73.

74.

75.

76.

investments in general and our Company in particular, adverse media reports on us or in the Automotive
- Powertrain and Others, Automotive - Aluminium Products and Industrial and Engineering segments,
changes in the estimates of our performance or recommendations by financial analysts, significant
developments in economic liberalisation and deregulation policies and significant developments in fiscal
regulations.

There has been no public market for the Equity Shares of our Company prior to this Offer and an active
trading market for the Equity Shares may not develop or be sustained after this Offer. Further, the price
at which the Equity Shares are initially traded may not correspond to the prices at which the Equity
Shares will trade in the market subsequent to this Offer.

You may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.

Under current Indian tax laws, unless specifically exempted, capital gains arising from the sale of equity
shares in an Indian company is generally taxable in India. A securities transaction tax (“STT”) is levied
on and collected by an Indian stock exchange on which equity shares are sold. Any gain realized on the
sale of listed equity shares held for more than 12 months may be subject to long term capital gains tax in
India at the specified rates depending on certain factors, such as STT is paid, the quantum of gains and
any available treaty exemptions. Accordingly, you may be subject to payment of long term capital gains
tax in India, in addition to payment of STT, on the sale of any Equity Shares held for more than 12
months. STT will be levied on and collected by a domestic stock exchange on which the Equity Shares
are sold.

Further, any gain realized on the sale of listed equity shares held for a period of 12 months or less will
be subject to short term capital gains tax in India. Capital gains arising from the sale of the Equity Shares
will be exempt from taxation in India in cases where the exemption from taxation in India is provided
under a treaty between India and the country of which the seller is resident. Generally, Indian tax treaties
do not limit India’s ability to impose tax on capital gains. As a result, residents of other countries may
be liable for tax in India as well as in their own jurisdiction on a gain upon the sale of the Equity Shares.

Any future issuance of Equity Shares may dilute your shareholding, and significant sales of Equity
Shares by our major Shareholders, may adversely affect the trading price of the Equity Shares.

Any future equity issuances by us, including a primary offering, may lead to the dilution of investors’
shareholdings in our Company. Any future equity issuances by us or sales of our Equity Shares by our
Promoter or other major Shareholders may adversely affect the trading price of the Equity Shares, which
may lead to other adverse consequences for us including difficulty in raising debt-financing. In addition,
any perception by investors that such issuances or sales might occur may also affect the trading price of
our Equity Shares.

You will not be able to sell any of the Equity Shares you purchase in the Offer on the Stock Exchanges
until the Offer receives the appropriate trading approvals.

The Equity Shares will be listed on BSE and NSE. Pursuant to Indian regulations, certain actions must
be completed before the Equity Shares can be listed and trading in the Equity Shares may commence.
The Allotment of Equity Shares in this Offer and the credit of such Equity Shares to the applicant’s demat
account with depository participant and listing is expected to commence within the period as may be
prescribed under applicable law. We cannot assure that the Equity Shares will be credited to investors’
demat accounts, or that trading in the Equity Shares will commence, within the time periods prescribed
under law.

The requirements of being a listed company may strain our resources.

The requirements of being a listed company may strain our resources. We are not a listed company and
have not, historically, been subjected to the increased scrutiny of our affairs by shareholders, regulators
and the public at large that is associated with being a listed company. As a listed company, we will incur
significant legal, accounting, corporate governance and other expenses that we did not incur as an
unlisted company. We will be subject to the SEBI Listing Regulations which will require us to file

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