RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES

Foreign investment in Indian securities is regulated through the Industrial Policy, 1991 of the Government of India and FEMA.
While the Industrial Policy, 1991 prescribes the limits and the conditions subject to which foreign investment can be made in
different sectors of the Indian economy, FEMA regulates the precise manner in which such investment may be made. Under the
Industrial Policy, unless specifically restricted, foreign investment is freely permitted in all sectors of the Indian economy up to
any extent and without any prior approvals, but the foreign investor is required to follow certain prescribed procedures for making
such investment. The RBI and the concerned ministries/departments are responsible for granting approval for foreign investment.
The Government has from time to time made policy pronouncements on foreign direct investment (“FDI”) through press notes
and press releases. The DPIIT, issued the Consolidated FDI Policy Circular of 2020 (“FDI Policy”) by way of circular bearing
number DPIIT file number 5(2)/2020-FDI Policy dated October 15, 2020, which with effect from October 15, 2020, consolidates
and supersedes all previous press notes, press releases and clarifications on FDI issued by the DPIIT that were in force and effect
as on October 15, 2020. The FDI Policy will be valid until the DPIIT issues an updated circular.

The transfer of shares between an Indian resident and a non-resident does not require the prior approval of the RBI, provided
that (i) the activities of the investee company are under the automatic route under the FDI policy and transfer does not attract the
provisions of the Takeover Regulations; (ii) the non-resident shareholding is within the sectoral limits under the FDI policy; and
(iii) the pricing is in accordance with the guidelines prescribed by the SEBI/RBI.

As per the existing policy of the Government of India, OCBs could not participate in this Issue.

The Equity Shares have not been and will not be registered under the U.S. Securities Act or any other applicable law of
the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an
exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable
state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States only to
persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act and
referred to in this Prospectus as “U.S. QIBs”) in transactions exempt from, or not subject to, the registration
requirements of the U.S. Securities Act, and (ii) outside the United States in offshore transactions in compliance with
Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur.
For the avoidance of doubt, the term “U.S. QIBs” does not refer to a category of institutional investors defined under
applicable Indian regulations and referred to in this Prospectus as “QIBs”.

The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside
India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance
with the applicable laws of such jurisdiction.

For further details, see “Issue Procedure” beginning on page 377.
The above information is given for the benefit of the Bidders. Our Bank, the Selling Shareholders and the Book Running Lead
Managers are not liable for any amendments or modification or changes in applicable laws or regulations, which may have

occurred after the date of the Prospectus. Bidders were advised to make their independent investigations and ensure that the
number of Equity Shares Bid for did not exceed the applicable limits under laws or regulations.

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