Monitoring Agency Report - Rights Issue

Date: November 03, 2026 To, To, Listing/Compliance Department Listing/Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, Dalal Street, G-Block, Bandra-Kurla Complex, Mumbai - 400001 Bandra (E), Mumbai - 400051 BSE Scrip Code: 544459 NSE Symbol: SHANTIGOLD Dear Sir/ Madam, Subject: Monitoring Agency Report Pursuant to Regulation 32 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we are enclosing herewith Monitoring Agency Report issued by Acuité Ratings & Research Limited, Monitoring Agency, for the quarter ended September 30, 2026 in respect of utilization of proceeds of the Rights Issue of the Company. The above-mentioned statement has been duly reviewed by the Audit Committee at its meeting held on November 03, 2026. Please take the same on your records. This intimation is also being uploaded on the Company’s website at www.shantigold.in. We request you to take the same on record. Thanking you, For Shanti Gold International Limited Vrushti Shah Company Secretary & Compliance Officer Report of the Monitoring Agency (MA) for Quarter ended September 2026 Name of the issuer Shanti Gold International Limited For quarter ended September, 2026 Name of the Monitoring Agency Acuité Ratings and Research Limited (a) Deviation from the objects No deviation is observed (b) Range of Deviation Not Applicable (c) Any other material fact to be highlighted None 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 there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. 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: Signing Authority: Vikas Mishra Designation: Deputy Vice President - Process Excellence Report Date: November 03, 2026 Acuité Ratings & Research Limited SEBI Registered | RBI Accredited 708, Lodha Supremus, Lodha iThink Techno Campus, Kanjurmarg (East), Mumbai – 400 042 +91 99698 98000 | www.acuite.in | info@acuite.in | CIN: U74999MH2005PLC155683 1 Issuer Details 1.1 Name of the issuer Shanti Gold International Limited 1.2 Names of the promoter Mr. Pankaj Kumar Jagawat, Mr. Manoj Kumar Jain and Mr. Shashank Jagawat 1.3 Promoter Group None 1.4 Industry/sector to which it belongs Gems Jewellery and Watches / Consumer Durables 2 Issue Details 2.1 Issue Period August 14, 2026 to August 21, 2026 2.2 Type of issue Right Issue 2.3 Type of specified securities Equity Share 2.4 IPO Grading, if any Not Applicable 2.5 Issue size (INR Cr.) 99.83 3. Details of the arrangement made to ensure the monitoring of issue proceeds Source of information/certifications Comments of the Particulars Reply from the issuer considered by Monitoring Comments of the Monitoring Agency Issuer’s Audit Agency for preparation of Committee report Yes, utilisations in the respective Whether all utilization is as per the disclosures in the 1 Yes objects are as per disclosures by the No Comments Offer Document? company. Whether shareholder approval has been obtained 2 in case of material deviations from expenditures Not Applicable Material deviation is not observed. No Comments disclosed in the Offer Document? Whether the means of finance for the disclosed 3 No No change is observed. No Comments objects of the issue has changed? This is the first and final MA report for this issue. Accordingly, there are no Is there any major deviation observed over the earlier MA reports for comparison. 4 No No Comments earlier monitoring agency reports? Further, no other MA has been Documents provided by the appointed to monitor the objects of issuer - Bank Statements, the issue. Invoices, and Whether all Government/statutory approvals Statutory auditors Certificate Government / Statutory approval is 5 Not Applicable No Comments related to the object(s) have been obtained? by J Kala & Associates not required for the objects. Arrangement pertaining to technical Whether all arrangements pertaining to technical assistance / collaboration is not 6 Not Applicable No Comments assistance/collaboration are in operation? required with reference to the objects. No favorable event is observed that Are there any favorable events improving the 7 No may improve the viability of these No Comments viability of these object(s)? objects. No unfavorable event affecting the Are there any unfavorable events affecting the 8 No viability of the stated objects was No Comments viability of the object(s)? noted during the reporting period Is there any other relevant information that may No relevant information is evident 9 materially affect the decision making of the No that may materially affect the No Comments investors? decision making of the investors. 4. Details of object(s) to be monitored: i. Cost of object(s): Source of Original cost Comments of the Issuer’s Audit Committee information/certifications (as per the Revised Sr. Comments of the Item Head considered by Monitoring Offer Cost No. Agency for preparation of Document) (INR Cr.) Monitoring Agency Reason of Proposed Particulars of firm report (INR Cr.) Cost financing arrangement revision option Funding working capital Documents provided by 1 requirements of our 80.00 - the issuer - Bank Company Statements, Invoices, and No change General corporate No Comments 2 Statutory auditors 19.33 - observed purposes Certificate by J Kala & 3 Issue related expenses Associates 0.50 - Total 99.83 Timelines for utilization of Issue Proceeds: Sr. No. Item Head Utilisation By 1 Funding working capital requirements of our Company 2 General corporate purposes FY 2027 3 Issue related expenses ii. Progress in the object(s): Source of Amount utilized Comments of the Issuer’s information/ Amount as (INR Cr.) Total Audit Committee certifications proposed Amount NS or. . Item Heads M fooc rn o pitn ro es ri pid n ae g rr ae A td ig eb nny oc fy i Dn (o It Nh ce Ru m CO e rf .f n )e tr (Ir Na Ris e Cd r. ) be oA g fis n ha n et in g Du qr uin ag e eA n tt dt eh o e f u (an INmu Rt oi l Ci uz ne r.t )d MC oo nm itom rie nn gt s A o gf e t nh ce y R ie da les o fun ns r P cr o ao u cp r to [Showing first 8,000 characters — download PDF for full document]