EMudhra : Monitoring Agency Report

EL/SEC/2022-23/ 30

Monday, August 01, 2022

Corporate Relationship Department	The Manager Listing Department
BSE Limited	National Stock Exchange of India Limited
1st Floor, New Trading Ring Rotunda	"Exchange Plaza', C-1, Block G
Building, P J Towers, Dalal Street, Fort,	Bandra-Kurla Complex,
Mumbai 400 001	Bandra (El, Mumbai - 400 051
Script Code: 543533	Script Code: EMUDHRA

Dear Sir/Madam,

Sub: Monitoring Agency Report for the Quarter ended June 30, 2022

Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and 41(4) of SEBI (Issue of Capital and Disclosure Requirements Regulations, 2018, please find enclosed herewith Monitoring Agency Report in respect of utilization of proceeds of IPO for the quarter ended June 30, 2022 issued by Kotak Mahindra Bank Limited, Monitoring Agency. You are requested to take the above information on your record.

Thanking you

Yours faithfully,

"·	( a L
For eMudhra Limit

� *

Johnson Xavier

Company Secretary & Compliance Officer

Membership No. A28304

eMudhra Limited

eMudhra Digital Campus, 12-Pl-A & 12-Pl-B,Hi-Tech Defence and Aerospace Park (IT sector), Jala Hobli, B.K. Palya, Bengaluru, Karnataka 562149 I Phone: [phone]I Email: [e-mail]:www.emudhra.com

CIN - L72900KA2008PLC060368

Okotak

Kotak Mahindra Bank

Report ofthe Monitoring Agency

Name ofthe Issuer: eMudhra Limited

For quattcr ended: June 30, 2022

Name ofthe Monitoring Agency: Kotak Mahindra Bank Ltd.

1. Deviation from the objects: No deviation is observed in the utilisation of issue proceeds

• Utilization different from Objects of the Offerstated in the Prospectus but in line with change of objects approved by shareholders' resolution;
  or
• Utilization neither in line with Objects ofthe Offer stated in the Prospectus nor approved by shareholders' resolution
• In case there is no deviation, the same shall be stated.

1. Range of Deviation*: NA

Indicate range ofpercentage deviationfrom the amount ofissue proceeds earmarkedfor objects. For example, up to 10%, 10- 25%, 25-50%,50-75%,75-100%, notascertai110ble e/c.

• l'l1e range ofdeviation may be computed by taking weighted average offinancial deviationofeach object in the ratio ofissue proceeds allocated/or it. Non-financial deviation may be indicated separately by way ofnotes.

Declaration:

We declare that this report is based on the format prescribed by the Securities and Exchange Board ()f India (Issue ofCapital and Disclosure Requirements) Regulations, 2018, as amended Wefi,rther declare that this report provides a tr ue and/air view ofthe utilization of/he Offer proceeds.

We declare that we do not have any direct/indirect interest in or relationship with the Company, its 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 the Offer proceeds by the Company.

Signature: Ii	1thorize�rs	I	Signing At1th,orf!v:'!v1 Anurag Goenka
Name oft

Designation o Authorized Person/Signing Authority: Executive Vice President

Seal ofthe Monitoring Agency:

Date: 29th July 2022

Kotak Mahindra Bank Ltd.		Registered Office:
CIN: t65110MH1985PLC038137
	27 BKC, C 27, G Block,
27 BKC, Plot No C-27, G Block		Bandra Kurta Complex,
Bandra Kurla Complex		Bandra (E), Mumbai 400051,
Bandra (East), Mumbai - 400 051	www.kotak.com	Maharashtra, India.

ekotak	Kotak Mahindra Bank
Subsequent Pages:

1) Issuer Details:

Name ofthe issuer: eMudhra Limited

Names ofthe promoter: Venkatraman Srinivasan and M/s Taarav PTE Limited

Industry/sector to which it belongs: Information technology Services

2) Offer Details:

Offer Period: May 20,2022 to May 24,2022

Type ofissue (public/rights): Initial Public Offering

Type ofspecified securities: Equity Shares

Public issue Grading, ifany: No credit rating agency registered with SEBI has been appointed for grading the Issue.

