Monitoring Agency Report dated 14.08.2026

ISIN: INE194R01017 Date: 14.08.2026 BSE Limited Corporate Relationship Department Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 539730 Subject: Regulation 32(6) – Report of Monitoring Agency on the use of proceeds raised through Preferential Allotment for the quarters ended March 31, 2026 and June 30, 2026. Respected Sir/Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith the Monitoring Agency Report dated August 14, 2026 issued by Care Ratings Limited, in respect of use of proceeds raised through Preferential Allotment, for the quarters ended March 31, 2026 and June 30, 2026, which was placed before the Audit Committee and Board at their Meeting held on today i.e., August 14, 2026. Kindly take the same on your record. FOR FREDUN PHARMACEUTICALS LIMITED FREDUN MEDHORA MANAGING DIRECTOR PLACE: MUMBAI DATE: 14.08.2026 Monitoring Agency Report CARE/HO/GEN/2026-27/1159 The Board of Directors Fredun Pharmaceuticals Limited Urmi Estate, 11th Floor, Ganpatrao Kadam Marg, Lower Parel (W), Mumbai - 400013 August 14, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026, - in relation to the Preferential Issue (PI) of Fredun Pharmaceuticals Limited (“the Company”) We write in our capacity of Monitoring Agency for the PI for the amount aggregating to Rs. 153.25 crore of the Company and refer to our duties cast under Regulation 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 September 30, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Darshan Shah Associate Director Darshan.shah@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Fredun Pharmaceuticals Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Yes • During the Q4FY26 and Q1FY27, company has utilized the proceeds aggregating to Rs.13.21 crore towards purposes which are not explicitly covered in the definition of the various Object. Same is considered as deviation in the object. The details are as follows: o The company has reported payment of Loan EMI to the tune of Rs. 1.22 crore and flat purchase to the tune of Rs. 0.69 crore under the Object namely ‘Capex’. Such loan payment and asset purchase to be included under the Object ‘Capex’ is not explicitly covered in the definition of the Object. o The company has reported payment to the tune of Rs. 3.95 crore towards fund raise expenses and CSR activities. Such payments are included under the Object ‘Contingency / Miscellaneous’ is not explicitly covered in the definition of the Object. o The company has reported payment to the tune of Rs. 5.85 crore towards tax payments, PF payments, and other statutory dues. Such payments to be included under the Object ‘Strategic & Statutory Reserves’ is not explicitly covered in the definition of the Object. o The company has reported payment to the tune of Rs. 1.50 crore towards R&D expenses under the Object ‘Formulation Development & R&D’. However, the company has not submitted any supporting documents to verify the same. • The company has reported a utilization of Rs. 53.29 crore under ‘Working Capital’, which lower by Rs. 2.65 crore which was reported during the Q3FY26 Monitoring Agency report. Same has resulted in difference in reported utilization between Monitoring agency vis-a-vis CA as well as Management certificate at end of June 30, 2026. The total fund utilization as per MA is Rs. 79.80 crore while as per Management and CA certificate the same stood at Rs. 77.15 crore. • The company and CA Certificate are reporting unutilized proceeds of Rs. 21.47 crore, however, considering fund received of Rs. 111.53 crore, and utilization of Rs. 77.15 crore (as per company submission), the unutilized proceeds should stand at Rs. 34.38 crore. As per MA, utilization stood at Rs. 79.80 crore hence, the unutilized proceeds should remain at Rs. 31.73 crore. Hence, the company submitted unutilized proceeds stood incorrect and lower than the derived unutilized proceeds. (b) Range of Deviation: Not ascertainable as MA is unable to verify the difference between unutilized proceeds reported by the company and actually it should be considering the fund received and utilization thereof. 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 Monitoring Agency 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: Darshan Shah Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Fredun Pharmaceuticals Limited Name of the promoter : Fredun Nariman Medhora, Daulat Nariman Medhora Industry/sector to which it belongs : Pharmaceuticals – Other Pharmaceuticals 2) Issue Details Issue Period : Not applicable Type of issue (public/rights) : Preferential Issue (PI) Type of specified securities : Equity Shares and Convertible Warrants IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 149.50 crore$ $As per PAS 4 and an EOGM dated October 22, 2025, the company initially proposed to issue 6,52,360 shares and 5,73,600 warrants at Rs. 1250 per share (including share premium of Rs. 1240 per share), totaling to Rs. 153.25 crore. Later, the issue size was revised as per the stock exchange filing on December 18, 2025, wherein the company revised issue size to 6,44,360 shares and 5,51,600 warrants aggregating to Rs. 149.50 crore. The company has received entire money against 6,44,360 shares and 25% towards subscription of 5,51,600 warrants. The Balance 75% is to be [Showing first 8,000 characters — download PDF for full document]