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and residents are freely permitted (subject to certain exceptions), if they comply with the valuation and
reporting requirements including as specified by the RBI. If a transfer of shares is not in compliance with
such requirements and fall under any of the exceptions specified by the RBI, then the RBI’s prior
approval is required. Additionally, shareholders who seek to convert Rupee proceeds from a sale of
shares in India into foreign currency and repatriate that foreign currency from India require a no-
objection or a tax clearance certificate from the Indian income tax authorities. Further, in accordance
with Press Note No. 3 (2020 Series), dated April 17, 2020 issued by the DPIIT and the Foreign Exchange
Management (Non-debt Instruments) Amendment Rules, 2020 which came into effect from April 22,
2020, any investment, subscription, purchase or sale of equity instruments by entities of a country which
shares a land border with India or where the beneficial owner of an investment into India is situated in or
is a citizen of any such country, will require prior approval of the Government of India, as prescribed in
the Consolidated FDI Policy and the FEMA NDI Rules. These investment restrictions shall also apply to
subscribers of offshore derivative instruments. We cannot assure you that any required approval from the
RBI or any other governmental agency can be obtained on any particular terms or at all. For further
details, see “Restrictions on Foreign Ownership of Indian Securities” on page 430.

Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.

Under the current Indian tax laws and regulations, capital gains arising from the sale of equity shares in
an Indian company are generally taxable in India. A securities transaction tax (“STT”) is levied both at
the time of transfer and acquisition of the equity shares (unless exempted under a prescribed
notification), and the STT is collected by an Indian stock exchange on which equity shares are sold. Any
gain realized on the sale of equity shares held for more than 12 months, which are sold using any other
platform other than on a recognized stock exchange and on which no STT has been paid, are subject to
long term capital gains tax in India. Such long term capital gains exceeding = 100,000 arising from the
sale of listed equity shares on the stock exchange are subject to tax at the rate of 10% (plus applicable
surcharge and cess). Further, STT will be levied and collected by an Indian stock exchange if the equity
shares are sold on a stock exchange. With respect to capital gains arising in an off market sale, long term
capital gains are subject to tax at the rate of 10% (plus applicable surcharge and cess) without the
exemption of 2 100,000. Short-term capital gains, arising from the sale of such equity shares on a stock
exchange would be subject to tax at the rate of 15% (plus applicable surcharge and cess), while short
term capital gains arising in an off-market sale would be subject to tax at a higher rate of 40% (plus
applicable surcharge and cess) in the case of foreign companies and 30% (plus applicable surcharge and
cess) in the case of other non-resident taxpayers.

The Government of India has announced the union budget for financial year 2022, pursuant to which the
Finance Bill, 2021 was tabled before the Lok Sabha. The Finance Bill received assent from the President
of India on March 28, 2021 and has been enacted as the Finance Act. We have not fully determined the
impact of these recent laws and regulations on our business. We cannot predict whether any amendments
made pursuant to the Finance Act would have an adverse effect on our business, financial condition and
results of operations. Unfavourable changes in or interpretations of existing, or the promulgation of new,
laws, rules and regulations including foreign investment and stamp duty laws governing our business and
operations could result in us being deemed to be in contravention of such laws and may require us to
apply for additional approvals. Uncertainty in the applicability, interpretation or implementation of any
amendment to, or change in, governing law, regulation or policy, including by reason of an absence, or a
limited body, of administrative or judicial precedent may be time consuming as well as costly for us to
resolve and may impact the viability of our current businesses or restrict our ability to grow our
businesses in the future.

In accordance with the Indian Stamp Act 1899, in the absence of a specific provision under an
agreement, the liability to pay stamp duty in case of sale of securities through stock exchanges will be on
the buyer, while in other cases of transfer for consideration through a depository, the onus will be on the
transferor. The stamp duty for transfer of securities other than debentures, on a delivery basis is specified
at 0.015% and on a non-delivery basis is specified at 0.003% of the consideration amount.

Qualified Institutional Buyers (QIBs) and Non-Institutional Investors are not permitted to withdraw
or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after
submitting a Bid.

Pursuant to the SEBI ICDR Regulations, QIBs and Non-Institutional Investors are not permitted to
withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after
submitting a Bid. Retail Individual Investors can revise their Bids during the Bid/Offer Period and

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