Offer size(' in Millions): Fresh issue of!NR 1610.00 million and OFS of98,35,394 shares worth INR25 l7.86 million. Out of the fresh issue INR 88.05 was adjusted towards various offer expenses and the net amount received in the monitoring agency bank account is INR 1521.95 million.

3) Details of the arrangement made to ensure the monitoring ofOffer proceeds:

Comments of

Particulars

Reply

the

Comments ofthe Board ofDirectors

Monitoring

Agency

Whether all utilization is as per the disclosures

Yes/No

Yes

in the Prospectus?

Whether shareholder approval has

been

obtained in case of material deviations# from

Yes/No

No

expenditures disclosed in the Prosoectus?

Whether the means offinance for the disclosed

Yes/No

No

Objects of the Offer has changed?

Is there any major deviation

observed over the

Yes/No

No

earlier monitoring agency reports?

Whether all Government/statutory

approvals

related to the Object(s) ofthe Offer have been

Yes/No

Yes

obtained?

pertaining to

.

Whether

all

technical assistance/collaboration are 111 Yes/No

No

operation?

Are there

any favorable events improving the

Yes/No

No

viability ofthese Object(s) ofthe Offer?

Are there any unfavorable events affecting the

Yes/No

No

viability ofthe Object(s) ofthe Offer?

Is there any other relevant information that

may materially affect the decision making of

Yes/No

No

the investors?

For Other Objects ofthe Issue -

NIL Utilisation in Quarter ended 30th June 2022

Comments

of

Paiticulars

Reply

the

Comments ofthe Board ofDirectors

.

Monitoring

Agency

Kotak Mahindra Bank Ltd.		Registered Office:	�
CIN: L65110MH1985PLC038137		>	•..
	27 BKC, C 27, G Block,
27 BKC, Plot No C-27, G Block		Sandra Kurla Complex;		�ti,
Bandra Kurla Complex		Sandra (E), Mumbai 400051,
Bandra (East), Mumbai - 400 OS 1	www.kotak.com	Maharashtra, India.

			-
(e,"Mkotak
Whether all utilization is as per the disclosmes	Yes/No	NA
in the Prospectus?		has	been
Whether			shareholder approval
obtained in case of material	deviations#	r		Yes/No	NA
f om
exoenditures disclosed in the	Prospectus?
Whether the means offinance for the disclosed	Yes/No	NA
Objects of the Offer has changed?
Is there any major deviation observed over the	Yes/No	NA
earlier monitoring agency reports?	approvals
Whether		all	Government/statutory	Yes/No	NA
related to the	Object(s) of the Offer have been
obtained?		all	arrangements	pe1taining	to
Whether			Yes/No	NA
technical			assistance/collaboration	are	111
operation?
Are there any favorable events improving the	Yes/No	NA
viability of these Object(s) of the Offer?
Are there any unfavorable events affecting the	Yes/No	NA
viability of the Object(s) of the Offer?	that
Is there	any	other relevant	infonnation	Yes/No	NA
may materially affect the decision making	of
the investors?

1. Details ofObject(s)s ofthe Offer to be monitored:
2. 1. Cost ofObject(s) of the Offer- INR 1521.95 Million

			Original
I.	Item Head		Cost	(as
	per	Offer	Revise
N			Document	d Cost
	Repayment or pre-payment, in full or in		s)
I		350.00	NA
	part, of all or ce1tain borrowings availed by
2	our Company;		402.19
Funding working capital requirements of		NA
3	our Company;		463.64
Purchase ofequipments and funding of		NA
	other related costs for data centers proposed to
4	be set-up in India and overseas locations;		150.30
Funding ofexpenditure relating to product		NA
5	develooment;		152.67
Investment in eMudhra fNC for augmenting its	NA
	business development, sales, marketing	and
6	other related costs for future growth		3.15	NA
General Corporate Purposes.
	Total		1521.95

