SPP

Risks

• You will not be able to sell immediately on Indian Stock Exchanges any of the Equity Shares you purchase in the Issue until the Issue receives appropriate trading permissions.

• The requirements of being a listed company may strain its resources.

• Any changes in the regulatory framework could adversely affect its operations and growth prospects.

• Global economic, political and social conditions may harm its ability to do business, increase the company costs and negatively affect its stock price.

• Civil disturbances, extremities of weather, regional conflicts and other political instability may have adverse effects on its operations and financial performance.

• The company is subject to risks arising from interest rate fluctuations, which could adversely impact its business, financial condition and operating results.

• The price of its Equity Shares may be volatile, or an active trading market for the company Equity Shares may not develop.

• There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder`s ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.

• The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of its Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.

• Taxes and other levies imposed by the Government of India or other State Governments, as well as other financial policies and regulations, may have a material adverse impact on its business, financial condition and results of operations.

• Terrorist attacks, civil unrests and other acts of violence or war involving India or other countries could adversely affect the financial markets, its business, financial condition and the price of the company Equity Shares.

• Natural calamities could have a negative impact on the Indian economy and cause the Company`s business to suffer.

• Civil disturbances, extremities of weather, regional conflicts and other political instability may have adverse effects on its operations and financial performance.

• Foreign investors are subject to foreign investment restrictions under Indian law that limits its ability to attract foreign investors, which may adversely impact the market price of the Equity Shares.

• Taxes and other levies imposed by the Government of India or other State Governments, as well as other financial policies and regulations, may have a material adverse impact on its business, financial condition and results of operations.

• There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the Emerge Platform of NSE in a timely manner, or at all.