HDFC AMC _RHP Cover.indd

532 Pages·2017·5.28 MB·English

RED HERRING PROSPECTUS
July 13, 2018
Please read Section 32 of the Companies Act, 2013
Book Built Offer
THIS RED HERRING PROSPECTUS IS NOT AN ADVERTISEMENT UNDER THE SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) REGULATIONS, 1996 (“SEBI MUTUAL FUND REGULATIONS”) AND IS NOT
INTENDED TO INFLUENCE INVESTMENT DECISIONS OF ANY CURRENT OR PROSPECTIVE INVESTORS OF SCHEMES OF HDFC MUTUAL FUND
HDFC ASSET MANAGEMENT COMPANY LIMITED
Our Company was incorporated at Mumbai on December 10, 1999 as “HDFC Asset Management Company Limited”, a public limited company under the Companies Act, 1956 pursuant to a certifi cate of incorporation granted by the Registrar of Companies,
Maharashtra (“RoC”). Our Company obtained a certifi cate for commencement of business on March 9, 2000 from the RoC.
Registered and Corporate Offi ce: HDFC House, 2nd Floor, H.T. Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai 400 020, Maharashtra, India.
For details of changes to the address of the registered offi ce of our Company, please see “History and Certain Corporate Matters” on page 208 of this Red Herring Prospectus.
Contact Person: Sylvia Furtado, Company Secretary and Compliance Offi cer; Telephone: [phone]; Facsimile: [phone]
Email: [email protected]; Website: www.hdfcfund.com;
Corporate Identity Number: U65991MH1999PLC123027
PROMOTERS OF OUR COMPANY: HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED AND STANDARD LIFE INVESTMENTS LIMITED
INITIAL PUBLIC OFFERING OF UP TO 25,457,555 EQUITY SHARES OF FACE VALUE OF ` 5 EACH (“EQUITY SHARES”) OF HDFC ASSET MANAGEMENT COMPANY LIMITED (“COMPANY” OR “ISSUER”) FOR CASH AT A PRICE OF ` [(cid:2)] PER
EQUITY SHARE, AGGREGATING UP TO ` [●] MILLION THROUGH AN OFFER FOR SALE OF UP TO 8,592,970 EQUITY SHARES BY HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED AND UP TO 16,864,585 EQUITY SHARES BY
STANDARD LIFE INVESTMENTS LIMITED (TOGETHER, “PROMOTER SELLING SHAREHOLDERS” AND SUCH OFFERING, THE “OFFER”). THE OFFER COMPRISES A NET OFFER TO THE PUBLIC OF UP TO 22,177,555 EQUITY SHARES (“NET
OFFER”), A RESERVATION OF UP TO 320,000 EQUITY SHARES (CONSTITUTING UP TO 0.15% OF OUR POST-OFFER PAID UP EQUITY SHARE CAPITAL) FOR PURCHASE BY THE ELIGIBLE HDFC AMC EMPLOYEES (AS DEFINED IN “DEFINITIONS
AND ABBREVIATIONS”) FOR CASH AT A PRICE OF ` [(cid:2)] PER EQUITY SHARE AGGREGATING UP TO ` [●] MILLION (“HDFC AMC EMPLOYEE RESERVATION PORTION”), A RESERVATION OF UP TO 560,000 EQUITY SHARES (CONSTITUTING
UP TO 0.26% OF OUR POST-OFFER PAID UP EQUITY SHARE CAPITAL) FOR PURCHASE BY THE ELIGIBLE HDFC EMPLOYEES (AS DEFINED IN “DEFINITIONS AND ABBREVIATIONS”) FOR CASH AT A PRICE OF ` [(cid:2)] PER EQUITY SHARE
AGGREGATING UP TO ` [●] MILLION (“HDFC EMPLOYEE RESERVATION PORTION”) AND A RESERVATION OF UP TO 2,400,000 EQUITY SHARES (CONSTITUTING UP TO 1.13% OF OUR POST-OFFER PAID UP EQUITY SHARE CAPITAL) FOR
PURCHASE BY ELIGIBLE HDFC SHAREHOLDERS (AS DEFINED IN “DEFINITIONS AND ABBREVIATIONS”) FOR CASH AT A PRICE OF ` [(cid:2)] PER EQUITY SHARE AGGREGATING UP TO ` [●] MILLION (“HDFC SHAREHOLDERS RESERVATION
PORTION”). THE OFFER AND THE NET OFFER SHALL CONSTITUTE 12.01% AND 10.46% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY, RESPECTIVELY.
THE FACE VALUE OF THE EQUITY SHARES IS ` 5 EACH. THE PRICE BAND, AND THE MINIMUM BID LOT WILL BE DECIDED BY OUR COMPANY AND THE PROMOTER SELLING SHAREHOLDERS, IN CONSULTATION WITH THE BRLMS, AND
ADVERTISED IN ALL EDITIONS OF FINANCIAL EXPRESS, ALL EDITIONS OF JANSATTA AND MUMBAI EDITION OF NAVSHAKTI (WHICH ARE WIDELY CIRCULATED DAILY ENGLISH, HINDI AND MARATHI NEWSPAPERS, RESPECTIVELY,
MARATHI BEING THE REGIONAL LANGUAGE OF MAHARASHTRA, WHERE OUR REGISTERED OFFICE IS LOCATED), AT LEAST FIVE WORKING DAYS PRIOR TO THE OFFER OPENING DATE IN ACCORDANCE WITH THE SECURITIES AND
EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009, AS AMENDED (“ICDR REGULATIONS”) AND SUCH ADVERTISEMENT SHALL BE MADE AVAILABLE TO BSE LIMITED (“BSE”) AND
NATIONAL STOCK EXCHANGE OF INDIA LIMITED (“NSE”) FOR THE PURPOSE OF UPLOADING ON THEIR RESPECTIVE WEBSITES.
In case of a revision in the Price Band, the Offer Period will be extended by at least three additional Working Days after such revision of the Price Band, subject to the Offer Period not exceeding 10 Working Days. Any revision in the Price Band and the revised Offer Period, if applicable,
will be widely disseminated by notifi cation to BSE and NSE, by issuing a press release and also by indicating the change on the websites of the BRLMs and at the terminals of the Syndicate Members.
In terms of Rule 19(2)(b) of the Securities Contracts Regulations Rules, 1957, as amended (the “SCRR”) read with Regulation 41 of the ICDR Regulations, this is an Offer for at least 10% of the post-Offer paid-up Equity Share capital of our Company, such that the post-Offer paid up
Equity Share capital of our Company calculated at the Offer Price, shall be more than `40 billion. The Offer is being made through the Book Building Process and in accordance with Regulation 26(1) of the ICDR Regulations, wherein not more than 50% of the Net Offer shall be available
for allocation on a proportionate basis to Qualifi ed Institutional Buyers (“QIBs”), provided that our Company and the Promoter Selling Shareholders, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, of which one-
third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis
to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the
Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Net Offer shall be available for allocation on a proportionate basis to Retail Individual Investors, in accordance with the ICDR Regulations, subject to valid Bids
being received at or above the Offer Price. All Bidders, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective bank accounts which will be blocked by the Self Certifi ed Syndicate
Banks (“SCSBs”), to participate in this Offer. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For details, please see “Offer Procedure” on page 423 of this Red Herring Prospectus.
RISKS IN RELATION TO FIRST OFFER
This being the fi rst public offer of our Company, there has been no formal market for the Equity Shares of our Company. The face value of the Equity Shares is `5 each. The Offer Price is [●] times the face value of the Equity Shares. The Floor Price is [●] times the face value of the
Equity Shares and the Cap Price is [●] times the face value of the Equity Shares. The Offer Price (as has been determined and justifi ed by our Company and the Promoter Selling Shareholders in consultation with the BRLMs, as stated in the section “Basis for Offer Price” on page 120 of
this Red Herring Prospectus) should not be taken to be indicative of the market price of the Equity Shares after the Equity Shares are listed. No assurance can be given regarding active and / or sustained trading in the Equity Shares or regarding the price at which the Equity Shares will be
traded after listing.
GENERAL RISKS
Investment in equity and equity-related securities involves a degree of risk and Bidders should not invest any funds in the Offer unless they can afford to take the risk of losing their investment. Bidders are advised to read the risk factors carefully before taking an investment decision in the
Offer. For taking an investment decision, Bidders must rely on their own examination of our Company and the Offer, including the risks involved. The Equity Shares offered in the Offer have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor
does SEBI guarantee the accuracy or adequacy of this Red Herring Prospectus. Specifi c attention of the Bidders is invited to the section “Risk Factors” on page 19 of this Red Herring Prospectus.
COMPANY’S AND THE PROMOTER SELLING SHAREHOLDERS’ ABSOLUTE RESPONSIBILITY
Our Company, having made all reasonable inquiries, accepts responsibility for and confi rms that this Red Herring Prospectus contains all information with regard to our Company and the Offer, which is material in the context of the Offer, that the information contained in this Red Herring
Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Red Herring Prospectus as a whole or any of such
information or the expression of any such opinions or intentions, misleading in any material respect. Further, each of the Promoter Selling Shareholders, severally and not jointly, accepts responsibility only for, and confi rms only the statements made by such Promoter Selling Shareholder
in this Red Herring Prospectus as a Promoter Selling Shareholder in the context of the Offer and the Equity Shares offered by such Promoter Selling Shareholder in the Offer and that such statements are true and correct in all material respects and are not misleading in any material respect.
LISTING
The Equity Shares offered through this Red Herring Prospectus are proposed to be listed on BSE and NSE. Our Company received “in-principle” approvals from BSE and NSE for listing of the Equity Shares pursuant to their letters dated March 27, 2018 and April 4, 2018, respectively. For
the purposes of the Offer, the Designated Stock Exchange shall be NSE. A copy of this Red Herring Prospectus has been, and the Prospectus shall be, delivered to the RoC for registration in accordance with the Companies Act, 2013. For details of the material contracts and documents that
will be available for inspection from the date of this Red Herring Prospectus up to the Offer Closing Date, please see “Material Contracts and Documents for Inspection” on page 522 of this Red Herring Prospectus.
BOOK RUNNING LEAD MANAGERS

