84,

85.

Further, any gain realised 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.

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.

Our Bank cannot predict whether any tax laws or other regulations impacting it will be enacted, or predict the nature and
impact of any such laws or regulations or whether, if at all, any laws or regulations would have a material adverse effect
on our Bank’s business, financial condition, results of operations and cash flows.

Under Indian law, foreign investors are subject to investment restrictions that limit our ability to attract foreign
investors, which may adversely affect the trading price of the Equity Shares.

Under foreign exchange regulations which are currently in force in India, transfer of shares between non-residents and
residents are freely permitted (subject to certain restrictions), if they comply with the valuation and reporting requirements
specified under applicable law. If a transfer of shares is not in compliance with such requirements and does not fall under
any of the exceptions, then prior approval of the relevant regulatory authority is required. Additionally, shareholders who
seek to convert Rupee proceeds from a sale of shares in India into foreign currency and repatriate that foreign currency
from India require a no-objection or a tax clearance certificate from the Indian income tax authorities. Further, this
conversion is subject to the shares having been held on a repatriation basis and, either the security having been sold in
compliance with the pricing guidelines or, the relevant regulatory approval having been obtained for the sale of shares and
corresponding remittance of the sale proceeds. We cannot assure you that any required approval from the RBI or any other
governmental agency can be obtained with or without any particular terms or conditions.

For further information, see “Restrictions on Foreign Ownership of Indian Securities” on page 393. Our ability to raise
any foreign capital under the FDI route is therefore constrained by Indian law, which may adversely affect our business,
financial condition, cash flows, results of operations and prospects.

QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity
Shares or the Bid Amount) at any stage after the submission of their Bid, and Retail Individual Bidders are not
permitted to withdraw their Bids after closure of the Bid/ Issue Closing Date.

Pursuant to the SEBI ICDR Regulations, QIBs and Non-Institutional Bidders are required to pay the Bid Amount on
submission of the Bid and 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. Retail Individual Bidders can revise their Bids during the Bid/ Issue
Period and withdraw their Bids until the Bid/ Issue Closing Date. Therefore, investors would not be able to withdraw or
lower their Bids, notwithstanding adverse changes in international or national monetary policy, financial, political or
economic conditions, our business, results of operations, cash flows or financial condition, or otherwise, between the dates
of the submission of their Bids and the Allotment.

While our Bank is required to complete all necessary formalities for listing and commencement of trading of the Equity
Shares on all Stock Exchanges where such Equity Shares are proposed to be listed, including Allotment, within six
Working Days from the Bid/ Issue Closing Date or such other period as may be prescribed by the SEBI, events affecting
the Bidders’ decision to invest in the Equity Shares, including adverse changes in international or national monetary policy,
financial, political or economic conditions, our business, results of operations, cash flows or financial condition may arise
between the date of submission of the Bid and Allotment. Our Bank may complete the Allotment of the Equity Shares
even if such events occur, and such events may limit the Bidders’ ability to sell the Equity Shares Allotted pursuant to the
Issue or cause the trading price of the Equity Shares to decline on listing.

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