Monitoring Agency Report

14th August, 2025 The Manager, The Secretary, Listing Department Listing Department National Stock Exchange of India BSE Ltd., Ltd., P.J. Towers, Exchange Plaza, C-1, Block – G, Dalal Street, Fort, Bandra Kurla Complex, Bandra (E), Mumbai 400001. Mumbai 400 051 Scrip Code: 505196 Stock Code: TIL Dear Sir / Madam, Sub: Report of the Monitoring Agency pursuant to Regulation 32 of SEBI LODR relating to the Rights Issue of equity shares of TIL Limited Pursuant to Regulation 32 of SEBI LODR, please find enclosed herewith the Report dated 14th August, 2026 of CARE Ratings Limited, the Monitoring Agency appointed by the Company to monitor the utilization of the proceeds, during the quarter ended 30th June, 2026, from the issue of 1,20,91,760 partly paid up Equity Shares. A copy of the said report is also available on the website of the Company at www.tilindia.in. Request you to please take the same on record. Thanking you, Yours faithfully, Encl: As above No. CARE/KRO/GEN/2026-27/1070 The Board of Directors TIL Limited 1, Taratolla Road, Garden Reach Kolkata - 700024 West Bengal August 14, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Rights Issue of TIL Limited (“the Company”) We write in our capacity of Monitoring Agency for the Rights Issue for the amount aggregating to Rs. 199.51 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 June 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated February 23, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Shivangi Sharma Assistant Director Shivangi.sharma@careedge.in CARE Ratings Limited Unit No. A/7/4, 7th Floor Block A, Apeejay House, 4th Floor, Godrej Coliseum, Somaiya Hospital 15 Park Street, Kolkata – 700016 Road, Off Eastern Express Highway, Sion (East), Phone: +91-33-4018 1600/2283 1803 Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Report of the Monitoring Agency Name of the issuer: TIL 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: 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: Shivangi Sharma Designation of Authorized person/Signing Authority: Assistant Director CARE Ratings Limited Unit No. A/7/4, 7th Floor Block A, Apeejay House, 4th Floor, Godrej Coliseum, Somaiya Hospital 15 Park Street, Kolkata – 700016 Road, Off Eastern Express Highway, Sion (East), Phone: +91-33-4018 1600/2283 1803 Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 1) Issuer Details: Name of the issuer : TIL Limited Name of the promoter : M/s TIL Global Private Limited Industry/sector to which it belongs : Industrial Products 2) Issue Details Issue Period : March 30, 2026, to April 08, 2026 Type of issue (public/rights) : Rights Issue (RI) Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 199.51 crore 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 Board of Monitoring Agency preparation of report Directors Out of the total Rights Issue of Rs. 199.51 crore, the company has raised Rs. 149.64 crore through application money in CA certificate*, April 2026. The utilization of proceeds from the Rights issue Bank statements, (Application money) is in line with the offer document and No-dues certificate from lenders, Board Resolution dated April 28, 2026. Confirmation from lenders against payment Whether all utilization is as per the Yes received towards payment of unsecured loans, Noted disclosures in the Offer Document? The company has utilized Rs 37.50 crore towards the object Management certificate, “General Corporate Purposes”, Rs 2.68 Cr towards “Issue Offer document, expenses” and balance of Rs 109.46 Cr towards Board Resolution (BR) and “Repayment/pre-payment, in full or in part, of certain Declaration from CFO and Director- Finance outstanding borrowings availed by the Company, including the interest “. CA certificate*, In the offer document, the utilization of proceeds from Whether shareholder approval has been Bank statements, Rights issue (application money) was as follows: obtained in case of material deviations# Not No-due certificate/confirmation from lenders, Noted from expenditures disclosed in the Offer applicable Confirmation from lenders against payment • Repayment/pre-payment, in full or in part, of certain Document? received towards payment of unsecured loans, outstanding borrowings including the interest- Rs. 110 Management certificate, crores. Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Board of Monitoring Agency preparation of report Directors Offer document, • General Corporate Purposes (GCP)- Rs. 26.74 crore Board Resolution and • Issue Expenses- Not specified in the offer document Declaration from CFO and Director- Finance However, as per offer document, the Board or the Rights Issue Committee were given the rights to change the schedule of implementation and deployment of Net Proceeds, including the manner, method, and timing of deployment (whether by preponing or deferring such utilization in part or full) of the Net Proceeds, in case of any delay in payment and/or non-receipt of Call Monies and/or in case of any change in our business requirements and other commercial considerations, subject to compliance with applicable laws. Therefore, the Board in accordance with BR [Showing first 8,000 characters — download PDF for full document]