Our Company cannot predict whether any tax laws or other regulations impacting it will be enacted, or predict the
nature and impact of any such laws or regulations or whether, if at all, any laws or regulations would have a
material adverse effect on our Company’s business, financial condition, results of operations and cash flows.

64. Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they
purchase in the Offer.

The Equity Shares will be listed on the Stock Exchanges. Pursuant to applicable Indian laws, certain actions must
be completed before the Equity Shares can be listed and trading in the Equity Shares may commence. Investors’
book entry, or ‘demat’ accounts with depository participants in India, are expected to be credited with the Equity
Shares within one working day of the date on which the Basis of Allotment is approved by the Stock Exchanges.
The Allotment of Equity Shares in this Offer and the credit of such Equity Shares to the applicant’s demat account
with depository participant could take approximately six Working Days from the Bid Closing Date and trading in
the Equity Shares upon receipt of final listing and trading approvals from the Stock Exchanges is expected to
commence within six Working Days of the Bid Closing Date. There could be a failure or delay in listing of the
Equity Shares on the Stock Exchanges. Any failure or delay in obtaining the approval or otherwise any delay in
commencing trading in the Equity Shares would restrict investors’ ability to dispose of their Equity Shares. There
can be no assurance that the Equity Shares will be credited to investors’ demat accounts, or that trading in the
Equity Shares will commence, within the time periods specified in this risk factor. We could also be required to
pay interest at the applicable rates if allotment is not made, refund orders are not dispatched or demat credits are
not made to investors within the prescribed time periods.

65. Any future issuance of Equity Shares, or convertible securities or other equity linked instruments by us
may dilute your shareholding and sale of Equity Shares by the Promoters may adversely affect the trading
price of the Equity Shares.

We may be required to finance our growth through future equity offerings. Any future equity issuances by us,
including a primary offering of Equity Shares, convertible securities or securities linked to Equity Shares including
through exercise of employee stock options, may lead to the dilution of investors’ shareholdings in our Company.
Any future equity issuances by us or sales of our Equity Shares by the Promoters may adversely affect the trading
price of the Equity Shares, which may lead to other adverse consequences including difficulty in raising capital
through offering of our Equity Shares or incurring additional debt. In addition, any perception by investors that
such issuances or sales might occur may also affect the market price of our Equity Shares. There can be no
assurance that we will not issue Equity Shares, convertible securities or securities linked to Equity Shares or that
our Shareholders will not dispose of, pledge or encumber their Equity Shares in the future.

66. Under Indian law, foreign investors are subject to investment restrictions that limit our ability to attract
foreign investors, which may adversely affect the trading price of the Equity Shares.

Under foreign exchange regulations currently in force in India, transfer of shares between non-residents and
residents are freely permitted (subject to certain restrictions), if they comply with the pricing guidelines and
reporting requirements specified by the RBI. If the transfer of shares, which are sought to be transferred, is not in
compliance with such pricing guidelines or reporting requirements or falls under any of the exceptions referred to
above, then a prior regulatory approval will be required. Additionally, shareholders who seek to convert Rupee
proceeds from a sale of shares in India into foreign currency and repatriate that foreign currency from India require
a no-objection or a tax clearance certificate from the Indian income tax authorities. We cannot assure investors
that any required approval from the RBI or any other governmental agency can be obtained on any particular
terms or at all. For further information, see “Restrictions on Foreign Ownership of Indian Securities” on page
388.

67. Significant differences exist between Ind AS and other accounting principles, such as Indian GAAP, U.S.
GAAP and IFRS, which investors may be more familiar with and may consider material to their assessment
of our financial condition.

Our Restated Financial Information for Fiscal 2019, 2020 and 2021 and for the three months ended June 30, 2020
and June 30, 2021, have been prepared and presented in conformity with Ind AS. Ind AS differs in certain
significant respects from Indian GAAP, IFRS, U.S. GAAP and other accounting principles with which prospective
investors may be familiar in other countries. If our financial statements were to be prepared in accordance with
such other accounting principles, our results of operations, cash flows and financial position may be substantially

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