Monitoring Agency Report

Ref : GAJA/CS/33/2026-27 Date: November 04, 2026 To, To, National Stock Exchange of India Limited BSE Limited (“BSE”) (“NSE”) Listing Department Listing Department Corporate Relationship Department Exchange Plaza, C-1 Block G, Bandra Kurla Phiroze Jeejeebhoy Towers, Dalal Street, Complex Bandra [E], Mumbai – 400051 Fort, Mumbai - 400 001 NSE Scrip Symbol: GAJA BSE Scrip Code: 544885 ISIN: INE18UN01038 ISIN: INE18UN01038 Sub: Submission of Monitoring Agency Report for the quarter ended September 30, 2026 under Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Ma’am, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith the Monitoring Agency Report for the quarter ended September 30, 2026, issued by CARE Ratings Limited, Monitoring Agency, in respect of utilisation of the proceeds of the Initial Public Offer of the Company, duly reviewed and taken on record by the Audit Committee of the Company. The said report is also available on the website of the Company at www.gajacapital.com This is for your information and records. Thanking You, For Gaja Alternative Asset Management Limited Ishu Jain Company Secretary and Compliance Officer Membership No.: F10679 Encl: a/a GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED Corporate Office :1402, Tower 2B, One World Center, Registered Office: 302, 3rd Floor, Kanchenjunga S.B. Marg, Lower Parel, Mumbai –400013 Building 18, Barakhamba Road, New Delhi –110001 Tel: 91-22-2421 2280 | Email: Compliance@gajacapital.com | CIN: U67190DL1999PLC099260 | Website: www.gajacapital.com Monitoring Agency Report No. CARE/HO/GEN/2026-27/1199 The Board of Directors Gaja Alternative Asset Management Limited 1402, Tower 2B, One World Center, Senapati Bapat Marg, Lower Parel, Delisle Road, Mumbai, Maharashtra - 400 013 November 04, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the IPO of Gaja Alternative Asset Management Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO issue for the amount aggregating to Rs. 450.00 crore of the Company and refer to our duties cast under 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended September 30, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated July 23, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Shreekiran Rao Director Shreekiran.rao@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Gaja Alternative Asset Management Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: None (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 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: Name and designation of the Authorized Signatory: Shreekiran Rao Designation of Authorized person/Signing Authority: Director Monitoring Agency Report 1) Issuer Details: Name of the issuer : Gaja Alternative Asset Management Limited Name of the promoter : Mr. Gopal Jain, Mr. Ranjit Jayant Shah, Mr. Imran Jafar, Ms. Chitra Jian and Ms. Mona Ranjit Shah Industry/sector to which it belongs : Alternative Investment Funds 2) Issue Details Issue Period : August 19, 2026 to August 21, 2026 Type of issue (public/rights) : Initial Public Offer Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 550 crores (Of which fresh issue aggregating to Rs. 450 crore and Rs. 100 crore is for Offer for sale) 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Comments of Source of information / certifications Comments of the the Particulars Reply considered by Monitoring Agency for Monitoring Agency Board of preparation of report Directors Management Certificate, auditor certificate, The utilization of the issue proceeds Noted Whether all utilization is as per the disclosures in the Offer Yes Prospectus, Bank Statements, Invoices, was in line with the objects specified in Document? board resolution and no dues certificate the offer document. Whether shareholder approval has been obtained in case of There were no deviations from Not applicable material deviations# from expenditures disclosed in the Offer Not applicable Management certificate expenditures disclosed in the Offer Document? Document Whether the means of finance for the disclosed objects of the The means of finance for the disclosed Not applicable No Management certificate issue have changed? objects of the issue have not changed Is there any major deviation observed over the earlier monitoring Not applicable since it is first Not applicable No Management certificate agency reports? Monitoring Agency report Whether all Government/statutory approvals related to the Not applicable, as certified by the Not applicable Not applicable Management certificate object(s) have been obtained? management Whether all arrangements pertaining to technical Not applicable, as certified by the Not applicable Not applicable Management certificate assistance/collaboration are in operation? management Are there any favorable/unfavorable events affecting the viability Not applicable, as certified by the Not applicable Not applicable Management certificate of these object(s)? management Is there any other relevant information that may materially affect Not applicable, as certified by the Not applicable Not applicable Management certificate the decision making of the investors? management #Where material deviation may be defined to mean: a) Deviation in the objects o [Showing first 8,000 characters — download PDF for full document]