Kotak Mahindra Capital Company Limited Axis Capital Limited DSP Merrill Lynch Limited Citigroup Global Markets India Private Limited CLSA India Private Limited HDFC Bank Limited#
27 BKC, 1st Floor, Plot No. C – 27, 1st Floor, Axis House Ground Floor, A Wing, One BKC, 1202, 12th Floor, First International Financial Centre, 8 / F Dalamal House Investment Banking Group,
“G” Block, Bandra Kurla Complex, C 2 Wadia International Centre G Block, Bandra Kurla Complex, G-Block, Bandra Kurla Complex, Nariman Point Unit No. 401 & 402, 4th Floor, Tower B,
Bandra (East), Mumbai 400051, P. B. Marg, Worli Bandra (East), Bandra East, Mumbai 400 098 Mumbai 400 021 Peninsula Business Park, Lower Parel
Maharashtra, India. Mumbai 400 025, Mumbai 400 051 Maharashtra, India Maharashtra, India Mumbai 400 013
Telephone: [phone] Maharashtra, India Maharashtra, India. Telephone: + 91 (22) 6175 9999 Tel: [phone] Maharashtra, India
Facsimile: [phone] Telephone: [phone] Telephone: [phone] Facsimile: + 91 (22) 6175 9898 Fax: [phone] Telephone: [phone]
Email: [email protected] Facsimile: [phone] Facsimile: [phone] Email: [email protected] E-mail: [email protected] Facsimile: [phone]
Website: Email: [email protected] Email: [email protected] Website: www.online.citibank.co.in/rhtm/ Investor Grievance ID: Email: [email protected]
http://investmentbank.kotak.com Investor Grievance ID: Website: http://www.ml-india.com/ citigroupglobalscreen1.htm [email protected] Website: www.hdfcbank.com
Investor Grievance ID: [email protected] Investor Grievance ID: Investor Grievance ID: Website: www.india.clsa.com Investor Grievance ID:
[email protected] Website: www.axiscapital.co.in [email protected] [email protected] Contact Person: Sarfaraz Agboatwala [email protected]
Contact Person: Ganesh Rane Contact Person: Mangesh Ghogle Contact Person: Soham H. Bhattbhatt Contact Person: Ashish Guneta SEBI Registration No.: INM000010619 Contact Person: Rakesh Bhunatar / Sakshi Jain
SEBI Registration No.: INM000008704 SEBI Registration No.: INM000012029 SEBI Registration No.: INM000011625 SEBI Registration No.: INM000010718 SEBI Registration No.: INM000011252
BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE OFFER

