Prodocs Solutions Limited: Monitoring Agency Report on IPO Proceeds Utilisation for Quarter Ended March 31, 2026

Prodocs Solutions Limited has filed its Monitoring Agency Report for the quarter ended March 31, 2026, in compliance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report, prepared by Infomerics Valuation and Rating Limited, provides a detailed account of the utilisation of proceeds raised through the company's public issue of equity shares. The company, engaged in providing Business Process Outsourcing services, is registered at Andheri East, Mumbai, with CIN: L72900MH2019PLC322408.

Issue Details and Proceeds Structure

The public issue, which opened from December 08, 2025, to December 10, 2025 (with the anchor offer opening and closing on December 05, 2025), comprised equity shares offered at Rs. 138.00 per share. The following table summarises the structure of the IPO proceeds:

Particulars: Fresh Issue (Rs. in crore) Offer for Sale (Rs. in crore) Total (Rs. in crore) Gross Proceeds Received from IPO 22.08 5.52 27.60 Less: Issue Related Expenses 2.17* 0.54* 2.71* Net Proceeds 19.91 4.98 24.89

*Issue related expenses as per prospectus. Of the total Rs. 2.71 crore earmarked for issue-related expenses, Rs. 2.17 crore is to be borne by the company and Rs. 0.54 crore by the selling shareholders. During Q4 FY2026, the company utilised Rs. 0.41 crore towards issue-related expenses.

Object-wise Utilisation of IPO Proceeds

The report details the progress of fund deployment across six identified objects of the issue. As of the end of Q4 FY2026, the company had cumulatively utilised Rs. 14.30 crore, with Rs. 7.78 crore remaining unutilised. The following table presents the object-wise utilisation:

Sl. No. Item Head Amount as per Offer Document (Rs. crore) Amount Raised till March 31, 2026 (Rs. crore) Utilised at Beginning of Q4 FY2026 (Rs. crore) Utilised During Q4 FY2026 (Rs. crore) Utilised at End of Q4 FY2026 (Rs. crore) Unutilised Amount (Rs. crore) 1 Design, development, implementation & support for tailored software 4.43 4.43 - - - 4.43 2 Capital expenditure towards IT equipment, hardware & ancillary equipment 3.92 3.92 0.77 3.15 3.92 - 3 Repayment/pre-payment of outstanding borrowings 3.77 3.77 3.61 0.16 3.77 - 4 Funding working capital requirements 4.50 4.50 - 1.50 1.50 3.00 5 General Corporate Purposes 3.29 3.29 0.24 3.03 3.27 0.02 6 Issue Related Expenses 2.17 2.17 1.43 0.41 1.84 0.33 Total 22.08 22.08 6.05 8.25 14.30 7.78

Delays in Utilisation and Monitoring Agency's Observations

The Monitoring Agency has noted that, as per the prospectus, a minimum of Rs. 2.00 crore out of the total Rs. 4.43 crore earmarked for Object No. 1 (software development) and the entire Rs. 3.29 crore earmarked for General Corporate Purposes were to be utilised by the end of Q4 FY2026. However, the company is yet to utilise any amount towards Object No. 1, and Rs. 0.02 crore towards General Corporate Purposes also remains unutilised. As per the prospectus (page no. 96), to the extent the company is unable to utilise any portion of the net proceeds in accordance with the estimated schedule, it shall deploy the net proceeds in subsequent fiscal years. Accordingly, the delay in utilisation has not been reported as a deviation by the Monitoring Agency.

The delay in implementation details are as follows:

Object Completion Date as per Offer Document Actual Status Delay Tailored software development Till FY2027 Yet to commence Refer Note 1 IT equipment & hardware CapEx Till FY2026 Completed No Delay Repayment of borrowings Till FY2026 Completed No Delay Working capital requirements Till FY2027 Ongoing No Delay General Corporate Purposes Till FY2026 Ongoing Refer Note 1

Deployment of Unutilised Proceeds

The unutilised IPO proceeds of Rs. 7.78 crore are currently deployed as follows:

Sl. No. Type of Instrument Amount Invested (Rs. crore) Market Value at End of Period (Rs. crore) 1 Balance in Axis Bank Monitoring Account No. 925020055861751 2.12 2.12 2 Multiple FDs placed with Axis Bank 5.43 5.43 3 Axis Bank EEFC Current Account - 925020027290918 0.23* 0.23* Total 7.78 7.78

*The company had made an advance payment of USD 24,900 towards Object No. 1; however, due to technical issues, the amount was refunded to the EEFC account. The balance reflects a USD amount of 24,900, which, at a closing rate of Rs. 93.48 per USD, amounts to Rs. 0.23 crore in INR terms.

General Corporate Purposes Utilisation

Of the Rs. 3.29 crore earmarked for General Corporate Purposes, Rs. 3.27 crore has been utilised as of the end of Q4 FY2026, with Rs. 0.02 crore remaining. The utilisation under this head is broken down as follows:

S. No. Item Head Amount (Rs. crore) 1 Salary and Staff Welfare Expenses 1.91 2 Rent 0.23 3 Repayment of Loans 0.30 4 Payment of TDS 0.29 5 Software Customization Charges 0.10 6 Miscellaneous 0.20 Total 3.03

The above details have been verified by the statutory auditor, A. K. Kocchar & Associates, Chartered Accountants, vide CA certificate dated 07 May 2026. The Monitoring Agency has confirmed no material deviations from the objects of the issue, no change in the means of finance, and no unfavourable events affecting the viability of the stated objects. The report was submitted to BSE Limited on May 12, 2026, and signed by Meghha Trivedi, Company Secretary & Compliance Officer (FCS No: F11110).

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