RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES

Foreign investment in Indian securities is regulated through the Industrial Policy, 1991 of the Government of
India and FEMA. While the Industrial Policy, 1991 prescribes the limits and the conditions subject to which
foreign investment can be made in different sectors of the Indian economy, FEMA regulates the precise manner
in which such investment may be made. Under the Industrial Policy, unless specifically restricted, foreign
investment is freely permitted in all sectors of the Indian economy up to any extent and without any prior
approvals, but the foreign investor is required to follow certain prescribed procedures for making such
investment. The RBI and the concerned ministries/departments are responsible for granting approval for foreign
investment. The Government has from time to time made policy pronouncements on foreign direct investment
(“FDI”) through press notes and press releases. The Department for Promotion of Industry and Internal Trade,
Ministry of Commerce and Industry, Government of India (earlier known as the Department of Industrial Policy
and Promotion) (“DPIIT”), issued the FDI Policy, which, with effect from October 15, 2020 consolidated,
subsumed and superseded all previous press notes, press releases and clarifications on FDI issued by the DPIIT
that were in force and effect prior to October 15, 2020. The FDI Policy will be valid until the DPIIT issues an
updated circular.

The transfer of shares between an Indian resident and a non-resident does not require the prior approval of the
RBI, provided that (i) the activities of the investee company are under the automatic route under the FDI policy
and transfer does not attract the provisions of the Takeover Regulations; (ii) the non-resident shareholding is
within the sectoral limits under the FDI policy; and (iii) the pricing is in accordance with the guidelines
prescribed by the SEBI/RBI.

As per the existing policy of the Government of India, OCBs cannot participate in this Offer.
Foreign Exchange Laws

The foreign investment in our Company is governed by, inter alia, the FEMA, the FEMA Non-debt Instruments
Rules, the FDI Policy issued and amended by way of press notes. The current foreign investment sectoral limit
applicable to our Company is 100%.

Further, in terms of the FEMA Non-debt Instruments Rules, the aggregate FPI investment limit is the sectoral
cap applicable to Indian company as prescribed in the FEMA Non-debt Instruments Rules with respect to its
paid-up equity capital on a fully diluted basis. See “Offer Procedure” on page 411.

In terms of the FEMA Non-debt Instruments Rules and the FDI Policy, a person resident outside India may
make investments into India, subject to certain terms and conditions, and further provided that an entity of a
country, which shares land border with India or where the beneficial owner of an investment into India, who is
situated in or is a citizen of any such country, shall invest only with the approval of the Government of India.
Further, in the event of transfer of ownership of any existing or future foreign direct investment in an entity in
India, directly or indirectly, resulting in the beneficial ownership falling within the above restriction/ purview,
such subsequent change in the beneficial ownership will also require approval of the Government of India. Each
Bidder should seek independent legal advice about its ability to participate in the Offer. In the event such prior
approval of the Government is required, and such approval has been obtained, the Bidder shall intimate our
Company and the Registrar in writing about such approval along with a copy thereof within the Offer Period.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities
Act or any state securities laws in the United States, and unless so registered may not be offered or sold
within the United States, except pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, such
Equity Shares are being offered and sold outside the United States, in offshore transactions in compliance
with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those
offers and sales occur.

The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other

jurisdiction outside India and may not be offered or sold, and Bids may not be made by persons in any
such jurisdiction, except in compliance with the applicable laws of such jurisdiction

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