1. Progress in the Object(s) of the Offer-

Sr	I Item Heads	Amount	Amount utilized
N�	f as

Kotak Mahindra Bank

No comments as there are no deviation No comments as there are no deviation

No comments as there are no deviation

					In < Millions
Comment	Comments of Board of Directors
Reaso	Proposed	Particular
s	of	n	of	s of firm
Monitorin	cost		option
g Agency	revisi
		on

-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-

Total		Comm		In ? 1fillions
I	I	Comments	of j
unutilize	ents of	Board ofDirectors

Kotak Mahindra Bank Ltd.		Registered Office:
CIN: l6S110MH1985PLC038137
	27 BKC, C 27, G Block,
27 BKC, Plot No C-27, G Block		Bandra Kuda Complex,
Bandra Kurla Complex		Bandra (E), Mumbai 400051,
Bandra (East), Mumbai - 400051	www.kotak.com	Maharashtra, India.

					-
								1;•kotak	proposed	As	at				Kotak Mahindra Bank
																		During	At	the	d	Manito	Reaso	Proposed
																		in	Beginni	end	of	Amount	ring	n of
																		Prospect	ng ofthe	the	the				Agenc	idle	Course of
		1						Repayment or pre-payment, in	us	ouarter		quarter	quarter		y	funds	Action
								full or in pmt, of all or ce1tain	350.00	0.00		350.00		350.00	0.00	-	-			-
								boITowings availed by our
								Company;
		2						Funding				working
						capital												-	-
								requirements of				402.19	0.00		0.00		0.00		402.19			-
								our Company;																-	-			-
		3						Purchase	of			equipments and
								funding ofother related costs for
								data centers proposed to be set-	463.64	0.00		0.00		0.00		463.64
								up in	India	and	overseas
								locations;																				-	-			-
		4				Funding	of
					expenditure relating	150.30	0.00		0.00		0.00		150.30
								to product develonment;						-			-
		5
						Investment in eMudhra INC for												-
								augmenting	its	business
					development,	sales,	marketing	152.67	0.00		0.00		0.00		152.67
					and other related costs for
					future growth																-	-			-
		6			General Corporate Purnoses.		3.15	0.00		0.00		0.00		3.15
						Total [(A)+(B)l				1521.95	0.00		350.00		350.00	1171.95

1. Deployment ofunutilized Offer proceeds*-

	s.	Type of						Maturity	Earnings(Accrued		Investment	In f Millions
	Amount		Market Value
	No	instrument	invested	Date	Interest till		(ROI%)	as at the end
			where amount									30.06.2022)				of quarter**
			invested*						16/9/2022			1.21			4.85%	100.00
	I	Fixed Deposits	100.00
	2		Fixed Deposits				100.00													4.85%	100.00
				16/9/2022			1.21
	3		Fixed Deposits		100.00		16/9/2022
			1.21
					4.85%	100.00
	4		Fixed Deposits	100.00		18/7/2022			0.32			3.75%	100.00
	5		Fixed Deposits	100.00		18/7/2022							0.32
										3.75%	100.00
	6		Fixed Deposits		120.00		16/9/2022			1.45			4.85%	120.00
	7		Fixed Deposits	150.00		14/12/2022			3.88
						5.25%	150.00
			Fixed Deposits	400.00		18/6/2023					23.87		5.95%	400.00

Total1170.00

33.47

1170.00 .•

*As on 30th June, 2022 the balance in Monitoring Agency Account was Rs. 1.95 Million.

1. Delay in imolementation of the Object(s) of the Offer-

Object(s)

Comoletion Date

Delay

(No.

Comments of

Board of Directors

Name

As per Prospectus

Actual*

of

days/

Reason

of Proposed Course of

months)

delay

Action

NA

NA

NA

NA

NA

NA

object(s) please specify latest/revised

estimate ofcompletion date.

* In case ofcontinuing

Kotak Mahindra Bank Ltd.		(
	Registered Office:
CIN: L65110MH1985PLC038137
	27 BKC, C 27, G Block,
·27 BKC, Plot No C-27, G Block
	Banr,lra Kurla Complex,
Bandra Kurla Complex		Sandra (E), Mumbai 400051,
Bandra (East), Mumbai- 400 051	www.kotak.com	Maharashtra, India.