| This document details a monitoring agency's report on the utilization of funds raised by Power Grid Corporation of India Limited through a qualified institutional placement (QIP). The report covers the period ending June 30, 2023, and assesses progress against the stated objectives of the QIP, which included funding capital expenditure for a washery and coal handling plant, repaying existing loans, and general corporate purposes. While the company has fully utilized the proceeds, there was a delay of 39 days in the implementation of the washery project. The report also highlights that interest income earned on fixed deposits was partially utilized for the Tasra project, and outlines the reasons for any deviations from the original plan, along with proposed corrective actions. Several disclaimers are included to clarify the scope and limitations of the monitoring agency's responsibilities. |