The Offer was made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the "SCRR"). read with Regulation 31 of the SEBI ICDR Regulations. The Offer was made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Offer was made available for allocation on a proportionate basis to QIBs (the "QIB Portion"). Our Company and the Selling Shareholders, in consultation with the BRLMs, allocated up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("SEBI ICDR Regulations") (the "Anchor Investor Portion"), of which one-third was reserved for domestic Mutual Funds, subject to valid Bids having been received from the domestic Mutual Funds at or above the price at which allocation was made to Anchor Investors ("Anchor Investor Allocation Price"). Further, 5% of the Net QIB Portion was made available for allocation on a proportionate basis only to Mutual Funds, subject to valid Bids having been received at or above the Offer Price, and the remainder of the Net QIB Portion was made available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids having been received at or above the Offer Price. Further, not less than 15% of the Offer was made available for allocation to Nils ("Non-Institutional Category") of which one-third of the Non-Institutional Category was made available for allocation to Bidders with an application size of more than Rs. 200,000 and up to Rs. 1,000,000 and two-thirds of the Non-Institutional Category was made available for allocation to Bidders with an application size of more than Rs. 1,000,000 and under-subscription in either of these two sub-categories of Non-Institutional Category were allocated to Bidders in the other sub-category of Non-Institutional Category in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received at or above the Offer Price. Further, not less than 35% of the Offer was made available for allocation to Rlls ("Retail Category"), in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received from them at or above the Offer Price. All Bidders (except Anchor Investors) were required to mandatorily participate in this Offer only through the Application Supported by Blocked Amount "ASBA") process and were required to provide details of their respective bank account (including UPI ID (defined hereinafter) in case of UPI Bidders (defined hereinafter)) in which the Bid Amount was blocked by the Self Certified Syndicate Banks ("SCSBs") or the Sponsor Bank(s), as the case may be. Anchor Investors were not permitted to participate in the Anchor Investor Portion through the AS BA process. For details, see "Offer Procedure" beginning on page 527 of the Prospectus.

The bidding for Anchor investors opened and closed on Monday. April 24.2023. The Company received 77 applications from 51 Anchor Investors for 12.214.397 Equity Shares. The Anchor Investor Offer Price was finalized at Rs. 1,080 per Equity Share. A total of 12.017,652 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs. 12,979.064,160.

The Offer received 419,252 applications for 441.831.702 Equity Shares (prior to technical rejections) resulting in 11.0296 times subscription as disclosed in the Prospectus. The details of the applications received in the Offer from various categories are as under (before technical rejections):

Final Demand

A summary of the final demand as per BSE and NSE as on the Bid/Offer Closing Date as at different Bid prices is as under:

Sr. No	Bid Price	No. of Equity Shares	% to Total	Cumulative Total	Cumulative % of Total
1	1.026	113,906	0.03	113,906	0.03
2	1,027	7,891	0.00	121,797	0.03
3	1,028	2.548	0.00	124.345	0.03
4	1.029	1,300	0.00	125,645	0.03
5	1,030	24,570	0.01	150,215	0.03
6	1,031	2.158	0.00	152,373	0.04
7	1,032	936	0.00	153,309	0.04
8	1,033	364	0.00	153,673	0.04
9	1,034	312	0.00	153.985	0.04
10	1,035	3,120	0.00	157,105	0.04
11	1,036	494	0.00	157,599	0.04
12	1,037	260	0.00	157.859	0.04
13	1,038	234	0.00	158,093	0.04
14	1,039	247	0.00	158,340	0.04
15	1,040	10.257	0.00	168.597	0.04
16	1,041	208	0.00	168,805	0.04
17	1,042	364	0.00	169,169	0.04
18	1,043	117	0.00	169,286	0.04
19	1,044	754	0.00	170,040	0.04

*Cairnhill CIPEF Limited and Caimhill CGPE Limited have transferred total 16,023,538 Equity Shares at price of Rs. 977.18 per Equity Share on April 6, 2023 to Hema CIPEF (I) Limited and Hema CGPE (!) Limited which at the time of entering into the share purchase agreement dated March 31, 2023 were affiliates ofCairnhill CIPEF Limited and Cairnhill CGPE Limited.

