clause of the Memorandum of Association. The promoter and promoter group held 50,00,000 shares and cast all 50,00,000 votes in favor through e-voting. Public non-institutional shareholders held 18,60,000 shares, with 1,22,000 votes polled, all in favor of the resolution.

Resolution 2: Bonus Share Issue

The second resolution proposed issuing bonus shares in the ratio of 3:2, meaning three bonus equity shares for every two existing fully paid-up equity shares held by members. The voting pattern mirrored the first resolution, with the promoter group casting all 50,00,000 votes in favor and public non-institutional shareholders contributing 1,22,000 votes in favor.

Both resolutions have been deemed passed with requisite majority as of April 25, 2026, the last date of remote e-voting. The scrutinizer's report confirmed that the voting process was conducted in a fair and transparent manner, with all relevant records maintained for safe custody. The results will be available on the company's website at aptus-pharma.com.

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