DIVIDEND POLICY

The declaration and payment of dividends on our Equity Shares, if any, will be recommended by the Board of Directors and
approved by our Shareholders, at their discretion, subject to the provisions of the Articles of Association and other applicable

law, including the Companies Act read with the rules notified thereunder, each as amended, together with the applicable rules
issued thereunder.

The dividend policy of our Company was adopted and approved by our Board in their meeting held on August 3, 2021
(“Dividend Policy”). In terms of the Dividend Policy, the dividend, if any, will depend on a number of internal factors such as,
profitability, free cash flow, growth plans, borrowing capacity, investment opportunities or any other factor which is likely to
have a significant impact on the Company, and external factors, such as contractual or statutory restrictions, growth and
performance of the economy or any other external factors which may impact the Company’s operations.

Our Company has not declared dividends on the Equity Shares during the current Fiscal and the preceding three Fiscals.

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