RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES

Foreign investment in Indian securities is regulated through the Industrial Policy, 1991 of the Government of India
and FEMA. While the Industrial Policy, 1991 prescribes the limits and the conditions subject to which foreign
investment can be made in different sectors of the Indian economy, FEMA regulates the precise manner in which
such investment may be made. Foreign investment is permitted (except in the prohibited sectors) in Indian
companies, either through the automatic route or the approval route, depending upon the sector in which foreign
investment is sought to be made.

The Government of India makes policy announcements on FDI through press notes and press releases. The
regulatory framework, over a period of time, thus, consists of acts, regulations, press notes, press releases, and
clarifications among other amendments. The DPIIT (formerly Department of Industrial Policy & Promotion)
issued the Consolidated FDI Policy Circular dated October 15, 2020, with effect from October 15, 2020 (the “FDI
Circular”), which consolidates and supersedes all previous press note, press releases and clarifications on FDI
issued by the DPIIT that were in force and effect prior to October 15, 2020.

In terms of Press Note 3 of 2020, dated April 17, 2020 (“Press Note”), issued by the DPIIT, the FDI Circular and
the FEMA (Non-debt Instruments) Rules has been amended to state that all investments under the foreign direct
investment route by entities of a country which shares land border with India or where the beneficial owner of an
investment into India is situated in or is a citizen of any such country will require prior approval of the Government
of India. Further, in the event of transfer of ownership of any existing or future foreign direct investment in an
entity in India, directly or indirectly, resulting in the beneficial ownership falling within the aforesaid restriction/
purview, such subsequent change in the beneficial ownership will also require approval of the Government of
India. Pursuant to the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2020,
a multilateral bank or fund, of which India is a member, shall not be treated as an entity of a particular country
nor shall any country be treated as the beneficial owner of the investments of such bank of fund in India. Each
Bidder should seek independent legal advice about its ability to participate in the Offer. In the event such prior
approval of the Government of India is required, and such approval has been obtained, the Bidder shall intimate
our Company and the Registrar to the Offer in writing about such approval along with a copy thereof within the
Offer Period.

As per the FDI Circular read with Press Note, 100% foreign direct investment is permitted under the automatic
route for NBFCs, however, investments under the foreign direct investment route by entities of a country which
shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen
of any such country will require prior approval of the Government of India.

Transfer of shares between an Indian resident and a non-resident does not require the prior approval of the RBI,
provided that (i) the activities of the investee company are under the automatic route under the FDI Circular and
transfer does not attract the provisions of the SEBI Takeover Regulations; (ii) the non-resident shareholding is
within the sectoral limits under the FDI Circular; and (iii) the pricing is in accordance with the guidelines
prescribed by the SEBI/RBI.

For details of the aggregate limit for investments by NRIs and FPIs in our Company, see ‘Offer Procedure — Bids
by Eligible NRIs’ and ‘Offer Procedure — Bids by FPIs’ on pages 375 and 376, respectively.

As per the existing policy of the Government of India, OCBs were not permitted to participate in this Offer.

The above information is given for the benefit of the Bidders. Our Company, the Selling Shareholders and
the BRLMs are not liable for any amendments or modification or changes in applicable laws or regulations,
which may occur after the date of the Red Herring Prospectus and this Prospectus. Bidders were advised
to make their independent investigations and ensure that the number of Equity Shares Bid for did not
exceed the applicable limits under laws or regulations.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities
Act or any other applicable law of the United States, and, unless so registered, may not be offered or sold
within the United States, except pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the
Equity Shares are being only offered and sold (i) within the United States only to persons reasonably
believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act and
referred to in the Red Herring Prospectus and this Prospectus as “U.S. QIBs”) in transactions exempt from,
or not subject to, the registration requirements of the U.S. Securities Act, and (ii) outside the United States

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