ICICI Securities Limited IIFL Holdings Limited JM Financial Limited J.P. Morgan India Private Limited Morgan Stanley India Company Nomura Financial Advisory and Karvy Computershare Private
ICICI Center, H T Parekh Marg, 10th Floor, IIFL Centre, Kamala City, 7th Floor, J.P. Morgan Tower Private Limited Securities (India) Private Limited Limited
CMhauhracrhagshattera, ,M Inudmiabai 400 020, SLeonwaepra Ptia Brealp (aWt Mesat)r,g M,umbai 400 013, CPrnaebrhgayd Aevpip Masuahmebba Mi 4a0r0a t0h2e5 M,arg, OSafnf tCacSrTu zR (oEaads,t )K, aMliunma bai 400 098 18L84oF1w,, eTSroe Pwnaaerprea l2t Mi, BOuanmpeab Itan iMd –iaa 4rbg0u,0 ll s0 1C3entre, CSMheaiervjgas,ay Wg Haoro rEuliss Meta, tuLem,e vDbearl.i A1–1 n4,n 0Pi0elo 0Bt 1Fe8s, ant KPlaortv 3y1 S-3e2le, nGiuamch Tiboowwelri ,B ,
Telephone: [phone] Maharashtra, India. Maharashtra, India Maharashtra, India Maharashtra, India Maharashtra, India Financial District, Nanakramguda,
Facsimile: [phone] Telephone: [phone] Telephone: [phone] Telephone: [phone] Telephone: [phone] Telephone: [phone] Hyderabad 500 032, India.
westernpress.in EWIcC S nuE mo ves Bn beta Iot ssi a lmRti :cot e ether g : rPd Gicw sfe atcr rrw rimas ee tow iv@f on .a.n ii:n ipc ScRNcoiihcecoi@ise i.sI:hsk eiDeMichc ci:TeuBc uririr/ wisAIitNetiaiseceMrnsuis.a/r0.c cni0otoi0imem0s1.1c1o7m9 FEWIiC gn amo .vec in bbeas t s@siia mlti :cot i etihr i l: flPde G w c:fe rc ar+w iasp e9 omw. vc1 n a.co i:(n i. m 2iDflcPp 2cereo)a avI@ pn2De.a4nic:yi9 dofl 3rmDca a1 oMp0s.h7cai3oy mdeo/ FEWIgCnramoviecenbeasvtssiiaamlti:cotn etiHrc l: Pee GDw.:ei rFrb+wisedC9owv@1nAa. j:(nMjm 2Pmc2flreCfl a) ..I cc.I6cDohPo6me:Om3 e0@ D 3jh3mu3flr0 i.com FEWIiCSnnaEmovvecnBebeastsssiiIamltt i:ocRot etirhre l:s Pde Ggmw:fei rcsrb+wiaste.r9omjwvap1nta.cm ij:(nop_ 2Sicnmip2pae lN)ai o@I [email protected]:p:j5a pomIk7mmN oK3Mor9g rS1g0a1oan0nn.0c.i0c o0om2m970 FEWcgIiCnnolamoovvemcnbebeast/ssasiiapmlttil:ocotu- eotirhrb l:s fPde /G_fihc:fe i cotcrrn+tieasnped9osmtsvi1/ena:aacn/ :@s/(ni tw2iSp/camm2oaew-)t @psoIy w6adDram.cg1omm:i1at fiocn 8 orScos rg/1migtiana0nan/ng4dneslh0insetaaat/yalan.ncblelooeymuy.ct.-oums/ FEWcIiC nno amo vvemc n ebeas tps ssiia mlttia :ocot n etirhr yl:g Pde G/rw :feg i cr er+rw ias voe9 omw auv1 nn pa.c n:c(n /i Sa2oSpecsr2msoaeii-)n @asiuI hn/d4Dritn@e0nai:eo h3d Tpnmo7iya ol Bua/4dmigr1iananuii1d.dgr1cea sox/..mcc.hootmmm /l TFEWIhCndeamovelcfnebecastpsasiialmtihm:cot oetierc l:n iP.e Gniew:epw: rr+ [email protected] k:.( n ra(4aMic4rsr0ve0i@ )s yM)I m.2 Dkc6u3oaa7:r4 .rm1akv36lay i1 r .2Kcv52oy5r2.mi1cs2ohmna
w. SEBI Registration No.: INM000010940 SEBI Registration No.: INM000010361 SEBI Registration No.: INM000011203 SEBI Registration No.: INM000011419 SEBI Registration No. INR000000221
ww OFFER PROGRAMME
y: FOR ALL BIDDERS, OFFER OPENS ON* July 25, 2018
d b OFFER CLOSES ON July 27, 2018
Printe #*DIOna utcero imC.eop. mlJiaupnlaycn e2y 4 wa, in2tdh0 1tthh8ee. pPrroovmisoot etro SReelgliunlga tSihoanr 2e1hAol(d1e)r osf i tnh ceo Snescuulrtaittiieosn a wnidt hE txhceh aBnRgLeM Bso, acrodn osifd Ienrd piaa r(Mticeirpcahtaionnt Bbya nAknecrhso) rR Iengvuelsattoirosn isn, 1a9c9c2o,r daas nacme ewnidthed t,h ree IaCdD wRit hR epgrouvlaistioo tnos .R Tehgeu lAanticohno 5r (I3n)v oesf ttohre BICidDdiRn gR eDgautlea stihoanlsl ,b He DonFeC W Boarnkkin Lgi mDiateyd p irsi oinr vtoo ltvheed Oasff ear m Oeprecnhianngt
banker only in marketing of the Offer.
TABLE OF CONTENTS

SECTION I: GENERAL ............................................................................................................................................................................... 1
DEFINITIONS AND ABBREVIATIONS................................................................................................................................................ 1
CERTAIN CONVENTIONS, PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA ..................................... 12
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED STATES ......................................................................................... 15
NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA ............................................................... 16
FORWARD-LOOKING STATEMENTS .............................................................................................................................................. 17
SECTION II: RISK FACTORS .................................................................................................................................................................. 19
SECTION III: INTRODUCTION .............................................................................................................................................................. 55
SUMMARY OF INDUSTRY .................................................................................................................................................................. 55
SUMMARY OF OUR BUSINESS .......................................................................................................................................................... 58
SUMMARY OF FINANCIAL INFORMATION .................................................................................................................................. 60
THE OFFER ............................................................................................................................................................................................ 65
GENERAL INFORMATION ................................................................................................................................................................. 67
CAPITAL STRUCTURE ........................................................................................................................................................................ 77
OBJECTS OF THE OFFER ................................................................................................................................................................. 118
BASIS FOR OFFER PRICE ................................................................................................................................................................. 120
STATEMENT OF TAX BENEFITS .................................................................................................................................................... 123
SECTION IV: ABOUT OUR COMPANY ............................................................................................................................................... 137
INDUSTRY OVERVIEW .................................................................................................................................................................... ..137
OUR BUSINESS .................................................................................................................................................................................... 171
REGULATIONS AND POLICIES ....................................................................................................................................................... 199
HISTORY AND CERTAIN CORPORATE MATTERS .................................................................................................................... 208
OUR MANAGEMENT ......................................................................................................................................................................... 217
OUR PROMOTERS, PROMOTER GROUP AND GROUP COMPANIES .................................................................................... 236
RELATED PARTY TRANSACTIONS ............................................................................................................................................... 259
DIVIDEND POLICY ............................................................................................................................................................................. 260
SECTION V: FINANCIAL INFORMATION ......................................................................................................................................... 261
FINANCIAL STATEMENTS ............................................................................................................................................................... 261
SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN INDIAN GAAP AND IND AS ...................................................... 323
(cid:48)(cid:36)(cid:49)(cid:36)(cid:42)(cid:40)(cid:48)(cid:40)(cid:49)(cid:55)(cid:182)(cid:54)(cid:3)(cid:39)(cid:44)(cid:54)(cid:38)(cid:56)(cid:54)(cid:54)ION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION ....... 332
SECTION VI: LEGAL AND OTHER INFORMATION ....................................................................................................................... 354
OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS......................................................................................... 354
GOVERNMENT AND OTHER APPROVALS .................................................................................................................................. 372
OTHER REGULATORY AND STATUTORY DISCLOSURES ...................................................................................................... 375
SECTION VII: OFFER INFORMATION ............................................................................................................................................... 410
TERMS OF THE OFFER ..................................................................................................................................................................... 410
RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES ................................................................................. 416
OFFER STRUCTURE .......................................................................................................................................................................... 417
OFFER PROCEDURE .......................................................................................................................................................................... 423
SECTION VIII: MAIN PROVISIONS OF OUR ARTICLES OF ASSOCIATION ............................................................................. 476
SECTION IX: OTHER INFORMATION ................................................................................................................................................ 522
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION ........................................................................................... 522
DECLARATION ................................................................................................................................................................................... 525
ANNEXURE A ....................................................................................................................................................................................... 529
SECTION I: GENERAL

