Monitoring Agency Report

Corporate Office: Solara Active Pharma Sciences Limited TICEL Bio Park, 6th Floor, Module No. 601, 602, 603, Phase II – CSIR Road, Taramani, Chennai, Tamil Nadu – 600113. Tel: +91 44 4344 6700 Fax: +91 44 47406190 E-mail: investors@solara.co.in www.solara.co.in Date: July 23, 2026 The BSE Limited The National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G, Bandra-Kurla Dalal Street, Mumbai – 400 001 Complex, Bandra (E), Mumbai – 400 051 Scrip Code: 541540, 890202 Symbol: SOLARA, SOLARAPP1 Dear Sir / Madam, Sub: Monitoring Agency Report for the quarter ended June 30, 2026 Ref: Funds raised through Rights Issue Pursuant to the Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, read with Regulation 82(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, please find enclosed the Monitoring Agency Report for the quarter ended June 30, 2026, issued by CRISIL Ratings Limited, Monitoring Agency appointed to monitor the utilisation of the proceeds of the Rights Issue of the Company. Further, we hereby confirm that there has been no deviation or variation in the utilization of Issue proceeds from the objects as stated in the Letter of Offer for Rights Issue. This is for your information and records. Thanking you, Yours faithfully, For Solara Active Pharma Sciences Limited Pooja Jaya Kumar Company Secretary & Compliance Officer Membership No.: A57415 Encl. as above Solara Active Pharma Sciences Limited - CIN: L24230MH2017PLC291636 Registered Office: 9th Floor, ‘Cyber One’, Unit No. 902, Plot No. 4 & 6, Sector 30A, Vashi, Navi Mumbai - 400 703; Tel: +91-22-20870033 Monitoring Agency Report for Solara Active Pharma Sciences Limited for the quarter ended June 30, 2026 CRL/MAR/SOAPSL/2026-27/1907 July 23, 2026 Solara Active Pharma Sciences Limited ‘Cyber One’, Unit No. 902, Plot No. 4 & 6, Sector 30A, Vashi, Navi Mumbai - 400 703 Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Rights Issue (“RI”) of Solara Active Pharma Sciences Limited (“the Company”) Pursuant to Regulation 82(2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated May 09, 2024, enclosed herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of RI for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Crisil Ratings Limited Shounak Chakravarty Director, Ratings (LCG) Report of the Monitoring Agency (MA) Name of the issuer: Solara Active Pharma Sciences Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: Not applicable (b) Range of Deviation: Not applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship 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 Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses. We confirm that we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections 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: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer: Solara Active Pharma Sciences Limited Names of the promoter: a. Mr. Arun Kumar Pillai b. Mr. K R Ravishankar c. Pronomz Ventures LLP Industry/sector to which it belongs: Pharmaceuticals 2) Issue Details Issue Period: May 28, 2024 to June 11, 2024 Type of issue (public/rights): Rights Issue (RI) Type of specified securities: Equity Shares RI Grading, if any: NA Issue size: Rs 449.95 crore (Net proceeds of Rs 446.95 crore*) On Application, Investors will have to pay Rs 131.25 per Rights Equity Share for 1,19,98,755 shares which constitutes 35% of the Issue Price. Balance Rs 243.75 per Rights Equity Share which constitutes 65% of the Issue Price, will have to be paid, on one or more subsequent Call(s). *Crisil Ratings shall be monitoring the net proceeds amount. Net proceeds have been revised from Rs 446.28 crore to Rs 446.95 crore. Please refer Note 1 (on page-6) for more details. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ Comments of the Comments of certifications considered Particulars Reply Monitoring the Board of by Monitoring Agency Agency Directors for preparation of report Proceeds are utilized towards objects disclosed Management in the letter of undertaking, Peer offer viz. Reviewed Independent Whether all utilization is as per the Repayment or Yes Chartered Accountant No Comments disclosures in the Offer Document? pre-payment, in Certificate^, Final Offer full or in part, of Document, Bank certain of Statements outstanding borrowings availed by the Source of information/ Comments of the Comments of certifications considered Particulars Reply Monitoring the Board of by Monitoring Agency Agency Directors for preparation of report Company and General Corporate Purposes Whether shareholder approval has been obtained in case of material NA No Comments No Comments deviations from expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue has No No Comments No Comments changed? Is there any major deviation observed over the earlier monitoring agency No No Comments No Comments reports? Management Whether all Government/statutory undertaking, approvals related to the object(s) have NA No Comments No Comments Peer Reviewed been obtained? Independent Chartered Accountant Certificate^ Whether all arrangements pertaining to technical assistance/collaboration NA No Comments No Comments are in operation? Are there any favorable events improving the viability of these No No Comments No Comments object(s)? Are there any unfavorable events No No Comments No Comments affecting the viability of the object(s)? Is there any other relevant information that may materially affect No No Comments No Comments [Showing first 8,000 characters — download PDF for full document]