In case of Bids made by FPIs, a certified copy of the certificate of registration issued under the SEBI FPI
Regulations was required to be attached to the Bid cum Application Form, failing which our Company reserved
the right to reject any Bid without assigning any reason. FPIs who participated in the Offer were advised to use
the Bid cum Application Form for Non-Residents (Blue in colour).

A FPI may purchase or sell equity shares of an Indian company which is listed or to be listed on a recognized
stock exchange in India, and/ or may purchase or sell securities other than equity instruments.

The FEMA Rules was enacted on October 17, 2019 in supersession of the Foreign Exchange Management
(Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017, except for things done or
omitted to be done before such supersession.

FPIs were permitted to participate in the Offer subject to compliance with conditions and restrictions which may
be specified by the Government from time to time.

Subject to compliance with all applicable Indian laws, rules, regulations, guidelines and approvals in terms of
Regulation 21 of the SEBI FPI Regulations, an FPI, may issue, subscribe to or otherwise deal in offshore derivative
instruments (as defined under the SEBI FPI Regulations as any instrument, by whatever name called, which is
issued overseas by a FPI against securities held by it in India, as its underlying) directly or indirectly, only in the
event (i) such offshore derivative instruments are issued only by persons registered as Category I FPIs; (ii) such
offshore derivative instruments are issued only to persons eligible for registration as Category I FPIs; (iii) such
offshore derivative instruments are issued after compliance with ‘know your client’ norms; and (iv) such other
conditions as may be specified by SEBI from time to time.

In case the total holding of an FPI increases beyond 10% of the total paid-up Equity Share capital, on a fully
diluted basis or 10% or more of the paid-up value of any series of debentures or preference shares or share warrants
issued that may be issued by our Company, the total investment made by the FPI will be re-classified as FDI
subject to the conditions as specified by SEBI and the RBI in this regard and our Company and the investor will
be required to comply with applicable reporting requirements.

In accordance with the FEMA Non-Debt Rules, the total holding by any individual NRI, on a repatriation basis,
shall not exceed five percent of the total paid-up equity capital on a fully diluted basis or shall not exceed five
percent of the paid-up value of each series of debentures or preference shares or share warrants issued by an Indian
company and the total holdings of all NRIs and OCIs put together shall not exceed 10% of the total paid-up equity
capital on a fully diluted basis or shall not exceed 10% of the paid-up value of each series of debentures or
preference shares or share warrant. Provided that the aggregate ceiling of 10 percent may be raised to 24 percent
if a special resolution to that effect is passed by the general body of the Indian company.

An FPI issuing offshore derivate instruments is also required to ensure that any transfer of offshore derivative
instrument is made by, or on behalf of it subject to, inter alia, the following conditions:

i. each offshore derivative instruments are transferred to persons subject to fulfilment of SEBI FPI Regulations;
and

ii. prior consent of the FPI is obtained for such transfer, except when the persons to whom the offshore derivative
instruments are to be transferred are to be pre-approved by the FPI.

Bids by FPIs submitted under the multiple investment managers structure with the same PAN but with different
beneficiary account numbers, Client ID and DP ID were not be treated as multiple Bids.

Further, Bids received from FPIs bearing the same PAN were treated as multiple Bids and were liable to be
rejected, except for Bids from FPIs that utilize the multiple investment manager structure in accordance with the
Operational Guidelines for Foreign Portfolio Investors and Designated Depository Participants which were issued
in November 2019 to facilitate implementation of SEBI (Foreign Portfolio Investors) Regulations, 2019 (such
structure “MIM Structure”) provided such Bids were made with different beneficiary account numbers, Client
IDs and DP IDs. Accordingly, it should be noted that multiple Bids received from FPIs, who did not utilize the
MIM Structure, and bear the same PAN, were liable to be rejected. In order to ensure valid Bids, FPIs making
multiple Bids using the same PAN, and with different beneficiary account numbers, Client IDs and DP IDs, were
required to provide a confirmation along with each of their Bid cum Application Forms that the relevant FPIs

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