Monitoring Agency Report

1nd1a ¢ Nippon Life Asset Management Ltd October 22, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Dalal Street, Fort, Plot No. C/1, G Block, Bandra Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai 400 051 BSE Scrip Code: 540767 NSE Scrip Symbol: NAM-INDIA Dear Sir(s), Sub.: Monitoring Agency Report for the quarter ended September 30, 2026 In accordance with the Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 41 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, enclosed is the Monitoring Agency Report in respect of the utilisation of the proceeds of the IPO for the quarter ended September 30, 2026, issued by HDFC Bank Limited, the Monitoring Agency appointed by the Company. Kindly take the same on record. Thanking you, Yours faithfully, For Nippon Life India Asset Management Limited Valde Varghese Company Secretary & Compliance Officer Encl: a/a l<INCENTRIC) Nippon Life Indio Asset Management Limited Best Employer :,()th nonr, Orte I oc,lhO rlo::ft'!, !"~l'tOp:ld Aopm MOffJ, l OW.!r Pore~ t,1u1Y'bc1I-40:CCIS. Moltomshtro I CIN. L65910MHl995rt.C"'.t20iOS 1<,1~c22~0P, 7000l i-nx~0 2:l 8$09-709? 2ou; 1201a1201t120211-2o~u 202:l Fmnu: tll\l\1$rorrr:1Ntbn,€r.n~ponh't(:lloancom I WOh~tc: nnp:::l/mrnir.pnnlnl'l!ohncom .HDFC Bank limited HDFC BANIK I-< Think Techno Campus. \ . Opp Crompton Greaves, Nr~ur Marg Rly Station, --·- --1v1crmb11t,Maharashtr~ OOi)4,~,---- SCHEDULE IX MONITORING REPORT NAME OF THE MONITORING AGENCY: HDFC Bank Limited . , MONITORING REPORT FOR THE QUARTER ENDED: September 30, ~026 (1) Name of the Issuer: Nippon Life India Asset Management Limited a) Deviation from the objects: Not Applicable P) Range of Deviation: Not Applicable Declaration: We hereby declare that this report is based on the format as prescribed by SEBI {ICDR) Regulation, 2018, as amended. I/We further declare basis the certification issued by the statutory auditor of the company that this report provides true and fair view of the utilization of issue proceeds. We declare that we - do- not- have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer. Signature: Name of the Authorized Person/Signing Authority: Tushar Gavankar Designation of Authorized person/Signing Authority: Vice President Seal of the Monitoring Agency: Date: 19.10.2026 www.hdfcbank.com Regd. Office: HDFC Bank Ltd., HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai -400 013 Corporate Identity No.: L65920MH1994PLC080618 1. Issuer Details: Name of the issuer Niooon Life India Asset Manaqement Limited :fhe names of the promoters of the ssuer Nippon Life Insurance Company Industry/sector to which it belongs Asset Management Industry 2. Issue Details: Issue Period October 25, 2017, to October 27, 2017 Type of issue (public/rights) Initial Public Offerinq Tvpe of specified securities Equity Shares Gradinq NA Rs. 1542.24 Crores (Fresh Issue: Rs. 616.90 Crores Offer for Issue size Sale: Rs. 925.34 Crores) 3. Details of the arrangement made to ensure the monitoring of issue proceeds: (Give item by item description for all the objects stated in offer document separately in following format) Particulars Reply Objects General corporate purposes (Including IPO related ex- penses) Comment Comments Comment Comments of of Monitor- of Board of of Moni- Board of Direc- ing Agen- Directors taring tors CV Aciencv Whether all the utilization is Yes/ Yes(*) Yes NA Yes as per disclosure in Offer No Document? Whether Shareholder ap- Yes/ NA(*) NA NA NA proval is obtained in case of No material deviations# from ex- penditures disclosed in Offer Document? Whether means of finance Yes/ NA No NA No for disclosed objects of the No Issue has chanqed? Any major deviation ob- Yes/ NA NA NA NA served over the earlier moni- No torinq aqencv reports? Whether all Government/ Yes/ NA Yes wher- NA Yes wherever ap- Statutory approvals related No ever appli- plicable to the obiect(s) obtained? cable Whether all arrangements Yes/ NA NA NA NA pertaining to technical assis- No lance/collaboration in opera- lion? Any favorable events improv- Yes/ No No No No inq obiect/s) viabilitv No Any unfavorable events at- Yes/ No No No No fectinq object(s) viability No Any other relevant informa- Yes/ No No No No lion that may materially af- No feet the decision making of the investors (*) As per the Prospectus, the issuer company had estimated utilization of IPO proceeds during Fiscal year 2019, 2020 & 2021. Further, the prospectus also mentioned that "in case the Net Proceeds are not completely utilized in a scheduled fiscal year due to any reason, the same would be utilized (in part or full) in the next fiscal year/ subsequent period as may be determined by our company, in accordance with applicable law. The object wise unutilized amount as of end of September 2026 is disclosed in clause 4(i) below. 4. Details of object(s) to be monitored: Cost of object(s) - SI. No Item Original Revised Head Cost (as per Cost Offer Document) (Rs. in Crores) (Rs. in Crores) 1 Settino up new branches and relocatinq certain existinq branches 38.31 38.31 2 Uoaradinq the IT system 40.65 40.65 3 Advertisinq, marketinq and brand buildinq activities 72.09 72.09 Lending to Subsidiary (Nippon AIF) for investment of continuing interest in 125.00 125.00 the new AIF schemes manaqed by Niooon AIF Investing towards our continuing interest in new mutual fund schemes 100.00 100.00 manaaed bv them 6 Fundinq in orqanic qrowth and strateaic initiatives 165.00 165.00 7 General Corporate purpose 44.06 47.80 Total 585.11 588.85 (i) Progress in the object(s)- (amount in Crores) I. Item Head Net Proceeds *Amount utilized Total unutilized No. as oer IPO Amount As at During At the Beginning end the of the of quarter quarter auarter 1 38.31 14.85 0.97 15.82 22.49 Setting up new branches and relocating certain existing branches 2 40.65 40.65 0.00 40.65 0.00 Upgrading the IT system 3 72.09 72.09 0.00 72.09 0.00 Advertising, marketing and brand building activities 4 Lending to Subsidiary (Nippon AIF) for 125.00 125.00 0.00 125.00 0.00 investment of continuing interest in the new AIF schemes manaqed by Niooon AIF 5 Investing towards our continuing interest in 100.00 100.00 0.00 100.00 0.00 new mutual fund schemes manaqed by them 6 Funding inorganic growth and strategic 165.00 0.00 0.00 0.00 165.00 initiatives 7 General Corporate purpose 47.80 47.80 0.00 47.80 0.00 588.85 400.39 0.97 401.36 187.49 Total (u) Deployment of unutilized IPO proceeds- SI. Type of instrument Amount Maturity date **Earnings - Return on No. where amount invested invested Accrued interest Investment (ROI (Rs. In as on 3Qlh %) Crores) September, 2026 Rs. In Crores) 1 Fixed Deposits with HUI-C !::lank 1 /9.1o March 29, 2027 1.12 6.50% HDFC Bank 8.33 December 30, 0.00 5.90% 2026 2 Bank Balance with *HDFC Bank- --- --- 0.00 --- 57500000094673 (Monitoring Agency HDFC Bank- --- --- --- --- 57500000091855 Public Issue Account) Total 187.49 --- --- *Amounts in Rs Crores are rounded off to nearest lakhs rupees. **The Amount reflected as "0" are values with less than Rs 1 lakh. **Market Value of Fixed Deposit excludes interest accrued but not yet received (i) Delay in implementation of the object(s)- Object(s) Completion Date Delay (No. of days/months) Name I As per Offer Document Actual No such delays observed (*) (*)Asper the Prospectus, the issuer company had estimated utilization of IPO proceeds during Fiscal Year 2019, 2020 & 2021. Further, the prospectus also mentioned that "in case the Net Proceeds are not completely utilized in a scheduled fiscal year due [Showing first 8,000 characters — download PDF for full document]