'Excluding transfer by way of gift as no consideration was paid.

8. Weighted average cost of acquisition ("WACA") compared to Offer Price:

Past transactions	WACA per Equity Share (in Rs.)	Offer Price (i.e.Rs. 1,080)
WACAfor primary /secondary issue during 18 months and WACA of primary issuance during 3 years prior to Prospectus, exceeding 5% of the pre-issue capital	NA	NA
WACA of secondary transactions during 3 years prior to Prospectus, not exceeding 5% of the pre-issue capital	977.18	1.11 times

9. The five Book Running Lead Managers associated with the Offer have handled 84 public offers in the past three Financial Years, out of which 29 offers closed below the IPO price on the listing date.

Name of the BRLMs	Total public issues	Issues closed below IPO price on listing date
Kotak Mahindra Capital Company Limited*	17	2
Axis Capital Limited*	19	8
IIFL Securities Limited*	23	7
Jefferies India Private Limited*	0	0
J. P. Morgan India Private Limited*	0	0
Common issues of above BRLMs	25	12
Total	84	29

*lssues handled where there were no common BRLMs

Sr. No	Bid Price	No. of Equity Shares	% to Total	Cumulative Total	Cumulative % of Total
20	1,045	1,807	0.00	171,847	0.04
21	1,046	260	0.00	172,107	0.04
22	1.047	130	0.00	172,237	0.04
23	1.048	728	0.00	172,965	0.04
24	1,049	351	0.00	173,316	0.04
25	1,050	39,286	0.01	212,602	0.05
26	1.051	1,573	0.00	214,175	0.05
27	1,052	598	0.00	214,773	0.05
28	1,053	1,378	0.00	216,151	0.05
29	1.054	234	0.00	216,385	0.05
30	1.055	1,443	0.00	217,828	0.05
31	1.056	377	0.00	218,205	0.05
32	1,057	117	0.00	218,322	0.05
33	1.058	91	0.00	218,413	0.05
34	1,059	78	0.00	218,491	0.05
35	1,060	10,855	0.00	229,346	0.05
36	1.061	364	0.00	229,710	0.05
37	1.062	195	0.00	229,905	0.05
38	1.063	143	0.00	230,048	0.05
39	1,064	143	0.00	230,191	0.05
40	1.065	1,690	0.00	231,881	0.05
41	1.066	78	0.00	231,959	0.05
42	1,067	52	0.00	232,011	0.05
43	1,068	78	0.00	232,089	0.05
44	1.069	156	0.00	232,245	0.05
45	1.070	8,320	0.00	240,565	0.06
46	1,071	455	0.00	241,020	0.06
47	1,072	182	0.00	241,202	0.06
48	1.073	143	0.00	241,345	0.06
49	1.074	52	0.00	241,397	0.06
50	1,075	3,978	0.00	245,375	0.06
51	1.076	442	0.00	245.817	0.06
52	1.077	390	0.00	246,207	0.06
53	1,078	2,587	0.00	248,794	0.06
54	1,079	4,654	0.00	253,448	0.06
55	1.080	420,272,892	96.84	420,526,340	96.90
	CUTOFF	13,472,836	3.10	433.999,176	100.00
	TOTAL	433,999,176	100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being the NSE on Wednesday, May 3,2023.

A.	Allotment to Retail Individual Investors (after technical rejections) (including ASBA Applications)

The Basis of Allotment to the Retail Individual Investors, who have bid at the Cut-Off Price or at the Offer Price of Rs. 1,080 per Equity Share, was finalized in consultation with the NSE. This category has been subscribed to the extent of 0.8943 times. The total number of Equity Shares Allotted in Retail Portion is 12,538,500 Equity Shares to 375.879 successful Retail Individual Investors. The category-wise details of the Basis of Allotment are as under:

Sr. No.	Category	No. of Applications Received	% of Total	Total No. of Equity Shares applied	% to Total	No. of Equity Shares Allotted per Bidder	Ratio	Total No. of Equity Shares allotted
1	13	297,143	79.05	3,862,859	30.81	13	1 : 1	3,862,859
2	26	21,176	5.63	550,576	4.39	26	1 : 1	550,576
3	39	6,405	1.70	249,795	1.99	39	1 : 1	249.795
4	52	4,374	1.16	227,448	1.81	52	1 : 1	227,448
5	65	2,665	0.71	173,225	1.38	65	1 : 1	173,225
6	78	901	0.24	70,278	0.56	78	1 : 1	70,278
7	91	2,295	0.61	208,845	1.67	91	1 : 1	208.845
8	104	1,358	0.36	141,232	1.13	104	1 : 1	141,232
9	117	551	0.15	64,467	0.51	117	1 : 1	64,467
10	130	1,556	0.41	202,280	1.61	130	1 : 1	202.280
11	143	374	0.10	53,482	0.43	143	1 : 1	53,482
12	156	311	0.08	48,516	0.39	156	1 : 1	48,516
13	169	511	0.14	86,359	0.69	169	1 : 1	86,359
14	182	36,259	9.65	6,599,138	52.63	182	1 : 1	6.599,138
	TOTAL	375,879	100.00	12,538,500	100.00			12,538,500

The unsubscribed portion of 1.482.096 Equity Shares spilled over to QIB Category and NIB category In the ratio of 50:15.

B.	Allotment to Non-Institutional Investors (more than Rs. 2 lakhs and upto Rs.10 lakhs) (After Technical Rejections) (including ASBA Applications)

The Basis of Allotment to the Non-Institutional Investors (more than Rs. 2 lakhs and upto Rs. 10 lakhs), who have bid at the Offer Price of Rs. 1,080 per Equity Share or above, was finalized in consultation with the NSE. This category has been subscribed to the extent of 1.3413 times (including spillover from Retail Individual Investors category). The total number of Equity Shares allotted in this category is 2,116.950 Equity Shares (including spillover of 114.008 Equity Shares from Retail Individual Investors category) to 10.856 successful Non- Institutional Investors (more than Rs. 2 lakhs and upto Rs. 10 lakhs). The category-wise details of the Basis of Allotment are as under:

Sr. No.	Category	No. of Applications Received	% of Total	Total No. of Equity Shares applied	% toTotal	No. of Equity Shares allotted per applicant	Ratio	Total No. of Equity Shares allotted
1	195	10498	89.61	2.047.110	72.09	195	101: 109	1,896,960
2	208	84	0.72	17.472	0.62	195	39:42	15.210
3	221	14	0.12	3,094	0.11	195	13: 14	2,535
4	234	31	0.26	7,254	0.26	195	29:31	5,655
5	247	7	0.06	1,729	0.06	195	6 : 7	1,170
6	260	51	0.44	13.260	0.47	195	47 : 51	9,165
7	273	22	0.19	6.006	0.21	195	10:11	3,900
8	286	15	0.13	4.290	0.15	195	14: 15	2,730
9	299	13	0.11	3,887	0.14	195	12 : 13	2,340
10	312	10	0.09	3.120	0.11	195	9:10	1,755
11	325	17	0.15	5.525	0.19	195	16:17	3,120
12	338	2	0.02	676	0.02	195	1 : 1	390
13	351	4	0.03	1.404	0.05	195	1 : 1	780
14	364	11	0.09	4,004	0.14	195	10: 11	1,950
15	377	12	0.10	4,524	0.16	195	11 :12	2,145
16	390	50	0.43	19.500	0.69	195	23:25	8,970
17	403	8	0.07	3.224	0.11	195	7:8	1,365
18	416	7	0.06	2,912	0.10	195	6 : 7	1,170
19	429	7	0.06	3,003	0.11	195	6 : 7	1,170
20	442	7	0.06	3,094	0.11	195	6 : 7	1,170
21	455	103	0.88	46,865	1.65	195	95:103	18,525
22	468	29	0.25	13.572	0.48	195	27:29	5,265
23	481	3	0.03	1.443	0.05	195	1 : 1	585
24	494	6	0.05	2,964	0.10	195	1 : 1	1,170
25	507	6	0.05	3,042	0.11	195	1 : 1	1,170
26	520	17	0.15	8,840	0.31	195	16:17	3,120
27	533	3	0.03	1.599	0.06	195	1 : 1	585
28	546	3	0.03	1,638	0.06	195	1 : 1	585
29	559	3	0.03	1,677	0.06	195	1 : 1	585
30	572	4	0.03	2,288	0.08	195	1 : 1	780
31	585	7	0.06	4,095	0.14	195	6 : 7	1,170
32	598	1	0.01	598	0.02	195	1 : 1	195
33	611	4	0.03	2,444	0.09	195	1 : 1	780
34	624	2	0.02	1,248	0.04	195	1 : 1	390
35	637	2	0.02	1,274	0.04	195	1 : 1	390
36	650	14	0.12	9,100	0.32	195	13: 14	2,535
37	676	2	0.02	1,352	0.05	195	1 : 1	390
38	689	2	0.02	1,378	0.05	195	1 : 1	390
39	702	1	0.01	702	0.02	195	1 : 1	195
40	715	2	0.02	1,430	0.05	195	1 : 1	390
41	728	8	0.07	5,824	0.21	195	7 : 8	1,365
42	741	4	0.03	2,964	0.10	195	1 : 1	780
43	754	1	0.01	754	0.03	195	1 : 1	195
44	780	7	0.06	5,460	0.19	195	6 : 7	1,170
45	806	3	0.03	2,418	0.09	195	1 : 1	585
46	832	3	0.03	2,496	0.09	195	1 : 1	585
47	845	3	0.03	2,535	0.09	195	1 : 1	585
48	858	4	0.03	3,432	0.12	195	1 : 1	780
49	871	6	0.05	5,226	0.18	195	5 : 6	975
50	884	3	0.03	2,652	0.09	195	1 : 1	585
51	897	1	0.01	897	0.03	195	1 : 1	195
52	910	42	0.36	38220	1.35	195	39: 42	7,605
53	923	546	4.66	503,958	17.75	195	101: 109	98,670
						1	1 : 5	30
	TOTAL	11,715	100.00	2,839,473	100.00			2,116,950

Includes spillover of 114,008 Equity Shares from Retail Individual Investors category.

Please Note: 1 additional Share shall be allotted to 30 Allottees from amongst 1,128 Successful Applicants from the categories 208-923 (i.e. excluding successful applicants from Category 195) in the ratio of 5:188.

C.	Allotment to Non-Institutional Investors (more than Rs. 10 lakhs) (After Technical Rejections) (including ASBA Applications)

The Basis of Allotment to the Non-Institutional Investors (more than Rs. 10 lakhs), who have bid at the Offer Price of Rs. 1,080 per Equity Share or above, was finalized in consultation with the NSE. This category has been subscribed to the extent of 4.4270 times (including spillover from Retail Individual Investors category). The total number of Equity Shares Allotted in this category is 4,233,900 Equity Shares (including spillover of 228,015 Equity Shares from Retail Individual Investors category) to 15,388 successful Non- Institutional Investors (more than Rs. 10 lakhs). The category- wise details of the Basis of Allotment are as under: (Sample)

Sr. No.	Category	No. of Applications Received	% of Total	Total No. of Equity Shares applied	% to Total	No. of Equity Shares allotted per applicant	Ratio	Total No. of Equity Shares allotted
1	936	14,951	97.16	13,994,136	74.66	253	1 : 1	3,782,603
						1	17: 353	720
2	949	11	0.07	10,439	0.06	254	1 : 1	2,794
3	962	18	0.12	17,316	0.09	255	1 : 1	4,590
4	975	38	0.25	37,050	0.20	256	1 : 1	9,728
5	988	8	0.05	7,904	0.04	257	1 : 1	2,056
6	1,001	13	0.08	13,013	0.07	258	1 :1	3,354
7	1,014	5	0.03	5,070	0.03	259	1 : 1	1,295
8	1,027	2	0.01	2,054	0.01	260	1 :1	520
9	1,040	11	0.07	11,440	0.06	261	1 : 1	2,871

