Statement of deviation(s) or variation(s) under Reg. 32

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 Website: www.solara.co.in Date: October 16, 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: Disclosure in terms of Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) – “Utilization of Proceeds & Statement of Deviation / Variation” of Solara Active Pharma Sciences Limited As per the provisions of Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby confirm that there is no deviation or variation in use of proceeds raised through Rights Issue. The above referred Statement of Utilization of Proceeds & Statement of Deviation / Variation, for the quarter ended September 30, 2026, was placed before the Audit Committee of the Company, at its meeting held today i.e., Friday, October 16, 2026, wherein the Audit Committee has noted the same and approved for submission with the Stock Exchanges, without any comments thereon. Please find enclosed Statement of Deviation / Variation in utilization of funds raised at Annexure A. This is for your kind information and records. Thanking you, Yours faithfully, For Solara Active Pharma Sciences Limited Pooja Jaya Kumar Company Secretary & Compliance Officer ICSI Membership No: A57415 Encl.: As above Solara Active Pharma Sciences Limited - CIN: L24230MH2017PLC291636 Registered Office: ‘Cyber One’, Unit No. 902, Plot No. 4 & 6, Sector 30A, Vashi, Navi Mumbai - 400 703 / Tel: +91-22-20870033 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 Website: www.solara.co.in Annexure- A Reg. 32 - Statement of Deviation / Variation in utilization of funds raised Name of listed entity Solara Active Pharma Sciences Limited Mode of Fund Raising Rights Issue Date of Raising Funds August 19, 2026 (date of noting receipt of call money pursuant to the final reminder notice) Amount Raised (In crores) Rs. 446.62 Crores Report filed for Quarter ended September 30, 2026 Monitoring Agency Applicable Monitoring Agency Name, if applicable CRISIL Ratings Limited Is there a Deviation / Variation in use of funds raised No If yes, whether the same is pursuant to change in Not applicable terms of a contract or objects, which was approved by the shareholders If Yes, Date of shareholder Approval Not applicable Explanation for Deviation / Variation Not applicable Comments of the Audit Committee after review No comments from the Audit Committee Comments of the auditors, if any Not applicable Objects for which funds have been raised and where there has been a deviation, in the following table Original Modified Original Modified Funds Amount R emarks if Object Object, Allocation allocation, Utilised of any if any if any Deviation/Vari ation for the quarter according to applicable object Repayment or Nil Rs.334.71 Nil Rs. 334.71 Nil The Company has Pre-payment in Crores Crores considered the full or part of total issue size as certain per the Letter of outstanding Offer dated May Borrowings 09, 2024. availed by the Company. Solara Active Pharma Sciences Limited - CIN: L24230MH2017PLC291636 Registered Office: ‘Cyber One’, Unit No. 902, Plot No. 4 & 6, Sector 30A, Vashi, Navi Mumbai - 400 703 / Tel: +91-22-20870033 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 Website: www.solara.co.in General Nil 111.57 Rs. 112.24 Rs. 105.17 Nil The amount Corporate Crores Crores C rores utilised for Purpose (GCP) general corporate purposes does not exceed 25% of the Gross Proceeds from the Fresh Issue. Surplus issue related expenses of Rs. 0.67 crore were added to GCP. Note: The Rights Equity Shares were issued as partly paid-up and an amount of Rs. 131.25 per Rights Equity Share has been received on application (of which Rs. 3.5 towards face value of Rights Equity Share and Rs. 127.75 towards premium amount of Rights Equity Share). On March 26, 2025, the Rights Issue Committee approved the Rights Issue First Call of Rs.131.25 per Rights Share (Rs.3.50 face value and Rs.127.75 securities premium) for 1,19,98,755 partly paid Rights Shares, as per the Letter of Offer dated May 09, 2024. The First Call payment window was open from April 16, 2025 to April 30, 2025. The Rights Issue Committee on May 06, 2025, took note of receipt of 1st call money amounting Rs.149.49 crores and approved conversion of 1,13,89,767 partly paid shares of Rs. 3.5 per shares to partly paid of Rs. 7 per shares. On July 01, 2025, Company issued First reminder notice for payment of 1st call Money. The First Call payment window (pursuant to First reminder notice) was open from Monday, July 07, 2025 to Monday July, 21, 2025. The Rights Issue Committee on August 16, 2025, took note of receipt of 1st call money amounting Rs. 4.88 crores and approved conversion of 3,71,779 partly paid shares of Rs. 3.5 per shares to partly paid of Rs. 7 per shares. On February 04, 2026, Company issued Second reminder notice for payment of 1st call Money. The First Call payment window (pursuant to First reminder notice) was open from Thursday, 5 February, 2026 to Thursday, 19 February, 2026. The Rights Issue Committee on March 04, 2026, took note of receipt of 1st call money amounting Rs. 0.93 crores and approved conversion of 71,402 partly paid shares of Rs. 3.5 per shares to partly paid of Rs. 7 per shares. On April 06, 2026, Company issued Second and Final call notice for payment of Second call Money. Payment window was open from Thursday, April 23, 2026 to Thursday, May 07, 2026. The Rights Issue Committee on May 15, 2026 , took note of receipt of Second and Final call money amounting Rs. 129.94 crores and approved conversion of 1,15,50,478 partly paid shares of Rs. 7 per shares to Rs. 10 per shares fully paid. Further, the Company issued Final Reminder cum Forfeiture notice on July 06, 2026, pursuant to which the Rights Issue Committee on August 19, 2026, took note of receipt of First call and Second and Final call money aggregating to Rs.3.89 crores and approved conversion of 2,79,582 partly paid shares into Rs. 10 per shares fully paid. Solara Active Pharma Sciences Limited - CIN: L24230MH2017PLC291636 Registered Office: ‘Cyber One’, Unit No. 902, Plot No. 4 & 6, Sector 30A, Vashi, Navi Mumbai - 400 703 / Tel: +91-22-20870033 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 Website: www.solara.co.in The Company utilised total amount of 1.25 Crores during the quarter as below: Particulars Amount Repayment or Pre-payment in full or part of certain 1.10 Crores outstanding Borrowings availed by the Company. General Corporate Purpose (GCP) 0.15 Crores Out of the total fund raised: Rs. 442.88 Crores has been utilised. Rs. 0.14 crores are held at Rights issue allotment account (Escrow account), will be transferred to the ⦁ Monitoring account and will be utilized in the upcoming quarters. ⦁ Rs. 3.60 crores are held at Monitoring account and will be utilized in the upcoming quarters. D⦁ eviation or variation could mean: (a) Deviation in the objects or purposes for which [Showing first 8,000 characters — download PDF for full document]