62.

63.

64.

65.

the sale of any such securities and the related transaction costs cannot be predicted. To the extent that you are unable to
exercise pre-emptive rights granted in respect of the Equity Shares, your proportional interests in the Issuer would be
diluted.

Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.

Under the current Indian tax laws and regulations, capital gains arising from the sale of equity shares in an Indian company
are generally taxable in India. A securities transaction tax (“STT”) is levied both at the time of transfer and acquisition of
the equity shares (unless exempted under a prescribed notification), and the STT is collected by an Indian stock exchange
on which equity shares are sold. Any gain realized on the sale of equity shares held for more than 12 months, which are
sold using any other platform other than on a recognized stock exchange and on which no STT has been paid, are subject
to long term capital gains tax in India. Such long term capital gains exceeding = 100,000 arising from the sale of listed
equity shares on the stock exchange are subject to tax at the rate of 10% (plus applicable surcharge and cess). Further, STT
will be levied and collected by an Indian stock exchange if the equity shares are sold on a stock exchange. With respect to
capital gains arising in an off market sale, long term capital gains are subject to tax at the rate of 10% (plus applicable
surcharge and cess) without the exemption of % 100,000. Short-term capital gains, arising from the sale of such equity
shares on a stock exchange would be subject to tax at the rate of 15% (plus applicable surcharge and cess), while short term
capital gains arising in an off-market sale would be subject to tax at a higher rate of 40% (plus applicable surcharge and
cess) in the case of foreign companies and 30% (plus applicable surcharge and cess) in the case of other non-resident
taxpayers.

The Finance Act, 2019 amended the Indian Stamp Act, 1899 with effect from July 1, 2020. It clarified that, in the absence
of a specific provision under an agreement, the liability to pay stamp duty in case of sale of securities through stock
exchanges will be on the buyer, while in other cases of transfer for consideration through a depository, the onus will be on
the transferor. The stamp duty for transfer of securities other than debentures, on a delivery basis is specified at 0.015%
and on a non-delivery basis is specified at 0.003% of the consideration amount. As such, there is no certainty on the impact
that the Finance Act, 2019 may have on our business and operations. These provisions have been notified with effect from
July 1, 2020. The Government of India had announced the union budget for financial year 2022 and the Finance Act, 2021
received assent from the President of India on March 28, 2021 and was made effective from April 1, 2021. There is no
certainty on the impact that the Finance Act, 2021 may have on our business and operations or in the industry we operate
in.

Further, any gain realized on the sale of listed equity shares held for a period of 12 months or less will be subject to short
term capital gains tax in India. In cases where the seller is a non-resident, capital gains arising from the sale of the equity
shares will be partially or wholly exempt from taxation in India in cases where the exemption from taxation in India is
provided under a treaty between India and the country of which the seller is resident. Additionally, the Finance Act, 2020
does not require dividend distribution tax to be payable in respect of dividends declared, distributed or paid by a domestic
company after March 31, 2020, and accordingly, such dividends would not be exempt in the hands of the shareholders,
both resident as well as non-resident. Historically, Indian tax treaties do not limit India’s ability to impose tax on capital
gains. As a result, residents of other countries may be liable for tax in India as well as in their own jurisdiction on a gain
upon the sale of the equity shares.

An investor will not be able to sell any of the Equity Shares purchased in the Issue other than on a recognized Indian
stock exchange for a period of 12 months from the date of issue of such Equity Shares.

Pursuant to the SEBI ICDR Regulations, for a period of 12 months from the date of the issue of the Equity Shares in the
Issue, investors purchasing the Equity Shares in the Issue may only sell their Equity Shares on the NSE or the BSE and
may not enter into any off-market trading in respect of their Equity Shares. We cannot be certain that these restrictions will
not have an impact on the price of the Equity Shares.

Our ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working
capital requirements and capital expenditures and we cannot assure you that we will be able to pay dividends in the
future.

We currently intend to invest our future earnings, if any, to fund our growth. The amount of our future dividend payments,
if any, will depend upon our future earnings, financial condition, cash flows, working capital requirements and capital
expenditures. We have not paid any dividends historically on the Equity Shares and we cannot assure you that we will be
able to pay dividends in the future.

QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of
Equity Shares or the Bid Amount) at any stage after submitting a Bid.

Pursuant to the SEBI ICDR Regulations, QIBs and Non-Institutional Investors are not permitted to withdraw or lower their
Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid. RIBs (subject to the
Bid Amount being up to = 200,000) and Eligible Employees Bidding in the Employee Reservation Portion (subject to the
Bid Amount being up = 500,000, net of Employee Discount, if any) can revise their Bids during the Bid/Offer Period and

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