DEFINITIONS AND ABBREVIATIONS

Unless the context otherwise implies or requires, the terms and abbreviations stated hereunder shall have the
meaning as assigned below. References to statutes, rules, regulations, guidelines and policies will, unless the
context otherwise requires, be deemed to include all amendments, modifications and replacements notified thereto
as of the date of this Red Herring Prospectus.

Company and Promoter Selling Shareholders(cid:182) related terms

Term Description
(cid:179)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:180)(cid:15)(cid:3) (cid:179)(cid:82)(cid:88)(cid:85)(cid:3) HDFC Asset Management Company Limited, a company incorporated under the Companies
(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:180)(cid:15)(cid:3) (cid:179)(cid:43)(cid:39)(cid:41)(cid:38)(cid:3) Act, 1956 and having its registered and corporate office at HDFC House, 2nd Floor, H.T. Parekh
AMC(cid:180)(cid:3) (cid:82)(cid:85)(cid:3) (cid:179)(cid:44)(cid:86)(cid:86)(cid:88)(cid:72)(cid:85)(cid:180) Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai 400 020
(cid:179)(cid:90)(cid:72)(cid:180)(cid:15)(cid:3)(cid:179)(cid:88)(cid:86)(cid:180)(cid:15)(cid:3)(cid:82)(cid:85)(cid:3)(cid:179)(cid:82)(cid:88)(cid:85)(cid:180)
(cid:179)(cid:36)(cid:85)(cid:87)(cid:76)(cid:70)(cid:79)(cid:72)(cid:86)(cid:180)(cid:3) (cid:82)(cid:85)(cid:3) (cid:179)(cid:36)(cid:85)(cid:87)(cid:76)(cid:70)(cid:79)(cid:72)(cid:86)(cid:3) The articles of association of our Company, as amended
(cid:82)(cid:73)(cid:3)(cid:36)(cid:86)(cid:86)(cid:82)(cid:70)(cid:76)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:180)
(cid:179)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3)(cid:179)Statutory The statutory auditor of our Company, being B S R & Co. LLP, Chartered Accountants
(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:180)
(cid:179)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:180) The audit committee of our Board(cid:15)(cid:3)(cid:68)(cid:86)(cid:3)(cid:71)(cid:72)(cid:86)(cid:70)(cid:85)(cid:76)(cid:69)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:179)Our Management(cid:180)(cid:3)(cid:82)(cid:81)(cid:3)(cid:83)(cid:68)(cid:74)(cid:72)(cid:3)228 of this Red
Herring Prospectus
(cid:179)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3)(cid:179)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3) The board of directors of our Company, including any committees thereof
Di(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:180)
(cid:179)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3) (cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3) The chief financial officer of our Company, Piyush Surana
(cid:50)(cid:73)(cid:73)(cid:76)(cid:70)(cid:72)(cid:85)(cid:180)
(cid:179)(cid:38)(cid:82)(cid:80)(cid:83)(cid:79)(cid:76)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:50)(cid:73)(cid:73)(cid:76)(cid:70)(cid:72)(cid:85)(cid:180) The compliance officer of our Company for the purposes of the Offer, Sylvia Furtado
(cid:179)(cid:38)(cid:54)(cid:53)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:180) The corporate social responsibility committee of our Board(cid:15)(cid:3)(cid:68)(cid:86)(cid:3)(cid:71)(cid:72)(cid:86)(cid:70)(cid:85)(cid:76)(cid:69)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:179)Our Management(cid:180)(cid:3)
on page 232 of this Red Herring Prospectus
(cid:179)(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:11)(cid:86)(cid:12)(cid:180) Director(s) on the Board of our Company
(cid:179)(cid:40)(cid:84)(cid:88)(cid:76)(cid:87)(cid:92)(cid:3)(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:86)(cid:180) Unless the context otherwise requires, refers to equity shares of our Company of face value of
` 5 each
(cid:179)(cid:40)(cid:54)(cid:50)(cid:54)(cid:3)(cid:21)(cid:19)(cid:19)(cid:27)(cid:3)(cid:177) (cid:54)(cid:72)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:44)(cid:180) Employee Stock Option Scheme, 2008 Series I
(cid:179)(cid:40)(cid:54)(cid:50)(cid:54)(cid:3) (cid:21)(cid:19)(cid:19)(cid:27)(cid:3) (cid:177) Series Employee Stock Option Scheme, 2008 Series II
(cid:44)(cid:44)(cid:180)
(cid:179)(cid:40)(cid:54)(cid:50)(cid:54)(cid:3)(cid:21)(cid:19)(cid:19)(cid:28)(cid:3)(cid:177) (cid:54)(cid:72)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:44)(cid:180) Employee Stock Option Scheme, 2009 Series I
(cid:179)(cid:40)(cid:54)(cid:50)(cid:54)(cid:3)(cid:21)(cid:19)(cid:20)(cid:21)(cid:3)(cid:177) (cid:54)(cid:72)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:44)(cid:180) Employee Stock Option Scheme, 2012 Series I
(cid:179)(cid:40)(cid:54)(cid:50)(cid:54)(cid:3) (cid:21)(cid:19)(cid:20)(cid:21)(cid:3) (cid:177) Series Employee Stock Option Scheme, 2012 Series II
(cid:44)(cid:44)(cid:180)
(cid:179)(cid:40)(cid:54)(cid:50)(cid:54)(cid:3)(cid:21)(cid:19)(cid:20)(cid:22)(cid:3)(cid:177) (cid:54)(cid:72)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:44)(cid:180) Employee Stock Option Scheme, 2013 Series I
(cid:179)(cid:40)(cid:54)(cid:50)(cid:54)(cid:3)(cid:21)(cid:19)(cid:20)5 (cid:177) (cid:54)(cid:72)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:44)(cid:180) Employee Stock Option Scheme, 2015 Series I
(cid:179)(cid:40)(cid:54)(cid:50)(cid:54)(cid:3) (cid:21)(cid:19)(cid:20)(cid:24)(cid:3) (cid:177) Series Employee Stock Option Scheme, 2015 Series II
(cid:44)(cid:44)(cid:180)
(cid:179)(cid:40)(cid:54)(cid:50)(cid:54)(cid:3) (cid:21)(cid:19)(cid:20)(cid:24)(cid:3) (cid:177) Series Employee Stock Option Scheme, 2015 Series III
III(cid:180)
(cid:179)(cid:40)(cid:54)(cid:50)(cid:54)(cid:3)(cid:21)(cid:19)(cid:20)7 (cid:177) (cid:54)(cid:72)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:44)(cid:180) Employee Stock Option Scheme, 2017 Series I
(cid:179)(cid:40)(cid:54)(cid:50)(cid:54)(cid:3) (cid:21)(cid:19)(cid:20)7 (cid:177) Series Employee Stock Option Scheme, 2017 Series II
I(cid:44)(cid:180)
(cid:179)(cid:40)(cid:54)(cid:50)(cid:54)(cid:3)(cid:54)(cid:70)(cid:75)(cid:72)(cid:80)(cid:72)(cid:11)(cid:86)(cid:12)(cid:180) ESOS 2008 (cid:177) Series I, ESOS 2008 (cid:177) Series II, ESOS 2009 (cid:177) Series I, ESOS 2012 (cid:177) Series I,
ESOS 2012 (cid:177) Series II, ESOS 2013 (cid:177) Series I, ESOS 2015 (cid:177) Series I, ESOS 2015 (cid:177) Series II,
ESOS 2015 (cid:177) Series III, ESOS 2017 (cid:177) Series I and ESOS 2017 (cid:177) Series II collectively
(cid:179)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:180) An executive director of our Company
(cid:179)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:76)(cid:72)(cid:86)(cid:180) Such companies as covered under the applicable accounting standards and also other companies
as considered material by our Board pursuant to a policy on materiality of group companies
approved by our Board on February 28, 2018 (cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:86)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:79)(cid:82)(cid:86)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:179)Our Promoters, Promoter
Group and Group Companies(cid:180)(cid:3)(cid:82)(cid:81)(cid:3)(cid:83)(cid:68)(cid:74)(cid:72) 247 of this Red Herring Prospectus
(cid:179)(cid:43)(cid:39)(cid:41)(cid:38)(cid:180) Housing Development Finance Corporation Limited
(cid:179)(cid:43)(cid:39)(cid:41)(cid:38)(cid:3)(cid:47)(cid:76)(cid:73)(cid:72)(cid:180) HDFC Standard Life Insurance Company Limited
(cid:179)(cid:44)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:180) A non-executive, independent director of our Company appointed as per the Companies Act,
2013, the Listing Regulations and the SEBI Mutual Fund Regulations
(cid:179)(cid:44)(cid:81)(cid:87)(cid:72)(cid:85)-(cid:86)(cid:72)(cid:3)(cid:36)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:180) The inter-se agreement dated March 13, 2018 between HDFC and Standard Life Investments
(cid:179)(cid:44)(cid:51)(cid:50)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:180) The IPO committee of our Board constituted pursuant to a resolution dated November 30, 2017
(cid:179)(cid:45)(cid:82)(cid:76)(cid:81)(cid:87)(cid:3) (cid:51)(cid:68)(cid:85)(cid:87)(cid:76)(cid:70)(cid:76)(cid:83)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) The erstwhile joint participation agreement between HDFC and Standard Life Investments
(cid:36)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:180) dated October 29, 1999

