(ii)
(iii)

(iv)

(vy)

its respective portion of the Offered Shares are free and clear of any encumbrances and shall be
transferred to the Bidders within the time specified under applicable law;

it is the legal and beneficial holder and have full title to their respective portion of the Offered Shares;

its respective portion of the Offered Shares are fully paid and shall be in dematerialized form prior to
filing of the Red Herring Prospectus;

its respective portion of the Offered Shares are eligible to be offered for sale pursuant to the Offer as per
the provisions of Regulation 8 of the SEBI ICDR Regulation; and

it will not have recourse to the proceeds of the Offer for Sale which shall be held in escrow in its favour,
until receipt by our Company of the final listing and trading approvals from all the Stock Exchanges in
accordance with applicable law.

Utilization of Net Proceeds

@

Our Company and the Selling Shareholder, severally and not jointly, specifically confirm that all monies
received out of the Offer shall be credited/transferred to a separate bank account other than the bank
account referred to in sub-section (3) of Section 40 of the Companies Act;.

366
