Please find enclosed report of Monitoring Agency confirming no deviation in the utilization of proceeds of funds raised by the Company, through preferential issue of convertible warrants, during the quarter ended September 30, 2026.

November 5, 2026 Scrip Code - 533520 IBULLSLTD BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, ‘Exchange Plaza’, Dalal Street, Bandra-Kurla Complex, Bandra (East) MUMBAI – 400 001 MUMBAI – 400 051 Sub.: Disclosure in terms of Regulation 32 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Dear Sir/Madam, In terms of Regulation 32 of the SEBI Listing Regulations, please find attached report of Monitoring Agency (Acuite Ratings and Research Limited) confirming no deviation in the utilization of proceeds of funds raised by Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) (the “Company”), through preferential issue of convertible warrants, during the quarter ended September 30, 2026. The above-mentioned Report, for the quarter ended September 30, 2026, which is self-explanatory and was placed before the Audit Committee of the Company, at its meeting held today i.e. November 5, 2026, wherein the Committee has noted the same and approved for submission with Stock Exchanges, without any comment. Please take the aforesaid intimation on record. Thanking you, Yours truly, For Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) Ram Mehar Company Secretary Encl: as above Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) Registered Office: 5th Floor, Plot No. 108, IT Park, Udyog Vihar, Phase 1, Gurgaon – 122016, Haryana | Tel/Fax: 0124 6685800 Corporate Office: One International Center (formerly IFC), Tower - 1, 4th Floor, S. B. Marg, Elphinstone (W), Mumbai – 400013, Maharashtra | Tel: 022 62498580 | Fax: 022 61899600 CIN: L64200HR2007PLC077999, Website: www.indiabulls.com, Email: support@indiabulls.com Report of the Monitoring Agency (MA) for quarter ended September2026 Name of the issuer Indiabulls 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 pertainsand 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. Digitally signed Vikas Y by Vikas Y Mishra Mishra Date: 2026.11.05 13:13:41 +05'30' Signature: Signing Authority:Vikas Mishra Designation:Deputy Vice President -Process Excellence Report Date: November 5, 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 Nameoftheissuer Indiabulls Limited 1.2 Namesofthepromoter Mr. Sameer Gehlaut Inuus Developers Private Limited, Valerian Real Estate Private Limited, Calleis Infracon Private Limited, Karanbhumi Estates Private Limited, Kritikka Infrastructure Private Limited, Meru Minerals Private Limited, 1.3 Promoters/Promoter Group Galax Minerals Private Limited, Jyestha Infrastructure Private Limited, Zwina Infrastructure Private Limited, Phanes Limitedand Hermes Limited 1.4 Industry/sector to which it belongs Diversified Commercial Services/Services 2 Issue Details 2.1 Issue Period September 24, 2026to March 23, 2028 2.2 Type of issue Preferential Issue 2.3 Type of specified securities Convertible Warrants 2.4 IPO Grading, if any Not Applicable. INR 1,000.07Cr. The amount raised is provided in the table below. IssuePrice Issue Size Amount Raised % Issue Size Warrants Issued (INR) (INR Cr.) (INR Cr.) Raised 2.5 Issue size 51,55,00,000 19.40 1,000.07 250.02 25.00 Balance 75% (INR 750.05 crore) is receivable upon exercise of the warrant conversion option within 18 months from the allotment date (by March 23, 2028). 3. Detailsofthearrangementmadetoensurethemonitoringofissue proceeds Source of information/certifications Sr. Comments of the Monitoring Comments of the Issuer’s Particulars Reply from the issuer considered by Monitoring No. Agency Audit Committee Agency forpreparation of report Yes, Utilizations in the Whether all utilization is as per the disclosures in 1 Yes respective objects are as per No comment the Offer Document? disclosure by the issuer. Whether shareholder approval has been No material deviation is 2 obtained in case of material deviations from Not Applicable No comment observed. expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed 3 No No change is observed. No comment objects of the issue has changed? This is the first MAreport for the issue. Accordingly, there are no earlier MAreports for Is there any major deviation observed over the 4 Not Applicable comparison. No comment earlier monitoring agency reports? Further, no other MAhas Documents provided by the been appointed to monitor issuer, Bank Statement, the objects of the issue. Mutual FundCertificate and No Government / Statutory Whether all Government/statutory approvals Certificate issued by M/s 5 Not Applicable approval is required for No comment related to the object(s) have been obtained? Sumit Mohit& Company, objects. Chartered Accountantsetc. No arrangement pertaining Whether all arrangements pertaining to to technical assistance / 6 technical assistance/collaboration are in Not Applicable No comment collaboration is required with operation? reference to the object(s). No favorable event is Are there any favorable events improving the 7 No observed that may improve No comment viability of these object(s)? the viability of these objects. No unfavorable event is Are there any unfavorable events affecting the 8 No observed affecting the No comment viability of the object(s)? viability of these objects. No relevant information is Is there any other relevant information that evident that may materially 9 may materially affect the decision making of No No comment affect the decision making the investors? of the investors. 4. Details of object(s) to be monitored: i. Cost of obj [Showing first 8,000 characters — download PDF for full document]