GUIDELINES FOR ENABLING PARTIAL TWO-WAY FUNGIBILITY OF INDIAN DEPOSITORY RECEIPTS (IDRs)

The Securities & Exchange Board of India (SEBI) has provided for partial fungibility of Indian
Depository Receipts (IDRs) (i.e. redemption/ conversion of IDRs into underlying equity shares) in a financial year to the extent of 25% of the IDRs originally issued. All the IDRs shall have partial two-way fungibility. The partial two-way fungibility means that the IDRs can be converted into underlying equity shares and the underlying equity shares can be converted into IDRs within the available headroom. The headroom for this purpose shall be the number of IDRs originally issued minus the number of IDRs outstanding, which is further adjusted for IDRs redeemed into underlying
equity shares ("Headroom").