1
Term Description
(cid:179)(cid:46)(cid:48)(cid:51)(cid:180)(cid:3) (cid:82)(cid:85)(cid:3) (cid:179)(cid:46)(cid:72)(cid:92)(cid:3) Key management personnel of our Company in terms of the ICDR Regulations, as disclosed in
Management (cid:179)Our Management(cid:180)(cid:3)(cid:82)(cid:81)(cid:3)(cid:83)(cid:68)(cid:74)(cid:72) 233 of this Red Herring Prospectus
(cid:51)(cid:72)(cid:85)(cid:86)(cid:82)(cid:81)(cid:81)(cid:72)(cid:79)(cid:180)
(cid:179)(cid:48)(cid:39)(cid:180)(cid:3) (cid:82)(cid:85)(cid:3) (cid:179)Managing The managing director of our Company, Milind Barve
(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:180)
(cid:179)(cid:48)(cid:72)(cid:80)(cid:82)(cid:85)(cid:68)(cid:81)(cid:71)(cid:88)(cid:80)(cid:180)(cid:3) (cid:82)(cid:85)(cid:3) The memorandum of association of our Company, as amended
(cid:179)(cid:48)(cid:72)(cid:80)(cid:82)(cid:85)(cid:68)(cid:81)(cid:71)(cid:88)(cid:80)(cid:3) (cid:82)(cid:73)(cid:3)
(cid:36)(cid:86)(cid:86)(cid:82)(cid:70)(cid:76)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:180)
(cid:179)(cid:49)(cid:82)(cid:80)(cid:76)(cid:81)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) & The nomination & remuneration committee of our Board(cid:15)(cid:3)(cid:68)(cid:86)(cid:3)(cid:71)(cid:72)(cid:86)(cid:70)(cid:85)(cid:76)(cid:69)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:179)Our Management(cid:180)(cid:3)
Remuneration on page 230 of this Red Herring Prospectus
(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:180)
(cid:179)(cid:49)(cid:82)(cid:80)(cid:76)(cid:81)(cid:72)(cid:72)(cid:3)(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:180) Non-Executive Directors of our Company appointed on our Board, pursuant to the
(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:182)(cid:3)(cid:36)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87) and post listing, the Articles and the Inter-se Agreement
(cid:179)(cid:49)(cid:82)(cid:81)-Executive A Director not being an Executive Director
(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:180)
(cid:179)(cid:51)(cid:85)(cid:82)(cid:80)(cid:82)(cid:87)(cid:72)(cid:85)(cid:86)(cid:180) The promoters of our Company, namely, HDFC and Standard Life Investments
(cid:179)(cid:51)(cid:85)(cid:82)(cid:80)(cid:82)(cid:87)(cid:72)(cid:85)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:180) Such persons and entities which constitute the promoter group of our Company pursuant to
Regulation 2(1)(zb) of the ICDR Regulations
(cid:179)(cid:53)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3) and The registered and corporate office of our Company located at HDFC House, 2nd Floor, H.T.
Corporate (cid:50)(cid:73)(cid:73)(cid:76)(cid:70)(cid:72)(cid:180) Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai 400 020
(cid:179)(cid:53)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:85)(cid:68)(cid:85)(cid:3) (cid:82)(cid:73)(cid:3) Registrar of Companies, Maharashtra situated at 100 Everest, Marine Drive, Mumbai 400 002
(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:76)(cid:72)(cid:86)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3)(cid:179)(cid:53)(cid:82)(cid:38)(cid:180)
(cid:179)(cid:53)(cid:72)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3) (cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3) The restated financial information of our Company as of, and for, Fiscals 2014, 2015, 2016,
Informat(cid:76)(cid:82)(cid:81)(cid:180) 2017 and 2018 prepared in accordance with Companies Act and restated in accordance with the
requirements of the ICDR Regulations
(cid:179)(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(s(cid:12)(cid:180) Equity shareholders of our Company, from time to time
(cid:179)(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:3) The erstwhile s(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:182)(cid:3)(cid:68)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:69)(cid:72)(cid:87)(cid:90)(cid:72)(cid:72)(cid:81)(cid:3)(cid:43)(cid:39)(cid:41)(cid:38)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:3)(cid:47)(cid:76)(cid:73)(cid:72)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)
Agreement (cid:21)(cid:19)(cid:19)(cid:20)(cid:180) October 17, 2001
(cid:179)(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:182)(cid:3) (cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:182)(cid:3)(cid:68)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:72)(cid:81)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:87)(cid:90)(cid:72)(cid:72)n HDFC and the Standard Life Investments on
(cid:36)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3)(cid:179)(cid:54)(cid:43)(cid:36)(cid:180) June 10, 2003, as amended by letters dated October 8, 2007
(cid:179)(cid:54)(cid:87)(cid:68)(cid:78)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:3) The stakeholders relationship committee of our Board, (cid:68)(cid:86)(cid:3)(cid:71)(cid:72)(cid:86)(cid:70)(cid:85)(cid:76)(cid:69)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:179)Our Management(cid:180)(cid:3)(cid:82)(cid:81)(cid:3)
Relationship page 231 of this Red Herring Prospectus
(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:180)
(cid:179)(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:3) (cid:47)(cid:76)(cid:73)(cid:72)(cid:3) Standard Life Investments Limited
Investments(cid:180) (cid:82)(cid:85)(cid:3)(cid:179)(cid:54)(cid:47)(cid:44)(cid:180)
(cid:179)(cid:55)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) The termination agreement dated March 13, 2018 between HDFC and Standard Life
(cid:36)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:180) Investments