 

Sr. No.	Category	No. of Applications Received	% of Total	Total No. of Equity Shares applied	% to Total	No. of Equity Shares allotted per applicant	Ratio	Total No. of Equity Shares allotted
10	1.053	1	0.01	1,053	0.01	262	1 :1	262
11	1.066	1	0.01	1,066	0.01	263	1 :1	263
12	1,105	3	0.02	3,315	0.02	266	1 :1	798
13	1,170	2	0.01	2,340	0.01	272	1 :1	544
14	1,196	3	0.02	3,588	0.02	273	1 :1	819
15	1,248	1	0.01	1,248	0.01	277	1 :1	277
16	1,261	1	0.01	1,261	0.01	279	1 :1	279
17	1,300	9	0.06	11,700	0.06	282	1 :1	2,538
18	1,846	16	0.10	29,536	0.16	324	1 :1	5,184
19	1,859	1	0.01	1,859	0.01	325	1 :1	325
20	1,872	2	0.01	3,744	0.02	327	1 :1	654
21	1,950	6	0.04	11,700	0.06	333	1 :1	1,998
22	1,989	1	0.01	1,989	0.01	336	1 :1	336
23	2,015	1	0.01	2,015	0.01	338	1 :1	338
24	2,028	1	0.01	2,028	0.01	339	1 :1	339
25	2,145	1	0.01	2,145	0.01	348	1 :1	348
26	2,184	1	0.01	2,184	0.01	351	1 :1	351
27	36,569	1	0.01	36,569	0.20	3,044	1 :1	3,044
28	36,725	1	0.01	36,725	0.20	3,057	1 :1	3,057
29	37,024	1	0.01	37,024	0.20	3,080	1 :1	3,080
30	37,037	1	0.01	37,037	0.20	3,081	1 :1	3,081
31	37,050	2	0.01	74,100	0.40	3,082	1 :1	6,164
32	40,248	1	0.01	40,248	0.21	3,333	1 :1	3,333
33	46,280	1	0.01	46,280	0.25	3,805	1 :1	3,805
34	52,000	2	0.01	104,000	0.55	4,254	1 :1	8,508
35	52,546	1	0.01	52,546	0.28	4,296	1 :1	4,296
36	54,600	1	0.01	54,600	0.29	4,457	1 :1	4,457
37	55,549	1	0.01	55,549	0.30	4,531	1 :1	4,531
38	74,022	1	0.01	74,022	0.39	5,978	1 :1	5,978
39	74,074	1	0.01	74,074	0.40	5,983	1 :1	5,983
40	75,400	1	0.01	75,400	0.40	6,086	1 :1	6,086
41	83.330	1	0.01	83.330	0.44	6.708	1 :1	6,708
42	115.700	1	0.01	115.700	0.62	9.243	1 :1	9.243
43	138.879	1	0.01	138,879	0.74	11.059	1 :1	11.059
44	185.185	1	0.01	185,185	0.99	14,687	1 :1	14,687
45	231,478	1	0.01	231.478	1.23	18,313	1 :1	18,313
46	256.191	1	0.01	256.191	1.37	20,249	1 :1	20,249
47	329.069	1	0.01	329.069	1.76	25.958	1 :1	25.958
48	462.956	1	0.01	462,956	2.47	36,447	1 :1	36,447
	Total	15,388	100.00	18,743,283	100.00			4,233,900

Includes spillover of 228.015 Equity Shares from Retail category

Please Note: 1 additional Share has been allotted to Category 936 in the ratio of 17:353.

