diluted basis which have since been converted into 8,543,340 Equity Shares (“Pledged Shares”). In terms of the loan
documentation with Zash Traders, Lone Furrow has created a pledge over the Pledged Shares in favour of Zash Traders. Further,
pursuant to the Pledge Modification Letter dated August 6, 2021 read with the supplemental letter dated November 25, 2021,
the pledge on the Pledged Shares shall be released on or about the Bid/ Offer Closing Date. For further details, see “Risk
Factors” “Capital Structure” and “History and Certain Corporate Matters” on pages 29, 83 and 183, respectively.

Our Promoters have no interest in any property acquired in the three years preceding the date of this Prospectus or proposed to
be acquired by our Company or in any transaction by our Company for acquisition of land, construction of building or supply
of machinery.

Our Promoters have no interest in any venture that is involved in any activities similar to those conducted by our Company.

Except as disclosed in “Financial Statements” on page 209, no sum has been paid or agreed to be paid to any of our Promoters
or to the firms or companies in which such Promoters are interested as members in cash or shares or otherwise by any person,
either to induce them to become or to qualify them, as directors or promoters or otherwise for services rendered by such
Promoter(s) or by such firms or Companies in connection with the promotion or formation of our Company.

Payment of benefits to our Promoters or our Promoter Group

Our Promoter, Gangadi Madhukar Reddy has entered into a lease agreements with our Company and our Material Subsidiary,
Optival, dated January 9, 2018, for a period of five years effective from July 1, 2017, for a lease of certain premises situated at
VII Floor, Taramandal Commercial Complex, Saifabad, Hyderabad - 500 004, from him. Accordingly, he was paid a lease
rental of 22.84 million in the previous financial year. Further, he also receives remuneration from our Company as our Managing
Director and Chief Executive Officer. Except for these, no amount or benefit has been paid or given to our Promoters or
Promoter Group during the two years preceding the filing of this Prospectus nor is there any intention to pay or give any amount
or benefit to our Promoters or Promoter Group. For details, see “Our Management ~ Interest of Directors” on page 108.
Material guarantees given by our Promoters to third parties with respect to Equity Shares of our Company

Our Promoters have not given any material guarantees to third parties with respect to the Equity Shares.

Companies or firms with which our Promoters have disassociated in the last three years

Our Promoters have not disassociated themselves from any company or firm in the three years immediately preceding the date
of this Prospectus.

Our Promoter Group
Natural persons who are part of the Promoter Group

The following natural persons form part of our Promoter Group as immediate relatives of Gangadi Madhukar Reddy.

 

 

 

 

 

 

 

 

 

 

 

Name of relative Nature of relationship
Renuka Gangadi Wife
Veera Reddy Gangadi Father
Suguna Devi Gangadi Mother
Narsimha Reddy Gangadi Brother
Koppula Rajitha Reddy Sister
Varin Nair Son*
Inder Mohan Aggarwal Father of spouse
Ranjana Aggarwal Mother of spouse
Neeraj Aggarwal Brother of spouse

 

 

 

* Step-son of Gangadi Madhukar Reddy
Entities forming part of the Promoter Group

Other than the Corporate Promoters, the following entities form part of the Promoter Group:

1. Gangadi Investments Private Limited;
2: Hinshitsu Manufacturing Private Limited; and
3. Madhukar Gangadi Ventures Private Limited

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