(c) Exemption by SEBI under Regulation 11 of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011

Regulation 11 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 provides that on an application being made by the acquirer in writing giving the details of the proposed acquisition and grounds on which the exemption is sought, SEBI may grant exemption to the acquirer from the Open Offer obligations subject to the compliance with such conditions as it deems fits. For instance, in case where the exemption is sought from the Open Offer obligations which has been triggered pursuant to the issue of shares by way preferential allotment, SEBI may require that the approval of shareholders should be obtained by way of postal ballot. Further, along with the application, the acquirer is also required to pay a non-refundable fee of ₹ 5,00,000/, by way of direct credit in the bank account. However, it is to be noted that the Acquirer is not exempted from making other compliances related to the disclosure requirements as provided under regulation 29, 30 and 31 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.