Monitoring Agency Report

HFCL/SEC/26-27 July 23, 2026 BSE Ltd. National Stock Exchange of India Ltd. st th 1 Floor, New Trading Wing, Rotunda Building Exchange Plaza, 5 Floor, C – 1, Block G Phiroze Jeejeebhoy Towers, Dalal Street, Fort Bandra – Kurla Complex, Bandra (E) SMeucmurbiatiy – C 4o0d0e0 N0o1. : 500183 MSeucmurbiatiy – C 4o0d0e0 N5o1. : HFCL corp.relations@bseindia.com cmlist@nse.co.in RE: Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Subject: Monitoring Agency Reports on the utilisation of proceeds raised through Qualified Institutions Placements and Preferential Issue of Warrants for the Quarter ended June 30, 2026 Dear Sir(s)/ Madam, We would like to inform that the Company had raised funds ~550 crore by way of allotment of 8,79,29,651(Eight Crore Seventy Nine Lakh Twenty Nine Thousand Six Hundred and Fifty One) equity shares of face value of Re.1/- each, to QIBs, at a price of ₹62.55/- per Equity Share[reflecting a discount of ₹3.29 (i.e. 5%) on the floor price of ₹65.84 per Equity Share] (including premium of ₹61.55 per Equity Share) pursuant to the resolution passed by the Board of Directors dated July 25, 2025, special resolution passed by the Shareholders at their 38 AGM held on September 15, 2025, the preliminary placement document dated December 22, 2025, the placement document dated December 24, 2025 and resolution of the Fund Raising Committee of the Board of Directors dated December 24, 2025. We would like to further inform that the Board of Directors and the Shareholders of the Company, at their respective meetings held on March 25, 2026 and April 24, 2026, approved the raising of funds by way of a preferential issue of 7,50,00,000 Warrants to persons belonging to the Promoter/Promoter Group category at an issue price of ₹74/- per Warrant, each convertible into equivalent number of equity shares of the Company, in accordance with the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations") and the Companies Act, 2013. Pursuant thereto, the Allotment Committee (Warrants), at its meeting held on May 25, 2026, approved the allotment of the said Warrants and the Company received 25% of the issue price, i.e., ₹18.50 per Warrant, aggregating to ₹138.75 crore, from the allottees. In terms of Regulations 32(6) of the SEBI Listing Regulations read with Regulation 162A(4) and 173A(4) of the SEBI ICDR Regulations, please find enclosed the Monitoring Agency Reports for the quarter ended June 30, 2026, issued by CARE Ratings Limited, Monitoring Agency, appointed to monitor the utilisation of proceeds raised through issuance of equity shares by way of Qualified Institutions Placements and Preferential Issue of Warrants. You are requested to take the above information on records and disseminate the same on your respective websites. Thanking you. HFCL Limited Yours faithfully, (Manoj Baid) EPrnecslident & Company Secretary Regd. Offic.e: M& oWnoitrokrsi:n 8g, EAlegcetnrocnyi cRse Cpoomrtpsl ex, Chambaghat, Solan-173213 (H.P.) Tel: (01792) 230644, 230645, 230647 Fax: (01792) 231902 Corporate Identity Number: L64200HP1987PLC007466 No. CARE/NRO/GEN/2026-27/1070 Monitoring Agency Report The Board of Directors HFCL Limited 8, Commercial Complex, Masjid Moth, Greater Kailash – II, New Delhi – 110048, India July 22, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in rela(cid:415)on to the Preferen(cid:415)al Issue of HFCL Limited (“the Company”) We write in our capacity of Monitoring Agency for the Preferen(cid:415)al Issue for the amount aggrega(cid:415)ng to Rs. 555.00 crore of the Company and refer to our du(cid:415)es cast under 162A of the Securi(cid:415)es & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regula(cid:415)ons, 2018. In this connec(cid:415)on, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2026 as per aforesaid SEBI Regula(cid:415)ons and Monitoring Agency Agreement dated April 06, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Sahil Goyal Associate Director Sahil.Goyal@careedge.in CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Road, Off Eastern Express Highway, Sion (East), Gautam Budh Nagar, Uttar Pradesh -201301 Mumbai - 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 Report of the Monitoring Agency Name of the issuer: HFCL Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ra(cid:415)ngs Limited (a) Devia(cid:415)on from the objects: Nil (b) Range of Devia(cid:415)on: Not Applicable Declara(cid:415)on: We declare that this report provides an objec(cid:415)ve view of the u(cid:415)liza(cid:415)on of the issue proceeds in rela(cid:415)on to the objects of the issue based on the informa(cid:415)on provided by the Issuer and informa(cid:415)on obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verifica(cid:415)on of any informa(cid:415)on/ cer(cid:415)fica(cid:415)ons/ statements it receives. This Report is not intended to create any legally binding obliga(cid:415)ons on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said informa(cid:415)on. The views and opinions expressed herein do not cons(cid:415)tute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing men(cid:415)oned in this report is intended to or should be construed as crea(cid:415)ng a fiduciary rela(cid:415)onship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Sec(cid:415)on 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit ra(cid:415)ng or other commercial transac(cid:415)ons with the en(cid:415)ty to which the report pertains and may receive separate compensa(cid:415)on for its ra(cid:415)ngs and certain credit related analyses. We confirm that there is no conflict of interest in such rela(cid:415)onship/interest while monitoring and repor(cid:415)ng the u(cid:415)liza(cid:415)on of the issue proceeds by the issuer, or while undertaking credit ra(cid:415)ng or other commercial transac(cid:415)ons with the en(cid:415)ty. We have submi(cid:425)ed the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sec(cid:415)ons of the report under the (cid:415)tle “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Commi(cid:425)ee of the Board of Directors subsequent to the MA submi(cid:427)ng their report to the issuer and before dissemina(cid:415)on of the report through stock exchanges. These sec(cid:415)ons have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name and designation of the Authorized Signatory: Sahil Goyal Designation of Authorized person/Signing Authority: Associate Director CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Road, Off Eastern Express Highway, Sion (East), Gautam Budh Nagar, Uttar Pradesh -201301 Mumbai - 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 1) Issuer Details: Name of the issuer : HFCL Limited Name of the promoter : Mr. Mahendra Nahata Industry/sector to which it belongs : Telecommunica(cid:415)ons - Telecom Equipment & accessories 2) Issue Details Issue Period : 18 months from the date of allotment Type of issue (public/rights) : Preferen(cid:415)al Issue of Warrants Type of [Showing first 8,000 characters — download PDF for full document]