Offer Related Terms

Term Description
(cid:179)(cid:36)(cid:70)(cid:78)(cid:81)(cid:82)(cid:90)(cid:79)(cid:72)(cid:71)gement The slip or document issued by the Designated Intermediary to a Bidder as proof of registration of the
(cid:54)(cid:79)(cid:76)(cid:83)(cid:180) Bid cum Application Form
(cid:179)(cid:36)(cid:79)(cid:79)(cid:82)(cid:87)(cid:180), Unless the context otherwise requires, the transfer of Equity Shares to successful Bidders by the
(cid:179)(cid:36)(cid:79)(cid:79)(cid:82)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:180)(cid:3) (cid:82)(cid:85)(cid:3) Promoter Selling Shareholders pursuant to the Offer
(cid:179)(cid:36)(cid:79)(cid:79)(cid:82)(cid:87)(cid:87)(cid:72)(cid:71)(cid:180)
(cid:179)(cid:36)(cid:79)(cid:79)(cid:82)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3) A note or advice or intimation of Allotment, sent to each successful Bidder who has been or is to be
(cid:36)(cid:71)(cid:89)(cid:76)(cid:70)(cid:72)(cid:180) Allotted the Equity Shares after approval of the Basis of Allotment by the Designated Stock Exchange
(cid:179)(cid:36)(cid:79)(cid:79)(cid:82)(cid:87)(cid:87)(cid:72)(cid:72)(cid:180) A successful Bidder to whom the Equity Shares are Allotted
(cid:179)(cid:36)(cid:81)(cid:70)(cid:75)(cid:82)(cid:85)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:180) A Qualified Institutional Buyer, applying under the Anchor Investor Portion in accordance with the
requirements specified under the ICDR Regulations and this Red Herring Prospectus
(cid:179)(cid:36)(cid:81)(cid:70)(cid:75)(cid:82)(cid:85)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:3) The price at which Equity Shares will be allocated to the Anchor Investors in terms of this Red Herring
(cid:36)(cid:79)(cid:79)(cid:82)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:51)(cid:85)(cid:76)(cid:70)(cid:72)(cid:180) Prospectus and the Prospectus, which will be decided by our Company and the Promoter Selling
Shareholders in consultation with the BRLMs
(cid:179)(cid:36)(cid:81)(cid:70)(cid:75)(cid:82)(cid:85)(cid:3) (cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:3) The day, one Working Day prior to the Offer Opening Date, on which Bids by Anchor Investors shall
(cid:37)(cid:76)(cid:71)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:39)(cid:68)(cid:87)(cid:72)(cid:180) be submitted and allocation to Anchor Investors shall be completed
(cid:179)(cid:36)(cid:81)(cid:70)(cid:75)(cid:82)(cid:85)(cid:3) (cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:3) The form used by an Anchor Investor to Bid in the Anchor Investor Portion and which will be
(cid:41)(cid:82)(cid:85)(cid:80)(cid:180) considered as an application for Allotment in terms of this Red Herring Prospectus and the Prospectus
(cid:179)(cid:36)(cid:81)(cid:70)(cid:75)(cid:82)(cid:85)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:3) The final price at which Equity Shares will be Allotted to Anchor Investors in terms of this Red Herring
Offer (cid:51)(cid:85)(cid:76)(cid:70)(cid:72)(cid:180) Prospectus and the Prospectus, which price will be equal to or higher than the Offer Price but not higher
than the Cap Price. The Anchor Investor Offer Price will be decided by our Company and the Promoter
Selling Shareholders in consultation with the BRLMs
(cid:179)(cid:36)(cid:81)(cid:70)(cid:75)(cid:82)(cid:85)(cid:3) (cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:3) Up to 60% of the QIB Portion, which may be allocated by our Company and the Promoter Selling
(cid:51)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:180) Shareholders, in consultation with the BRLMs, to Anchor Investors on a discretionary basis in

