The Competition Act, 2002, of India, as amended (“Competition Act”) regulates practices having an appreciable adverse
effect on competition in the relevant market in India. Under the Competition Act, any formal or informal arrangement,
understanding or action in concert, which causes or is likely to cause an appreciable adverse effect on competition is
considered void and results in the imposition of substantial monetary penalties. Further, any agreement among competitors
which directly or indirectly involves the determination of purchase or sale prices, limits or controls production, supply,
markets, technical development, investment or provision of services, shares the market or source of production or provision
of services by way of allocation of geographical area, type of goods or services or number of customers in the relevant
market or directly or indirectly results in bid-rigging or collusive bidding is presumed to have an appreciable adverse effect
on competition. The Competition Act also prohibits abuse of a dominant position by any enterprise.

On March 4, 2011, the Government issued and brought into force the combination regulation (merger control) provisions
under the Competition Act with effect from June 1, 2011. These provisions require acquisitions of shares, voting rights,
assets or control or mergers or amalgamations that cross the prescribed asset and turnover based thresholds to be
mandatorily notified to and pre-approved by the Competition Commission of India (“CCI”). Additionally, on May 11,
2011, the CCI issued Competition Commission of India (Procedure in regard to the transaction of business relating to
combinations) Regulations, 2011, as amended, which sets out the mechanism for implementation of the merger control
regime in India.

The Competition Act aims to, among others, prohibit all agreements and transactions which may have an appreciable
adverse effect on competition in India. Consequently, certain types of agreements entered into by us could be within the
purview of the Competition Act. Further, the CCI has extra-territorial powers and can investigate any agreements, abusive
conduct or combination occurring outside India if such agreement, conduct or combination has an appreciable adverse
effect on competition in India. However, we cannot predict the impact of the provisions of the Competition Act on the
agreements entered into by us at this stage. We are not currently party to any outstanding proceedings, nor have we received
notice in relation to non-compliance with the Competition Act or the agreements entered into by us. However, if we are
affected, directly or indirectly, by the application or interpretation of any provision of the Competition Act, or any
enforcement proceedings initiated by the CCI, or any adverse publicity that may be generated due to scrutiny or prosecution
by the CCI or if any prohibition or substantial penalties are levied under the Competition Act, it would adversely affect our
business, results of operations and prospects.

Risks Relating to the Equity Shares and this Offer

56. The Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the

57,

58.

Offer.

The Offer Price of the Equity Shares has been determined by us and the Investor Selling Shareholder in consultation with
the BRLMs, on the basis of market demand from investors for Equity Shares through the Book Building Process. This
price is based on numerous factors, as described under “Basis for Offer Price” on page 116 of this Prospectus and may not
be indicative of the market price for the Equity Shares after the Offer. The market price of the Equity Shares could be
subject to significant fluctuations after the Offer, and may decline below the Offer Price. We cannot assure you that the
investor will be able to resell their Equity Shares at or above the Offer Price.

Certain of our existing shareholders or future shareholders together may be able to exert substantial voting control
over us, which may limit your ability to influence corporate matters.

As of September 30, 2021, our five largest shareholders beneficially owned an aggregate of 89.81% of our outstanding
Equity Shares on a fully diluted basis. While the shareholding of the Issuer is diversified, some existing or future
shareholders together may limit your ability to influence corporate matters that require shareholder approval. These existing
or future shareholders may be able to exercise considerable influence over any matters requiring shareholder approval,
including the election of directors, approval of lending and investment policies and the approval of corporate transactions,
such as a merger or other sale of the Issuer or its assets or further fund-raising transactions. In addition, our dispersed
shareholdings may cause matters requiring shareholder approval to be delayed or not occur at all, which could adversely
affect our business. Moreover, these shareholders are not obligated to share any business opportunities with us.

The Equity Shares have never been publicly traded, and, after the Offer, the Equity Shares may experience price
and volume fluctuations, and an active trading market for the Equity Shares may not develop.

Prior to the Offer, there has been no public market for the Equity Shares, and an active trading market on the Stock
Exchange may not develop or be sustained after the Offer. Listing and quotation does not guarantee that a market for the
Equity Shares will develop, or if developed, the liquidity of such market for the Equity Shares. The Offer Price of the
Equity Shares has been determined through a book-building process and may not be indicative of the market price of the
Equity Shares at the time of commencement of trading of the Equity Shares or at any time thereafter. The market price of
the Equity Shares may be subject to significant fluctuations in response to, among other factors:

«quarterly variations in our results of operations;

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