BlackBuck Limited Submits ICRA Monitoring Agency Report for Q4 FY2026 IPO Proceeds Utilisation

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.

Parameter: Details Issue Opening Date: November 13, 2024 Issue Closing Date: November 18, 2024 Type of Issue: Initial Public Offer Total Issue Size: INR 1,114.722 Crore Fresh Issue (Excl. OFS): INR 550.00 Crore Actual Issue Expenses: INR 26.684 Crore Monitoring Agency: ICRA Limited

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.

S.N. Item Head: Original Cost (Rs. Crore) 1 Funding towards sales and marketing costs 200.000 2 Investment in Blackbuck Finserve Private Limited (NBFC subsidiary) 140.000 3 Funding of expenditure in relation to product development 75.000 4 General corporate purposes 135.000 Total 550.000

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.

Item Head: Amount Proposed (Rs. Crore) Utilised at Start of Quarter (Rs. Crore) Utilised During Quarter (Rs. Crore) Cumulative Utilised (Rs. Crore) Unutilised (Rs. Crore) Sales and marketing costs 200.000 101.729 35.568 137.297 62.703 Investment in Blackbuck Finserve Pvt. Ltd. 140.000 140.000 - 140.000 NIL Product development expenditure 75.000 32.284 13.091 45.375 29.625 General corporate purposes 135.000 121.689 - 121.689 13.311 Total 550.000 395.702 48.659 444.361 105.639

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.

Instrument & Entity: Amount Invested (Rs. Crore) Earnings (Rs. Crore) Return on Investment Market Value (Rs. Crore) FD with Axis Bank Ltd (FD No. 926040062961472) 0.806 0.002 3.25% 0.808 FD with Kotak Bank Ltd (FD No. 7950609727) 80.000 1.781 6.50% 81.781 FD with Kotak Bank Ltd (FD No. 7949677324) 6.207 0.457 7.40% 6.664 FD with Kotak Bank Ltd (FD No. 7950635597) 15.014 0.279 6.45% 15.293 Public Issue A/c No. 924020063621788 0.376 - - 0.376 Monitoring Account A/C No. 924020063167763 7.813 - - 0.024 Total 110.216 2.519 112.735

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. Key components included repayment of a working capital loan to Bajaj Finance (INR 45.065 crore), repayment of a working capital loan to Shivalik (INR 16.012 crore), repayment of Axis OD (INR 10.008 crore), loan repayment (INR 8.948 crore), payment towards on-roll salary (INR 8.148 crore), payment towards off-roll salary (INR 6.037 crore), and issue-related expenses across multiple tranches.

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 has completed the allotment of 99,793 equity shares under its Employee Stock Option Schemes and announced the grant of fresh stock options to eligible employees. The Nomination and Remuneration Committee of the Board of Directors approved these decisions through circular resolution on April 23, 2026.

Share Allotment Details

The company allotted a total of 99,793 equity shares having a face value of Re. 1/- each as fully paid-up shares to identified employees under two ESOP schemes:

Employee Stock Option Plan: No. of Equity Shares Allotted BlackBuck Limited Employee Stock Option Scheme 2016 (ESOP 2016) 18,596 BlackBuck Limited Employee Stock Option Scheme 2019 (ESOP 2019) 81,197 Total 99,793

Impact on Share Capital

Following the allotment, the company's financial structure has been updated significantly. The issued, subscribed and paid-up equity share capital increased from Rs. 18,17,96,612/- to Rs. 18,18,96,405/-. The exercise price per share was set at Re. 1/- with no premium charged.

Parameter: Details Date of Issue April 23, 2026 Par Value Re. 1/- per equity share Exercise Price Re. 1/- Premium Nil Total Issued Shares After Issue 18,18,96,405 ISIN Number INE0UIZ01018 Distinctive Number Range 181796982 - 181896774

Fresh Stock Option Grant

In addition to the share allotment, the Committee granted stock options equivalent to 66,667 equity shares under BlackBuck Limited Employee Stock Option Scheme 2019 to eligible employees. These options carry an exercise price of ₹ 1/- per equity share.

The vesting schedule for the new options is structured at 25% over 4 years. Each stock option in ESOP 2019 is convertible into one fully paid up equity share having face value of ₹1 each. The scheme includes provisions for handling stock options in cases of death, permanent incapacity, resignation, termination, retirement, and abandonment.

Regulatory Compliance

The allotment and grant comply with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The company filed the required statements with stock exchanges, with BSE filing completed on January 10, 2025, and NSE filing on January 11, 2025. All equity shares allotted pursuant to the exercise of stock options will rank pari-passu with existing equity shares of the company, with no lock-in restrictions applicable.

Filing Details: Information BSE Filing Date January 10, 2025 NSE Filing Date January 11, 2025 BSE Filing Number DCS/IPO/AK/ESOP-IP/3520/2024-25 NSE Filing Number (ESOP 2016) NSE/LIST/46502 NSE Filing Number (ESOP 2019) NSE/LIST/46503

The company has made this intimation available on its website at www.blackbuck.com as per regulatory requirements.

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.

As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.

We plan to change that - a technology-led and artificial intelligence enabled platform built for super traders and long term investors.

Disclaimer:

The data and information provided on this website is for general informational and research purposes only. While we strive to ensure that the content is accurate, up-to-date, and reliable, this platform utilizes artificial intelligence (AI) tools to generate, curate, and summarize information. As such, the content may occasionally contain errors, omissions, or outdated information. All users are therefore advised to cross verify the source of the data and information.

This website does not constitute professional, legal, financial, medical, or any other form of licensed advice. Users are encouraged to independently verify any information before relying on it, especially for decisions that may have legal, financial, or personal consequences.

The views, analyses, and summaries presented on this platform may be generated or assisted by AI and do not necessarily reflect the opinions of the website owners, operators, editors, or affiliates.

We make no warranties or representations, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information contained on this website. Any reliance you place on such information is strictly at your own risk.

This website may include links to third-party sources or content. We do not control or endorse the nature, accuracy, or availability of those external sites and are not responsible for any content or damages arising from their use.

By using this website, you acknowledge and agree that the use of AI-generated content involves inherent limitations, uncertainties and inaccuracies, and you accept full responsibility for how you interpret and use the information provided.

We reserve the right to modify, update, or remove content and this disclaimer at any time without prior notice.