Monitoring Agency Report

Telephone: +91 22 6661 7272 | Email: info.india@blackbox.com BBOX/SD/SE/2026/77 August 13, 2026 Corporate Relationship Department Corporate Relationship Department Bombay Stock Exchange Limited The National Stock Exchange of India Limited P.J. Tower, Dalal Street, Exchange Plaza, Bandra Kurla Complex, Fort, Mumbai 400001 Bandra East, Mumbai 400051 Sub: Monitoring Agency Report for the quarter ended June 30, 2026 Ref.: Scrip code: BSE: 500463/NSE: BBOX Dear Sir/Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162(A)(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Monitoring Agency Report for the quarter ended June 30, 2026, issued by CARE Ratings Limited is enclosed herewith. This is for your information, record and necessary dissemination to all the stakeholders. Yours Faithfully, For Black Box Limited Aditya Goswami Company Secretary & Compliance Officer Encl.: A/a. BLACK BOX LIMITED Registered Office: 501, 5th Floor, Building No. 9, Airoli Knowledge Park, MIDC Industrial Area, Airoli, Navi Mumbai 400 708, India BLACKBOX.COM | CIN: L32200MH1986PLC040652 | Tel: +91 22 6661 7272 Monitoring Agency Report No. CARE/HO/GEN/2026-27/1142 The Board of Directors Black Box Limited 501, 5th Floor, Building No.9, Airoli Knowledge Park, MIDC Industrial Area, Airoli, Navi Mumbai-400708 August 13, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026- in relation to the Preferential Issue of Black Box Limited (“the Company”) We write in our capacity of Monitoring Agency for the preferential Issue for the amount aggregating to Rs. 386.36 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. 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 August 22,2024 and amendment to the Monitoring Agency Agreement dated November 05, 2024. Request you to kindly take the same on records. Thanking you, Yours faithfully, Ashish A Kambli Associate Director ashish.k@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Black Box Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No (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: Ashish A Kambli Designation of Authorized person/Signing Authority: Associate Director Monitoring Agency Report 1) Issuer Details: Name of the issuer : Black Box Limited Name of the promoter : Essar Telecom Limited Industry/sector to which it belongs : IT Enabled Services 2) Issue Details Issue Period for share warrants : 18 months from date of allotment Type of issue (public/rights) : Share warrants issued to Promoter Group and Non- Promoter Category Type of specified securities : Warrants convertible into equity shares IPO Grading, if any : Not applicable Issue size (in `crore) : Rs. 386.36 crore (Note 1) Note 1: The company had offered 98,32,123 fully convertible warrants each convertible into 1 (One) Equity Share of face value of Rs. 2/- (Rupees two Only) each to the ‘Promoter Group and Non-Promoter group, on preferential basis, in one or more tranches, at an issue price of Rs 417/- (Rupees Four hundred and seventeen Only) each, for an aggregate amount of up to Rs. 410.00 crore. However, due to undersubscription and as per allotment finalized dated September 27, 2024, the company had offered 92,65,215 fully convertible warrants each convertible into 1 (One) Equity Share of face value of Rs. 2/- (Rupees two Only) each to the ‘Promoter Group and Non-Promoter group, on preferential basis, in one or more tranches, at an issue price of Rs 417/- (Rupees Four hundred and seventeen Only) each, for an aggregate amount of up to Rs. 386.36 crore. Monitoring Agency Report 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments of certifications considered by Comments of the the Particulars Reply Monitoring Agency for Monitoring Agency Board of preparation of report Directors The object of ‘Working capital requirement of the No comment company’ was not specified in the offer document and received the same has been added via special resolution approved *CA Certificate, Bank statement of by shareholders dated March 19, 2025. Monitoring Account, Current account statement of Bank of Maharashtra During the quarter, company has utilized the proceeds Whether all utilization is as per the disclosures in the and Management certificate, under the object of ‘Working Capital requirement of the Offer Document? Employee payments (emails company’. The utilization was in line with the revised confirmation from company), Vendor objects during the quarter. invoices and statutory payment invoices Monitoring agency has verified utilization from bank statement, Management certificate, Vendor invoices, Statutory invoices and CA certificate for monitoring usage of proceeds. The company has revised the objects as compared to No comment Whether shareholder approval has been obtained in original offer document by passing special resolution received case of material deviations# from expenditures Yes ^Special Resolution approved by shareholders dated March 19, 2025. The disclosed in the Offer Document? details of revised objects are specified in the table “Details of the object to be mentioned” Board resolution, *CA certificate No comment Whether the means of finance for the disclosed Yes and Management Certificate The issue size has reduced from Rs.410 crore to received objects of the issue have changed? Rs.386.36 crore due to undersubscription. Is there any major dev [Showing first 8,000 characters — download PDF for full document]