26.

27.

28.

c equity shares issued or issuable in connection with any stock split or stock dividend of the
Company;

d. equity shares issued or issuable pursuant to the bona fide acquisition of another Person by the
Company by merger, purchase of substantially all of the assets of such Person, or exchange of
shares or other transaction, in each case, approved by the Board of Directors; and

e equity shares issued or issuable as part of the Listing.

In the event of an issue of, or subscription to, any New Securities, notwithstanding the Investors’
subscription or participation in such issuance, if the Company offers any New Securities at a price that
is lower than the price per Equity Share paid by the Investor with respect to the subscription to the
Investor Shares, such Investors’ subscription price per Investor Share shall be adjusted in a manner
acceptable to the Investor, in accordance with Applicable Law, such that the average price of such
Investor with respect to all its Investor Shares shall be equal to the lowest price at which the New Security
is issued. In the event that any such adjustment requires any Authorisations and / or Governmental
Approvals, the Company and the Sponsors shall make best efforts to obtain such Authorisations and / or
Governmental Approvals. At the time of any event contemplated in this Article 26, the Company and the
Sponsors shall be bound to co-operate with the Investors such that the Company forthwith takes all
necessary steps to issue additional equity shares and/or preference shares or any Share Equivalents (as
the Investors may choose) to the Investors at the lowest price permissible under Applicable Law and/or
compensate the Investors in any other manner (as the Investors may choose) in accordance with the terms
and conditions of this Article.

The Company and the Sponsors shall not, without the prior written consent of the Investors, grant rights
or terms of investment to any Person that are more favourable than those offered to the Investors under
these Articles. If the Investors consent to such investment, then the same rights shall also be provided to
the Investors.

The Company shall not issue any Equity Shares or Share Equivalents to any Person unless such Person:

a. executes a Deed of Adherence confirming that it shall be bound by the Shareholders Agreement
as a Shareholder in respect of all Equity Shares in the Company and/or Share Equivalents held
or to be held by such Person and promptly provides copies of such executed Deed of Adherence
to each of the other parties to the Shareholders Agreement; and

b. delivers to each of the other Parties to the Shareholders Agreement: (i) a Certificate of
Incumbency and Authority in a form as set out in Schedule 2 of the Shareholders Agreement;
(ii) a copy of the applicable corporate documentation of such Person authorizing the execution
of the Deed of Adherence and the subscription or purchase of the applicable Equity Shares in
the Company and/or Share Equivalents; and (iii) any other documentation reasonably requested
by any party to the Shareholders Agreement.

Right of First Offer - Investor Transfer

29.

In the event that any of the Investors proposes to Transfer (“Selling Investor”) all or any portion of
Equity Shares held by it in the Company and/or Share Equivalents (the “Transfer Shares”), such Selling
Investor shall first give a notice thereof (the “RFO Notice”) to the other Investor (“Non Selling
Investor”) and SR (the “Offeree Sponsor”) setting forth the number of Transfer Shares proposed to be
Transferred. The Non Selling Investor and Offeree Sponsor shall be collectively referred to as the
“Offerees”. Such RFO Notice shall not be amended by the Selling Investor till the expiry of the Offering
Period.

a. Within thirty (30) Business Days from receipt of the RFO Notice (the “Offering Period”), each
of the Offerees shall have an option to acquire up a pro-rata portion of the Transfer Shares,
based on the proportion that their respective shareholding in the Company bears to their
aggregate shareholding in the Company (“Acceptance Shares”), by delivering a written notice
(the “Acceptance Notice”) to the Selling Investor either (i) stating the number of Acceptance
Shares it is willing to acquire and the price per Transfer share it is willing to pay (“Offer Price”)

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