basis as a foreign court if an action were brought in India or that an Indian court would enforce foreign judgments
if it viewed the amount of damages as excessive or inconsistent with the public policy in India.

Risks Relating to the Equity Shares and this Offer
59. The trading volume and market price of the Equity Shares may be volatile following the Offer.

The market price of the Equity Shares may fluctuate as a result of, among other things, the following factors, some
of which are beyond our control:

quarterly variations in our results of operations;

results of operations that vary from the expectations of securities analysts and investors;

results of operations that vary from those of our competitors;

changes in expectations as to our future financial performance, including financial estimates by research
analysts and investors;

a change in research analysts’ recommendations;
announcements by us or our competitors of significant acquisitions, strategic alliances, joint operations or
capital commitments;

announcements by third parties or governmental entities of significant claims or proceedings against us;
new laws and governmental regulations applicable to our industry;

additions or departures of key management personnel;

changes in exchange rates;

fluctuations in stock market prices and volume; and

general economic and stock market conditions.

 

Changes in relation to any of the factors listed above could adversely affect the price of the Equity Shares.

60. The Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after
the Offer.

The Offer Price of the Equity Shares has been determined by our Company and the Selling Shareholders in
consultation with the Book Running Lead Manager through the Book Building Process. This price is based on
numerous factors, as described under “Basis for Offer Price” on page 106 and may not be indicative of the market
price for the Equity Shares after the Offer. The market price of the Equity Shares could be subject to significant
fluctuations after the Offer, and may decline below the Offer Price. We cannot assure you that you will be able to
resell their Equity Shares at or above the Offer Price.

61. The Equity Shares have never been publicly traded and the Offer may not result in an active or liquid
market for the Equity Shares. Further, the price of the Equity Shares may be volatile, and the investors
may be unable to resell the Equity Shares at or above the Offer Price, or at all.

Prior to the Offer, there has been no public market for the Equity Shares, and an active trading market on the stock
exchanges may not develop or be sustained after the Offer. Listing and quotation does not guarantee that a market
for the Equity Shares will develop, or if developed, the liquidity of such market for the Equity Shares.

Our Equity Shares are expected to trade on NSE and BSE after the Offer, but there can be no assurance that active
trading in our Equity Shares will develop after the Offer, or if such trading develops that it will continue. Investors
may not be able to sell our Equity Shares at the quoted price if there is no active trading in our Equity Shares.

There has been significant volatility in the Indian stock markets in the recent past, and the trading price of our
Equity Shares after the Offer could fluctuate significantly as a result of market volatility or due to various internal
or external risks, including but not limited to those described in this Prospectus. The market price of our Equity
Shares may be influenced by many factors, some of which are beyond our control, including, among others:

. the failure of security analysts to cover the Equity Shares after this Offer, or changes in the estimates of
our performance by analysts;

. the activities of competitors and suppliers;

. future sales of the Equity Shares by us or our shareholders;

. investor perception of us and the industry in which we operate;

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