D.	Allotment to QIBs (After Technical Rejections)

Allotment to QIBs, who have Bid at the Offer Price of ? 1.080 per Equity Share or above, has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the extent of 43.1451 times of NetQIB Portion (including spillover from Retail Individual Investors category). As per the SEBIICDR Regulations, Mutual Funds were allotted 5% of the Equity Shares of Net QIB Portion available i.e., 457,593 Equity Shares (including spillover of 57,004 Equity Shares from Retail Individual Investors category) and other QIBs and unsatisfied demand of Mutual Funds were allotted the remaining available Equity Shares i.e . 8.694,249 Equity Shares (including spillover of 1,083,069 Equity Shares from Retail Individual Investors category) on a proportionate basis. The total number of Equity Shares allotted in the Net QIB Portion is 9.151,842 Equity Shares (including spilled over of 1,140,073 Equity Shares from Retail Individual Investors category), which were allotted to 227 successful QIB Bidders. The category-wise details of the Basis of Allotment are as under:

CATEGORY	FIS/BANK’S	MF’s	IC’s	NBFC's	AIF	FII/FPC	VC’s	OTHERS	TOTAL
QIB	986,827	2,609,367	568,035	28,576	-	4,616,814	-	342,223	9,151,842

Includes spilled over of 1.140,073 Equity Shares from Retail Individual Investors Category.

E.	Allotment to Anchor Investors

The Company and the Selling Shareholders, in consultation with the BRLMs. have allocated 12.017.652 Equity Shares to 51 Anchor Investors (through 77 Anchor Investor Application Forms) (including 16 domestic Mutual Funds through 41 schemes) at the Anchor Investor Offer Price of Rs. 1.080 per Equity Share in accordance with the SEBI ICDR Regulations. This represents 60% of the QIB Portion.

Category	FI’S/BANK's	MF's	IC’s	NBFC's	AIF	FII/FPC	OTHERS	Total
Anchor	-	4,725,406	1,458.093	-	-	5,834,153	-	12,017,652

The IPO Committee of our Company at its meeting held on May 4, 2023 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice-cum- Unblocking Intimations and/ or notices have been dispatched to the address of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Offer Account have been issued on May 3, 2023 and payment to non-Syndicate brokers have been issued on May 4, 2023. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares allotted to the successful Allottees have been uploaded on May 4, 2023 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with NSE and BSE on May 4, 2023. The Company has received listing and trading approval from NSE and BSE and the trading will commence on May 9, 2023.

Note: All capitalised terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus.

INVESTORS PLEASE NOTE

The details of the allotment made will be hosted on the website of the Registrar to the Offer. KFin Technologies Limited at www.kfintech.com All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ sole Bidder, Bid cum Application Form number. Bidder DP ID. Client ID. PAN. date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:

KFin Technologies Limited

Selenium, Tower B, Plot No. 31 and 32 Financial District, Nanakramguda,

Serilingampally, Hyderabad. Rangareddi - 500 032. Telangana. India

Tel: +91 40 6716 2222

E-mail: mankind.ipo@kfintech.com

Website: www.kfintech.com

Investor Grievance E-mail: einward.ns@kfintech.com

Contact Person: M Murali Krishna

SEBI Registration No: INR000000221

	For MANKIND PHARMA LIMITED
	Sd /-
	Company Secretary and Compliance Officer
Place: New Delhi	On behalf of the Board of Directors
Date: May 8, 2023	Pradeep Chugh

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF MANKIND PHARMA LIMITED.

MANKIND PHARMA LIMITED (the "Company") has filed the Prospectus dated April 28,2023. The Prospectus is available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and is available on the websites of the BRLMs, i.e. Kotak Mahindra Capital Company Limited, Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited and J.P. Morgan India Private Limited at https://investmentbank.kotak.com, www.axiscapital.co.in, www.iiflcap.com,www.jefferies.com and www.jpmipl.com, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section titled "Risk Factors "on page 44 of the Prospectus. The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") 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 applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold (i) in the United States only to persons that are reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A) pursuant to Section 4(a) of the U.S. Securities Act, and (ii) outside the United States in "offshore transactions" as defined in and in compliance with Regulation S and the applicable laws of the jurisdiction where those offers and sales occur. There will be no public offering of the Equity Shares in the United States.

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