making multiple Bids utilize the MIM Structure and indicate the names of their respective investment managers
in such confirmation. In the absence of such confirmation from the relevant FPIs, such multiple Bids were liable
to be rejected.

Bids by VCFs, AIFs and FVCIs

The SEBI FVCI Regulations and the SEBI AIF Regulations inter-alia prescribe the investment restrictions on the
VCFs, FVCIs and AIFs registered with SEBI. Further, the SEBI AIF Regulations prescribe, among others, the
investment restrictions on AIFs.

Accordingly, the holding by any individual VCF or FVCI registered with SEBI in any company should not exceed
25% of the corpus of the VCF or FVCI. Further, VCFs and FVClIs can invest only up to 33.33% of the investible
funds by way of subscription to an initial public offering.

The category I and II AIFs cannot invest more than 25% of the corpus in one investee company. A category III
AIF cannot invest more than 10% of the corpus in one investee company. A VCF registered as a category I AIF,
as defined in the SEBI AIF Regulations, cannot invest more than 1/3 of its corpus by way of subscription to an
initial public offering of a venture capital undertaking. Additionally, the VCFs which have not re-registered as an
AIF under the SEBI AIF Regulations shall continue to be regulated by the SEBI VCF Regulations until the
existing fund or scheme managed by the fund is wound up and such fund shall not launch any new scheme after
the notification of the SEBI AIF Regulations.

All Non-Resident investors should note that refunds (in case of Anchor Investors), dividends and other
distributions, if any, will be payable in Indian Rupees only and net of bank charges and commission.

Our Company, the Selling Shareholders and the BRLMs will not be responsible for any loss, incurred by the
Bidder on account of conversion of foreign currency

Bids by limited liability partnerships

In case of Bids made by limited liability partnerships registered under the Limited Liability Partnership Act, 2008,
a certified copy of certificate of registration issued under the Limited Liability Partnership Act, 2008, was required
to be attached to the Bid cum Application Form. Failing this, our Company and the Investor Selling Shareholders
reserved the right to reject any Bid without assigning any reason thereof.

Bids by banking companies

In case of Bids made by banking companies registered with RBI, certified copies of: (i) the certificate of
registration ed by RBI, and (ii) the approval of such banking company’s investment committee were required
to be attached to the Bid cum Application Form, failing which our Company and the Investor Selling Shareholders
reserved the right to reject any Bid without assigning any reason therefor.

 

The investment limit for banking companies in non-financial services companies as per the Banking Regulation
Act, 1949 (the “Banking Regulation Act”), and Master Direction — Reserve Bank of India (Financial Services
provided by Banks) Directions, 2016, is 10% of the paid-up share capital of the investee company or 10% of the
banks’ own paid-up share capital and reserves, whichever is less. Further, the aggregate investment by a banking
company in subsidiaries and other entities engaged in financial and non-financial services company cannot exceed
20% of the investee company’s paid-up share capital and reserves. A banking company may hold up to 30% of
the paid-up share capital of the investee company with the prior approval of the RBI provided that the investee
company is engaged in non-financial activities in which banking companies are permitted to engage under the
Banking Regulation Act, or the additional acquisition is through restructuring of debt/corporate debt
restructuring/strategic debt restructuring, or to protect the bank’s interest on loans/investments made to a
company. The bank is required to submit a time-bound action plan for disposal of such shares within a specified
period to the RBI. A banking company would require a prior approval of the RBI to make investment in excess
of 30% of the paid-up share capital of the investee company, investment in a subsidiary and a financial services
company that is not a subsidiary (with certain exceptions prescribed), and investment in a non-financial services
company in excess of 10% of such investee company’s paid-up share capital as stated in the Reserve Bank of
India (Financial Services provided by Banks) Directions, 2016, as amended.

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