2
Term Description
accordance with the ICDR Regulations, out of which one third shall be reserved for domestic Mutual
Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor
Investor Allocation Price
(cid:179)(cid:36)(cid:83)(cid:83)(cid:79)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) An application, whether physical or electronic, used by ASBA Bidders to make a Bid authorising an
Supported by SCSB to block the Bid Amount in the ASBA Account
(cid:37)(cid:79)(cid:82)(cid:70)(cid:78)(cid:72)(cid:71)(cid:3) (cid:36)(cid:80)(cid:82)(cid:88)(cid:81)(cid:87)(cid:180)(cid:3)
(cid:82)(cid:85)(cid:3)(cid:179)(cid:36)(cid:54)(cid:37)(cid:36)(cid:180)
(cid:179)(cid:36)(cid:54)(cid:37)(cid:36)(cid:3)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:180) A bank account maintained with an SCSB and specified in the ASBA Form submitted by an ASBA
Bidder, which will be blocked by such SCSB to the extent of the Bid Amount specified in the ASBA
Form
(cid:179)(cid:36)(cid:54)(cid:37)(cid:36)(cid:3)(cid:37)(cid:76)(cid:71)(cid:71)(cid:72)(cid:85)(cid:180) All bidders except Anchor Investors
(cid:179)(cid:36)(cid:54)(cid:37)(cid:36)(cid:3)(cid:41)(cid:82)(cid:85)(cid:80)(cid:180) An application form, whether physical or electronic, used by ASBA Bidders which will be considered
as the application for Allotment in terms of this Red Herring Prospectus and the Prospectus
(cid:179)(cid:36)(cid:91)(cid:76)(cid:86)(cid:180) Axis Capital Limited
(cid:179)(cid:37)(cid:68)(cid:81)(cid:78)(cid:72)(cid:85)(cid:11)(cid:86)(cid:12)(cid:3) (cid:87)(cid:82)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) The Escrow Collection Banks, Public Offer Account Banks and Refund Banks, collectively
(cid:50)(cid:73)(cid:73)(cid:72)(cid:85)(cid:180)
(cid:179)(cid:37)(cid:68)(cid:86)(cid:76)(cid:86)(cid:3) (cid:82)(cid:73)(cid:3) The basis on which the Equity Shares will be Allotted to successful Bidders under the Offer, as
(cid:36)(cid:79)(cid:79)(cid:82)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:180) (cid:71)(cid:72)(cid:86)(cid:70)(cid:85)(cid:76)(cid:69)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:179)Offer Procedure (cid:177) Allotment Procedure and Basis of Allotment(cid:180)(cid:3)(cid:82)(cid:81)(cid:3)(cid:83)(cid:68)(cid:74)(cid:72)(cid:3)463 of this Red
Herring Prospectus
(cid:179)(cid:37)(cid:76)(cid:71)(cid:180) An indication to make an offer during the Offer Period by an ASBA Bidder, or on the Anchor Investor
Bidding Date by an Anchor Investor, pursuant to the submission of a Bid cum Application Form, to
purchase, the Equity Shares at a price within the Price Band, including all revisions thereto as permitted
(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:44)(cid:38)(cid:39)(cid:53)(cid:3)(cid:53)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:72)(cid:85)(cid:80)(cid:3)(cid:179)(cid:37)(cid:76)(cid:71)(cid:71)(cid:76)(cid:81)(cid:74)(cid:180)(cid:3)(cid:86)(cid:75)(cid:68)(cid:79)(cid:79)(cid:3)(cid:69)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:87)(cid:85)(cid:88)(cid:72)(cid:71)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:76)(cid:81)(cid:74)(cid:79)(cid:92)
(cid:179)(cid:37)(cid:76)(cid:71)(cid:3)(cid:36)(cid:80)(cid:82)(cid:88)(cid:81)(cid:87)(cid:180) In relation to each Bid shall mean the highest value of the optional Bids indicated in the Bid cum
Application Form and payable by the Bidder, or blocked in the ASBA Account of the ASBA Bidders,
as the case may be, upon submission of the Bid in the Offer
(cid:179)(cid:37)(cid:76)(cid:71)(cid:3) (cid:70)(cid:88)(cid:80)(cid:3) Anchor Investor Form or the ASBA Form, as the context requires
(cid:36)(cid:83)(cid:83)(cid:79)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:41)(cid:82)(cid:85)(cid:80)(cid:180)
(cid:179)(cid:37)(cid:76)(cid:71)(cid:3)(cid:47)(cid:82)(cid:87)(cid:180) (cid:62)(cid:404)(cid:64)(cid:3)(cid:40)(cid:84)(cid:88)(cid:76)(cid:87)(cid:92)(cid:3)(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:86)
(cid:179)(cid:37)(cid:76)(cid:71)(cid:71)(cid:72)(cid:85)(cid:180) Any prospective investor who makes a Bid pursuant to the terms of this Red Herring Prospectus and the
Bid cum Application Form and unless otherwise stated or implied, includes an Anchor Investor
(cid:179)(cid:37)(cid:76)(cid:71)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:38)(cid:72)(cid:81)(cid:87)(cid:85)(cid:72)(cid:86)(cid:180) Centres at which the Designated Intermediaries shall accept the ASBA Forms, i.e., Designated
Branches for SCSBs, Specified Locations for the Syndicate, Broker Centres for Registered Brokers,
Designated RTA Locations for RTAs and Designated CDP Locations for CDPs
(cid:179)(cid:37)(cid:82)(cid:82)(cid:78)(cid:3) Building The book building process as described in Part A, Schedule XI of the ICDR Regulations, in terms of
(cid:51)(cid:85)(cid:82)(cid:70)(cid:72)(cid:86)(cid:86)(cid:180) which the Offer is being made
(cid:179)Book Running The book running lead managers being KMCC, Axis, Citi, CLSA, DSP, HDFC Bank, I-Sec, IIFL, JM,
Lead Manager(s)(cid:180) JP Morgan, MS and Nomura
or BRLM(s)(cid:180) or
(cid:179)(cid:48)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:85)(cid:86)(cid:180)
(cid:179)(cid:37)(cid:85)(cid:82)(cid:78)(cid:72)(cid:85)(cid:3)(cid:38)(cid:72)(cid:81)(cid:87)(cid:85)(cid:72)(cid:180) Broker centres notified by the Stock Exchanges where ASBA Bidders can submit the ASBA Forms to
Registered Brokers and details of which, along with the names and contact details of the Registered
Broker are available on the websites of the respective Stock Exchanges as below:
www.bseindia.com and www.nseindia.com
(cid:179)(cid:38)(cid:36)(cid:49)(cid:180)(cid:3) (cid:82)(cid:85)(cid:3) The note or advice or intimation of allocation sent to Anchor Investors who have been allocated Equity
(cid:179)(cid:38)(cid:82)(cid:81)(cid:73)(cid:76)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:82)(cid:73)(cid:3) Shares after the Anchor Investor Bidding Date
(cid:36)(cid:79)(cid:79)(cid:82)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:49)(cid:82)(cid:87)(cid:72)(cid:180)
(cid:179)(cid:38)(cid:68)(cid:83)(cid:3)(cid:51)(cid:85)(cid:76)(cid:70)(cid:72)(cid:180) The higher end of the Price Band, i.e. ` (cid:62)(cid:404)(cid:64)(cid:15)(cid:3)(cid:68)(cid:69)(cid:82)(cid:89)(cid:72)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)Offer Price and the Anchor Investor Offer
Price will not be finalised and above which no Bids will be accepted
(cid:179)Cash Escrow The agreement dated June 27, 2018 entered into amongst our Company, the Registrar to the Offer, the
(cid:36)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:180) BRLMs, the Promoter Selling Shareholders, the Syndicate Members, the Escrow Collection Bank(s),
the Public Offer Account Bank(s), and the Refund Bank(s) for, amongst other things, collection of the
Bid Amounts from Anchor Investors and where applicable, refunds of the amounts collected on the
terms and conditions thereof
(cid:179)(cid:38)(cid:79)(cid:76)(cid:72)(cid:81)(cid:87)(cid:3)(cid:44)(cid:39)(cid:180) Client identification number maintained with one of the Depositories in relation to the demat account
(cid:179)(cid:38)(cid:76)(cid:87)(cid:76)(cid:180) Citigroup Global Markets India Private Limited
(cid:179)(cid:38)(cid:47)(cid:54)(cid:36)(cid:180) CLSA India Private Limited
(cid:179)(cid:38)(cid:82)(cid:79)(cid:79)(cid:72)(cid:70)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3) A depository participant as defined under the Depositories Act, 1996, registered with SEBI and who is
Depository eligible to procure Bids at the Designated CDP Locations in terms of circular no.
(cid:51)(cid:68)(cid:85)(cid:87)(cid:76)(cid:70)(cid:76)(cid:83)(cid:68)(cid:81)(cid:87)(cid:180)(cid:3) (cid:82)(cid:85)(cid:3) CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015 issued by SEBI
(cid:179)(cid:38)(cid:39)(cid:51)(cid:180)
(cid:179)(cid:38)(cid:88)(cid:87)-(cid:82)(cid:73)(cid:73)(cid:3)(cid:51)(cid:85)(cid:76)(cid:70)(cid:72)(cid:180) The Offer Price, as finalised by our Company and the Promoter Selling Shareholders in consultation
with the BRLMs

