Statement of Deviation & Variation for Qtr. Ended June 2026

August 14, 2026 BSE Ltd., Corporate Relation Listing Department Phiroze Jeejeebhoy Towers Dalal Street, Mumbai- 21 Dear Sir/Mam, Sub: Statement of deviation for the quarter ended on June 30, 2026. Pursuant to Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended read with SEBI Circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019, please find enclosed herewith the Statement of Deviation(s) or Variation(s) in respect of utilization of funds raised through Preferential issue of convertible Equity Warrants for the quarter ended 30.06.2026. Please note that the enclosed statement also incorporates the disclosure regarding the forfeiture of 27,00,000 unexercised warrants and transfer of ₹8.84 Crores to the Capital Reserve Account, as approved by the Board of Directors at its meeting held today, August 14, 2026, upon expiry of the 18-month conversion tenure on August 10, 2026. With this forfeiture and closure of the issue, there is no deviation or variation in the utilization of the funds received. You are requested to take the same on your record. Thanking You For Garnet International Limited Ramakant Gaggar Managing Director DIN: 01019838 Statement of Deviation / Variation in utilisation of funds raised Name of listed entity Garnet International Limited Mode of Fund Raising Preferential Issue Date of Raising Funds February 10, 2025 (Date of Allotment of Warrants) Amount Raised INR 8.84 Crores (25% upfront subscription money received on allotment). Total original issue size was INR 35.37 Crores. However, as the 18-month conversion window expired on August 10, 2026, without exercise by warrant holders, the balance 75% was not received and the issue stands closed. Report filed for Quarter ended 30.06.2026 (Information Updated till 14.08.2026) Monitoring Agency Not Applicable Monitoring Agency Name, if Not Applicable applicable Is there a Deviation / Variation in No use of funds raised If yes, whether the same is pursuant Not Applicable to change in terms of a contract or objects, which was approved by the shareholders If Yes, Date of shareholder Approval Not Applicable Explanation for the Deviation / Not Applicable Variation Comments of the Audit This statement was reviewed and approved by the Audit Committee after review Committee at its meeting held on August 14, 2026. Comments of the auditors, if any No Comments Objects for which funds have been raised and where there has been a deviation, in the following table Original Object Modified Object, if any Original Modifie Funds Amt. of Remarks if Allocati d Utilize Deviation / any on (Rs. allocatio d (Rs. Variation for In Cr.) n, if any In Cr.) the Qtr. (Rs. In according Cr.) to applicable object Strategic The Board in its meeting held 16.87 7.89 7.89 Nil Revision in Investments on August 14, 2026 took note cost of object including of the lapse of warrants and from ₹16.87 Acquition approved the forfeiture of Crores to Opportunities 27,00,000 warrants and ₹7.89 Crores and exploring transfer of upfront amount of due to non- new initiatives ₹8.84 Crores to Capital receipt of Reserve Account. This leads balance 75% to revision in allocation of warrant issue proceeds and the balance money within amounts are no longer prescribed available for utilization. time. Investment in The Board in its meeting held 10.00 0.65 0.65 Nil Revision in Subsidiary on August 14, 2026 took note cost of object of the lapse of warrants and from ₹10.00 approved the forfeiture of Crores to 27,00,000 warrants and ₹0.65 Crores transfer of upfront amount of due to non- ₹8.84 Crores to Capital receipt of Reserve Account. This leads balance 75% to revision in allocation of warrant issue proceeds and the balance money within amounts are no longer prescribed available for utilization. time. General The Board in its meeting held 8.50 0.30 0.30 Nil Revision in Corporate on August 14, 2026 took note cost of object Purpose of the lapse of warrants and from ₹8.50 approved the forfeiture of Crores to 27,00,000 warrants and ₹0.30 Crores transfer of upfront amount of due to non- ₹8.84 Crores to Capital receipt of Reserve Account. This leads balance 75% to revision in allocation of warrant issue proceeds and the balance money within amounts are no longer prescribed available for utilization. time. TOTAL 35.37 8.84 8.84 Deviation or variation could mean:  Deviation in the objects or purposes for which the funds have been raised or  Deviation in the amount of funds actually utilized as against what was originally disclosed or  Change in terms of a contract referred to in the fund-raising document i.e. prospectus, letter of offer, etc. Note: 1. Total Issue Size & Utilization: The Company had originally issued 27,00,000 convertible warrants on a preferential basis at an issue price of ₹131/- per warrant (including a premium of ₹121/- per warrant), aggregating to a total issue size of ₹35.37 Crores. Out of ₹35.37 Crores, the Company received 25% upfront application money amounting to ₹8.84 Crores (₹32.75 per warrant) upon allotment on February 10, 2025. 2. No amount has been raised and/or received by the company during the quarter ended 30-06-2026 and entire utilization of INR 8.84 Crore had already been completed in previous quarters. Hence, there is no utilisation during the quarter. 3. Event Subsequent to Quarter Ended June 30, 2026 and Forfeiture of Warrants: Pursuant to Regulation 169 of SEBI (ICDR) Regulations, 2018, the 18-month tenure for converting warrants into equity shares expired on August 10, 2026. As warrant holders failed to pay the balance 75% consideration, the Board of Directors at its meeting on August 14, 2026, approved the forfeiture of 27,00,000 unexercised warrants and transferred the upfront amount of ₹8,84,25,000/- to the Capital Reserve Account. 4. Consequently, allocations stand revised, no further funds are receivable, and the preferential issue stands fully concluded and closed. For Garnet International Limited Ramakant Gaggar Managing Director DIN: 01019838