IPO Process

As per information obtained from NSE the IPO process involves the following:

1) The Book Running Lead Manager (BRLM) files the Draft Offer Document (DOD) with SEBI and
the stock exchange where the Company proposes to list its securities for their comments/approval.

2) The stock exchange checks as to whether the applicant company is eligible as per the listing
criteria for listing on the stock exchange pursuant to its Initial Public Offering.

3) Further, the stock exchange also checks details on the background of the promoters, disclosures
made by the Company in the Draft Offer Document including the risk factors mentioned therein
etc.

4) The stock exchange thereafter provides an in-principle approval for enabling the company to
mention in the offer document that the shares after the issue are proposed to be listed on the stock
exchange named therein.

5) After the in principle approval of the stock exchange is issued, and subject to approvals they
have to obtain from SEBI and other authorities, if any, the Issuer company can make the public
issue.