Monitoring Agency Report

Date: 02.11.2026 Letter No. FFL/SEC/2026-27/SE-96 To, To, The Manager The Manager Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, C/1, G Block, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (East), Dalal Street, Mumbai - 400 001 Mumbai – 400 051 Symbol: FUSION Scrip Code: 543652, 977381, 977412 Sub: Monitoring Agency Report for the quarter ended September 30, 2026 Dear Sir/Ma’am, Pursuant to Regulation 32(6) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 82(2) of Securities Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find attached Monitoring Agency Report for the quarter ended September 30, 2026, issued by CRISIL Ratings Limited, Monitoring Agency, appointed to monitor the utilization of proceeds of the Right Issue of the Company. The above report has been placed and considered by the Audit Committee in its meeting held on November 02, 2026. The copy of this letter is also available on the website of the Company viz. www.fusionfin.com. You are requested to take the above on record. Thanking you, For Fusion Finance Limited Vikrant Sadana Company Secretary & Compliance Officer Place: Gurugram Enc.: a/a Monitoring Agency Report Fusion Finance Limited for the quarter ended September 30, 2026 CRL/MAR/ FSMFP /2026-27/2096 November 02, 2026 Fusion Finance Limited H-1, C Block, Community Centre, Naraina Vihar, New Delhi, Delhi, 110028 Dear Sir, Final Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Rights Issue of Fusion Finance Limited (“the Company”) Pursuant to Regulation 82(2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”) and Monitoring Agency Agreement dated March 10, 2025, entered with the Company, we enclose the Monitoring Agency Report, issued by Crisil Ratings Limited, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of Rights Issue for the quarter ended September 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) Final Report of the Monitoring Agency Name of the issuer: Fusion Finance Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: No (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: Fusion Finance Limited Names of the promoter: a. Honey Rose Investment Ltd. b. Creation Investments Fusion, LLC c. Creation Investments Fusion II, LLC Industry/sector to which it belongs: Microfinance Institutions 2) Issue Details Issue Period: Tuesday, April 15, 2025, To Friday April 25, 2025 Type of issue (public/rights): Rights Issue Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 799.86 crore (Refer Note 1) Particulars Amount (Rs. crores) Gross proceeds* of the Fresh Issue 798.79 Less: Issue Expenses 16.48 782.31 Net Proceeds (Refer note 1 & 2below) *Crisil Ratings shall be monitoring the gross proceeds amount. Note 1: The Company had earlier received application money of Rs 399.93 crore (being 50% of the issue price) pursuant to the allotment of partly paid-up equity shares under the Rights Issue. Subsequently, as per the Letter of Offer(offer document) dated March 29, 2025, the Board approved the First and Final Call of Rs 65.50 per share, which is payable between November 27, 2025 and December 11, 2025. Pursuant to this call, the Company has received Rs 395.30 crore towards call money. Accordingly, the total amount received under the Rights Issue stands at Rs 795.23 crore as at December 31, 2025. Subsequently, the Company received an additional Rs 2.06 crore during the quarter ended March 31, 2026, Rs 0.52 crore during June 30, 2026, and Rs 0.98 crore during the quarter ended September 30, 2026, towards the outstanding call money. Accordingly, the cumulative amount received under the Rights Issue stood at Rs 798.79 crore as at September 30, 2026. 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 preparati on of report Management undertaking, Proceeds were Statutory Auditor utilised towards certificate^, Whether all utilization is as per the onward lending Yes Final Letter of offer No Comments disclosures in the Offer Document? as mentioned in (hereinafter referred as the offer “Offer document”) dated document March 29, 2025, Bank Statements 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 undertaking, Statutory Auditor Whether all Government/statutory certific ate ^, approvals related to the object(s) have NA No Comments No Comments been obtained? 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)? Source of information / Comments of the Comments of certifications considered Particulars Reply Monitoring the Board of by Monitoring Agency Agency Directors for preparati on of report Are there any unfavorable events NA No Comments No Comments affecting the viability of the object(s)? Is there any ot [Showing first 8,000 characters — download PDF for full document]