RESTRICTION ON FOREIGN OWNERSHIP OF INDIAN SECURITIES

Foreign investment in Indian securities is regulated through the FEMA, the Consolidated FDI Policy and the
circulars and notifications issued thereunder. Unless specifically restricted, foreign investment is freely permitted
in all sectors of the Indian economy, subject to certain applicable pricing and reporting requirements. FDI in
companies engaged in sectors/ activities which are not listed in the FDI Policy is permitted up to 100% of the paid
up share capital of such company under the automatic route, subject to compliance with certain prescribed
conditions.

The Government has from time to time made policy pronouncements on FDI through press notes and press
releases. The DPIIT, issued the Consolidated FDI Policy which consolidates and supersedes all previous press
notes, press releases and clarifications on FDI issued by the DPIIT that were in force and effect as on October 15,
2020. The Government proposes to update the consolidated circular on FDI Policy once every year and therefore,
the Consolidated FDI Policy will be valid until the DPIIT issues an updated circular.

Subject to certain condition, the transfer of shares by way of sale between an Indian resident and a non-resident
does not require the prior approval of the RBI or the relevant ministry or department of the Government of India,
provided that (i) the activities of the investee company are under the automatic route under the FDI Policy and
transfer does not attract the provisions of the Takeover Regulations; (ii) the non-resident shareholding is within
the sectoral limits under the Consolidated FDI Policy; and (iii) the pricing is in accordance with the guidelines
prescribed by SEBI and RBI.

Further, in accordance with Press Note No. 3 (2020 Series), dated April 17, 2020 issued by the DPIIT, all
investments by entities incorporated in 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 (the “Restricted Investors”),
will require prior approval of the Government of India, as prescribed in the Consolidated FDI Policy. It is not
clear from the press note whether or not an issuance of the Equity Shares to Restricted Investors will also require
a prior approval of the Government of India and 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 was required to intimate the Company and the Registrar about such
approval within the Offer Period.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities
Act or any state securities laws in 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 in accordance with any applicable U.S. state
securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in
‘offshore transactions’ in reliance on Regulation S under the U.S. Securities Act and the applicable laws of
the jurisdictions where such offers and sales are made.

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