Para 4 - Limits of foreign investment in the issuing company - Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993

Limits of foreign investment in the issuing company. 4. The ordinary shares and Foreign Currency Convertible Bonds issued against the Global Depositary Receipts shall be treated as direct foreign investment in the issuing company. The aggregate of the foreign investment made either directly or indirectly (through Global Depositary Receipts Mechanism) shall not exceed 51 per cent of the issued and subscribed capital of the issuing company : Provided that the investments made through Offshore Funds or by Foreign Institutional Investors will not form part of the limit laid down in this paragraph.