Enclosed herewith please find attached the Monitoring Agency Report issued by Infomerics Valuation and Ratings limited in respect of utilisation of proceeds of IPO for quarter ended 30 June 2026.

Date: 04th August 2026 BSE Limited, Listing Compliance & Legal Regulatory Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 ISIN: INE111601014 Scrip code: 544483 Subject: Monitoring Agency Report on the utilization of proceeds raised through issuance of Equity Shares by way of Public Issue of iCodex Publishing Solutions Limited for quarter ended June 30, 2026. Dear Sir/Ma’am, Pursuant to Regulation 262 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find enclosed herewith Monitoring Agency Report issue by Infomerics Valuation and Rating Ltd in respect of the utilization of the proceeds raised through issuance of Equity shares by way of Public Issue of the Company for the quarter ended on June 30, 2026. Kindly take the same into your records. Thanking You, Yours faithfully, For Icodex Publishing Solutions Limited Nandini Kanak Shah Company Secretary and Compliance officer ACS No. 79747 iCodex Publishing Solutions Limited CIN: L72900PN2018PLC176870 Registered Office Address: VistaCore Bldg, 3rd floor, plot No 29, Kalyani Nagar, Pune, 411006, Yerwada T.S.,Pune City, Maharashtra, India, 411006. Phone: +91 020 45012988, +91 885 690 7928 www.icodexsolutions.com Email: connect@icodexsolutions.com Monitoring Agency Report for ICODEX Publishing Solutions Limited for the quarter ended June 30, 2026 Monitoring Agency Report August 03rd, 2026 ICODEX Publishing Solutions Limited 102, First Floor, Suman Business Park, Kalyani Nagar, Pune, Maharashtra - 411014 Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Fresh issue of ICODEX Publishing Solutions Limited. We write in our capacity of Monitoring Agency for the Fresh issue of equity shares for the amount aggregating to Rs. 34.64 crore of the Company and refer to our duties cast under 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations). In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated 10th June 2025. Request you to kindly take the same on records. Thanking you, For and on behalf of Infomerics Valuation and Rating Limited Gaurav Jain (Director - Ratings) gaurav.jain@infomerics.com Report of the Monitoring Agency Name of the Issuer: ICODEX Publishing Solutions Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Infomerics Valuation and Rating Limited (a) Deviation from the objects: Yes (b) Range of Deviation: up to 10% During Q4FY26, the company has utilised Rs. 1.34 crore towards interior works of the office purchased, which are not in line with the objects of the issue and is in deviation from expenditures disclosed in Offer Document. The company has not sought shareholder approval for utilisation of funds worth Rs. 1.34 crore which are in deviation from expenditures disclosed in Offer Document. Indicate range of percentage deviation from the amount of issue proceeds earmarked for objects. For example, up to 10%, 10 – 25%, 25-50%, 50-75%, 75-100%, not ascertainable etc. * Range of Deviation may be computed by taking weighted average of financial deviation of each object in the ratio of issue proceeds allocated for it. Non-financial deviation may be indicated separately by way of notes. 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 declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer. We further declare that this report provides true and fair view of the utilization of issue proceeds. Signature: Name of the Authorized Person/Signing Authority: Gaurav Jain Designation of Authorized person/Signing Authority: Director - Ratings Seal of the Monitoring Agency: Date: August 03rd, 2026 1) Issuer Details: Name of the issuer: ICODEX Publishing Solutions Limited Names of the promoters of the issuer: Kamalakkannan Govindaraj and Chetan Shankarlal Soni Industry/sector to which it belongs: The Company provides Business Process Management services that support the publishing process with activities like Quality assurance checks, editorial services and back-end support to their Global Publishing Client. 2) Issue Details: Issue Period: Not Applicable Type of issue (public/rights): Public Issue Type of specified securities: Equity shares Grading: Not Applicable Issue size (Rs in Crores): Rs. 42.03 crores (Note No. 1) Note 1 Initial public offer of 41,20,800 equity shares of face value of Rs. 10 each (“equity shares”) of Icodex publishing solutions limited (the “company” or the “issuer”) for cash at a price of Rs. 102 per equity share including a share premium of Rs. 92 per equity share (the “offer price”) aggregating to Rs. 42.03 crore (“the issue”) comprising of a fresh offer of 33,96,000 equity shares aggregating to Rs. 34.64 crore (the “fresh offer”) and an offer for sale of 7,24,800 equity shares by the promoter selling shareholders (“offer for sale”) aggregating to Rs. 7.39 crore. The monitoring agency report only covers the fresh issue of Rs. 34.64 crore. Particulars Remarks Amount (in Rs. crore) Approved by Board Total shares to be issued 41,20,800 42.03 Offer for sale 7,24,800 7.39 Fresh shares to be issued 33,96,000 34.64 Details of expenses to be incurred - 5.23 Net Proceeds to be received 29.41 Current Status Total fresh shares issued (Gross Proceeds) 33,96,000 34.64 Issue related expenses incurred 5.23 Net Issue proceeds 29.41* * Infomerics shall monitor only the net issue proceeds of the company. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Particulars Reply Source of information / Comments of Comments of Board of certifications considered by Monitoring Directors Monitoring Agency for Agency preparation of report Whether all the utilization is as per disclosure in No Prospectus*, Bank Refer Note 1 and The Company acknowledges Offer Statements, CA 2 that the temporary movement of Document? Rs. 5.25 crore was not aligned Certificate**, with the prescribed mechanism Management Declaration^ for utilisation of the Issue proceeds. However, the transfers were temporary in nature, were fully restored on 30 April 2026, and there was no permanent diversion or utilisation of the said amount for any purpose other than the stated objects of the Issue. The Company has further strengthened its internal controls to ensure that the Issue proc [Showing first 8,000 characters — download PDF for full document]