SCHEDULE - 14 - ILLUSTRATION EXPLAINING MINIMUM APPLICATION SIZE - Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009

SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 1 [Schedule XIV [See regulation 49 (2)] ILLUSTRATION EXPLAINING MINIMUM APPLICATION SIZE For inviting applications in multiples of the minimum value as referred to in sub-regulation (2) of regulation 49, the procedure is clarified by following example: Assuming an issue is being made at a price of ₹ 900 per equity share. In this case, the issuer in consultation with the lead merchant banker can determine the minimum application lot within the range of 12 16 equity shares (in value terms between ₹ 10,000- ₹ 15,000), as explained hereunder: Options I II III IV V Lot Size @ ₹ 900/- per share 12 shares 13 shares 14 shares 15 shares 16 shares Application / Bid amount for 1 lots 10800 11700 12600 13500 14400 Application / Bid amount for 2 lots 21600 23400 25200 27000 28800 Application / Bid amount for 4 lots 43200 46800 50400 54000 57600 Application / Bid amount for 8 lots 86400 93600 100800 108000 115200 Application / Bid amount for 16 lots 172800 187200 -- -- -- Application / Bid amount for 18 lots 194400 -- -- -- -- The options given above are only illustrative and not exhaustive. Where the issuer in consultation with the lead merchant banker decides to fix the minimum application / bid size as 14 (Option III), necessary disclosures to the effect that the applicant can make an application for 14 shares and in multiples thereof shall be made in the offer document.] ********* 1 Substituted for Schedule XIV by SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2012, w.e.f. 12.10.2012. Prior to substitution, Schedule XIV read as under: SCHEDULE XIV [See regulation 49(2)] ILLUSTRATION EXPLAINING MINIMUM APPLICATION SIZE For inviting applications in multiples of the minimum value as referred to in sub-regulation (2) of regulation 49, the procedure is clarified by following example: Assuming an issue is being made at a price of ₹ 390 per equity share. In this case, the issuer in consultation with the lead merchant banker can determine the minimum application lot within the range of 13 17 equity shares (in value terms between ₹ 5000- ₹ 7000), as explained hereunder: Options I II III IV V Lot Size @ ₹ 390/- per share 13 shares 14 shares 15 shares 16 shares 17 shares Application / Bid amount for 1 lots 5070 5469 5850 6240 6630 Application / Bid amount for 2 lots 10140 10920 11700 12480 13260 Application / Bid amount for 4 lots 20280 21840 23400 24960 26520 Application / Bid amount for 8 lots 40560 43680 46800 49920 --- Application / Bid amount for 9 lots 45630 49140 --- --- -- The options given above are only illustrative and not exhaustive. Where the issuer in consultation with the lead merchant banker decides to fix the minimum application / bid size as 14 (Option II), necessary disclosures to the effect that the applicant can make an application for 14 shares and in multiples thereof shall be made in the offer document.