81.

82.

83.

Pursuant to the Issue, the Equity Shares will be listed on the Stock Exchanges. Pursuant to applicable Indian laws, certain
actions must be completed before the Equity Shares can be listed and trading in the Equity Shares may commence.
Investors’ book entry, or ‘demat’ accounts with depository participants in India, are expected to be credited with the Equity
Shares within one (1) working day of the date on which the Basis of Allotment is approved by the Stock Exchanges. The
Allotment of Equity Shares in this Issue and the credit of such Equity Shares to the applicant’s demat account with
depository participant could take approximately six Working Days from the Bid Closing Date and trading in the Equity
Shares upon receipt of final listing and trading approvals from the Stock Exchanges is expected to commence within six
Working Days of the Bid Closing Date. There could be a failure or delay in listing of the Equity Shares on the Stock
Exchanges. Any failure or delay in obtaining the approval or otherwise any delay in commencing trading in the Equity
Shares would restrict investors’ ability to sell their Equity Shares. There can be no assurance that the Equity Shares will
be credited to investors’ demat accounts, or that trading in the Equity Shares will commence, within the time periods
specified herein. We could also be required to pay interest at the applicable rates if allotment is not made, refund orders
are not dispatched or demat credits are not made to investors within the prescribed time periods.

Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby
may suffer future dilution of their ownership position.

Under the Companies Act, a company having share capital and incorporated in India must offer its holders of equity shares
pre-emptive rights to subscribe and pay for a proportionate number of equity shares to maintain their existing ownership
percentages before the issuance of any new equity shares, unless the pre-emptive rights have been waived by adoption of
a special resolution. However, if the laws of the jurisdiction in which the investors are located in do not permit the investors
to exercise their pre-emptive rights, without our filing an offering document or registration statement with the applicable
authority in such jurisdiction, the investors will be unable to exercise their pre-emptive rights unless we make such a filing.
If we elect not to file a registration statement, the new securities may be issued to a custodian, who may sell the securities
for the investor's benefit. The value the custodian receives on the sale of such securities and the related transaction costs
cannot be predicted. In addition, to the extent that the investors are unable to exercise pre-emptive rights granted in respect
of the Equity Shares held by them, their proportional interest in us would be reduced.

Any future issuance of Equity Shares may dilute your shareholding and sales of the Equity Shares by our Promoters
or other major shareholders may adversely affect the trading price of the Equity Shares.

We may be required to finance our growth, whether organic or inorganic, through future equity offerings. Any future
equity issuances by us, including a primary offering, may lead to the dilution of investors' shareholdings in us. Any future
issuances of Equity Shares (including under an employee benefit scheme) or the disposal of Equity Shares by our
Promoters or any of our other principal shareholders or any other change in our shareholding structure to comply with the
shareholding restrictions under the SFB Licensing Guidelines or the minimum public shareholding norms applicable to
listed companies in India or any public perception regarding such issuance or sales may adversely affect the trading price
of the Equity Shares, which may lead to other adverse consequences including difficulty in raising capital through offering
of the Equity Shares or incurring debt. There can be no assurance that we will not issue further Equity Shares or that our
existing shareholders including our Promoters will not dispose off further Equity Shares after the completion of the Issue.
Any future issuances could also dilute the value of shareholder’s investment in the Equity Shares and adversely affect the
trading price of our Equity Shares. Such securities may also be issued at prices below the Issue Price. In addition, any
perception by investors that such issuances or sales might occur may also affect the market price of the Equity Shares.

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 acquistion of
the equity shares (unless exempted under a prescribed notification), and collected by an Indian stock exchange on which
equity shares are sold. Any gain realised on the sale of equity shares held for more than 12 months, which are sold using
any other platform other than on a recognised 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). Unrealized capital gains
earned on listed equity shares up to January 31, 2018 continue to be tax exempt in such cases. Further, STT will be levied
on 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 = 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.

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