Bids by FPIs

In terms of the SEBI FPI Regulations, the issue of Equity Shares to a single FPI or an investor group (which
means the same multiple entities having common ownership directly or indirectly of more than 50% or common
control) must be below 10% of our post-Offer Equity Share capital. Further, in terms of the FEMA Non-debt
Instruments Rules, with effect from April 1, 2020, the aggregate FPI investment limit is the sectoral cap
applicable to an Indian company as prescribed in the FEMA Non-debt Instruments Rules with respect to its
paid-up equity capital on a fully diluted basis. Currently, the sectoral cap is 100% and accordingly, the
applicable limit with respect to our Company is 100%.

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. 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 reserves the right to reject any Bid without assigning any reason.
FPIs who wish to participate in the Offer were advised to use the Bid cum Application Form for Non-Residents
(blue in colour).

In terms of the FEMA, for calculating the aggregate holding of FPIs in a company, holding of all registered FPIs
shall be included.

The FEMA NDI Rules were 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 as respects 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.

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

@ such 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 pre-approved by the FPI.

Bids by FPIs which utilise the multi investment manager structure in accordance with the Operational
Guidelines for Foreign Portfolio Investors and Designated Depository Participants issued to facilitate
implementation of the SEBI FPI Regulations (the “Operational FPI Guidelines”), submitted with the same
PAN but with different beneficiary account numbers, Client IDs and DP IDs shall not be treated as multiple
Bids (“MIM Bids”). As specified in 4.1.4.2 (b)(i) and 4.1.4.2 (c)(iv) of the General Information Document, it
hereby clarified that FPIs bearing the same PAN may be treated as multiple Bids by a Bidder and may be
rejected, except for Bids from FPIs that utilise the multi investment manager structure in accordance with the
Operational FPI Guidelines (such structure referred to as “MIM Structure”). In order to ensure valid Bids, FPIs
making MIM Bids using the same PAN and with different beneficiary account numbers, Client IDs and DP IDs,
were required to submit a confirmation that their Bids are under the MIM Structure and indicate the name of
their investment managers in such confirmation which was to be submitted along with each of their Bid cum
Application Forms. In the absence of such confirmation from the relevant FPIs, such MIM Bids shall be
rejected.

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