Monitoring Agency Report

November 07, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Company Code No.: 539807 Company Symbol: CCAVENUE Dear Sir/Madam, Sub: Monitoring Agency Report for the quarter ended September 30, 2026 Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 82(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018, please find enclosed herewith Monitoring Agency Report for the quarter ended September 30, 2026, issued by CARE Ratings Limited for utilisation of proceeds of Rights Issue of the Company. There is no variation / deviation in the utilisation of such funds for the quarter ended September 30, 2026. The said details are also available on the website of the Company at www.avenuesai.com. We request you to kindly take the same on your records. Thanking you, Yours faithfully, For, AvenuesAI Limited (Formerly known as Infibeam Avenues Limited) Shyamal Trivedi Sr. Vice President & Company Secretary Encl.: As above AvenuesAI Limited (Formerly known as Infibeam Avenues Limited) Regd. Office: 28th Floor, GIFT Two Building, Block No. 56, Road-5C, Zone-5, GIFT CITY, Gandhinagar – 382 050, Gujarat, India CIN: L64203GJ2010PLC061366 Tel: +91 79 67772204 | Fax: +91 79 67772205 | Email: ir@avenuesai.com | Website: www.avenuesai.com No. CARE/ARO/GEN/2026-27/1225 The Board of Directors AvenuesAI Limited (formerly known as Infibeam Avenues Limited) 28th Floor, GIFT Two Building, Block No. 56, Road-5C, Zone-5, GIFT CITY, Gandhinagar, Gujarat – 382355 November 07, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Rights issue of AvenuesAI Limited (“the Company”) We write in our capacity of Monitoring Agency for the Rights Issue for the amount aggregating to ₹699.99 crore of the Company and refer to our duties cast under 82 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 June 06, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Nikita Goyal Associate Director Nikita.goyal@careedge.in Report of the Monitoring Agency Name of the issuer: AvenuesAI Limited (formerly known as Infibeam Avenues Limited) For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (b) Range of Deviation: Nil 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: Nikita Goyal Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : AvenuesAI Limited (AAL; (formerly known as Infibeam Avenues Limited) Name of the promoter : 1. Vishal Ajitbhai Mehta 2. Ajit Champaklal Mehta 3. Jayshreeben Ajitbhai Mehta 4. Nirali Vishal Mehta 5. Pallaviben Kumarpal Shah 6. Bhadrika Arvind Shah 7. Shreya Nisarg Parikh 8. Mokshadaben Pravinbhai Sheth 9. Ajit Mehta HUF 10. Vishal Mehta HUF 11. Infinium Motors Private Limited 12. Infinium Communications Private Limited 13. Infinium Motors (Gujarat) Private Limited 14. Advanced Energy Resources & Management Private Limited 15. YORO Club LLP 16. VIMA Enterprises LLP 17. V.M. Associates 18. Vishal Subhashchandra Amin 19. Shetal Samirbhai Patel Industry/sector to which it belongs : Financial Technology 2) Issue Details Issue Period : July 03, 2025, to July 11, 2025 Type of issue (public/rights) : Right issue Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in crore) : ₹699.99 crore Note: AAL issued 69,99,85,723 partly paid-up equity shares for cash at a price of ₹10/- per Rights Equity Share, including a share premium of ₹9 per Rights Equity Share, for an amount of ₹699.9857 crore to the Eligible Shareholders in the ratio of 67 Rights Equity Shares for every 267 Fully paid-up Equity Shares held on the Record Date i.e. June 26, 2025. On Application, Investors will have to pay ₹5 per Rights Equity Share which constitutes 50% of the Issue Price and the balance ₹5 per Rights Equity Share must be paid, on Final Call(s) as determined by our Board / Rights Issue Committee at its sole discretion, from time to time. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Monitoring Agency Board of Directors preparation of report • Letter of offer • CA certificate* Utilisation during Q2FY27 Whether all utilization is as per the disclosures in the Offer Yes • Management certificate remained in line with the stated No comments Document? • Axis Bank Allotment statement objects. • Monitoring account statement Whether shareholder approval has been obtained in case of • Management certificate No such deviation hence not material deviations# from expenditures disclosed in the Offer Not applicable No comments applicable Document? Whether the means of finance for the disclosed objects of the • Management certificate Not applicable No change hence not applicable No comments issue have changed? • CA certificate* Is there any major deviation observed over the earlier • Management certificate Not applicable No deviation observed. No comments monitoring agency reports? • Previous MA report Whether all Government/statutory approvals related to the Not required • Management certificate No approvals required as of now. No comments object(s) have been obtained? Whether all arrangements pertaining to technical Not requ [Showing first 8,000 characters — download PDF for full document]