Only Retail Individual Investors, Eligible HDFC AMC Employees Bidding under the HDFC AMC

3
Term Description
Employee Reservation Portion, Eligible HDFC Employees Bidding under the HDFC Employee
Reservation Portion and Eligible HDFC Shareholders Bidding under the HDFC Shareholders
Reservation Portion are entitled to Bid at the Cut-off Price
(cid:179)(cid:39)(cid:72)(cid:80)(cid:82)(cid:74)(cid:85)(cid:68)(cid:83)(cid:75)(cid:76)(cid:70)(cid:3) The demographic details of the Bidders such as their respective addresses, occupation, PAN, name of
(cid:39)(cid:72)(cid:87)(cid:68)(cid:76)(cid:79)(cid:86)(cid:180) (cid:87)(cid:75)(cid:72)(cid:3)(cid:37)(cid:76)(cid:71)(cid:71)(cid:72)(cid:85)(cid:182)(cid:86)(cid:3)(cid:73)(cid:68)(cid:87)(cid:75)(cid:72)(cid:85)(cid:18)(cid:3)(cid:75)(cid:88)(cid:86)(cid:69)(cid:68)(cid:81)(cid:71)(cid:15)(cid:3)(cid:76)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:88)(cid:86)(cid:15) MICR Code and bank account details
(cid:179)(cid:39)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3) Such branches of the SCSBs which shall collect the ASBA Forms, a list of which is available on the
(cid:37)(cid:85)(cid:68)(cid:81)(cid:70)(cid:75)(cid:72)(cid:86)(cid:180) website of the SEBI at (www.sebi.gov.in/sebiweb/home/list/5/33/0/0/Recognized-Intermediaries) and
updated from time to time, and at such other websites as may be prescribed by SEBI from time to time
(cid:179)(cid:39)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3) (cid:38)(cid:39)(cid:51)(cid:3) Such locations of the CDPs where ASBA Bidders can submit the ASBA Forms, a list of which, along
(cid:47)(cid:82)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:180) with names and contact details of the Collecting Depository Participants eligible to accept ASBA
Forms are available on the websites of the respective Stock Exchanges (www.bseindia.com and
www.nseindia.com)
(cid:179)(cid:39)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:39)(cid:68)(cid:87)(cid:72)(cid:180) The date, after approval of the Basis of Allotment by the Designated Stock Exchanges, on which
instructions for transfer of funds from the Escrow Account to the Public Offer Account or the Refund
Account, as appropriate, or the transfer of funds blocked by the SCSBs are transferred from the ASBA
Accounts to the Public Offer Account, as the case may be, are provided after the Prospectus is
registered with the RoC
(cid:179)(cid:39)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3) The members of the Syndicate, Sub-Syndicate/agents, SCSBs, Registered Brokers, the CDPs and
(cid:44)(cid:81)(cid:87)(cid:72)(cid:85)(cid:80)(cid:72)(cid:71)(cid:76)(cid:68)(cid:85)(cid:76)(cid:72)(cid:86)(cid:180) RTAs, who are authorised to collect Bid cum Application Forms from the Bidders, in relation to the
Offer
(cid:179)(cid:39)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3) (cid:53)(cid:55)(cid:36)(cid:3) Such locations of the RTAs where ASBA Bidders can submit the ASBA Forms to RTAs, a list of
(cid:47)(cid:82)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:180) which, along with names and contact details of the RTAs eligible to accept ASBA Forms are available
on the respective websites of the Stock Exchanges (www.bseindia.com and www.nseindia.com)
(cid:179)(cid:39)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3) (cid:54)(cid:87)(cid:82)(cid:70)(cid:78)(cid:3) NSE
(cid:40)(cid:91)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:180)
(cid:179)(cid:39)(cid:85)(cid:68)(cid:73)(cid:87)(cid:3)(cid:53)(cid:72)(cid:71)(cid:3)(cid:43)(cid:72)(cid:85)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3) The draft red herring prospectus dated March 14, 2018 issued in accordance with the ICDR
(cid:51)(cid:85)(cid:82)(cid:86)(cid:83)(cid:72)(cid:70)(cid:87)(cid:88)(cid:86)(cid:180) or Regulations, which did not contain complete particulars of the Offer, including the price at which the
(cid:179)(cid:39)(cid:53)(cid:43)(cid:51)(cid:180) Equity Shares will be Allotted and the size of the Offer
(cid:179)(cid:39)(cid:54)(cid:51)(cid:180) DSP Merill Lynch Limited
(cid:179)(cid:40)(cid:79)(cid:76)(cid:74)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:41)(cid:51)(cid:44)(cid:86)(cid:180) FPIs from such jurisdictions outside India where it is not unlawful to make an offer / invitation under
the Offer and in relation to whom the Bid cum Application Form and this Red Herring Prospectus
constitutes an invitation to purchase the Equity Shares offered thereby
(cid:179)(cid:40)(cid:79)(cid:76)(cid:74)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:43)(cid:39)(cid:41)(cid:38)(cid:3) A permanent and full time employee of our Company as of the date of registering this Red Herring
AMC Prospectus with the RoC, and who continues to be an employee of our Company at the time of
(cid:40)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:11)(cid:86)(cid:12)(cid:180) submission of the Bid cum Application Form (excluding such employees who are not eligible to invest
in the Offer under applicable laws)

The maximum Bid Amount under the HDFC AMC Employee Reservation Portion by an Eligible
(cid:43)(cid:39)(cid:41)(cid:38)(cid:3)(cid:36)(cid:48)(cid:38)(cid:3)(cid:40)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:3)(cid:86)(cid:75)(cid:68)(cid:79)(cid:79)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:72)(cid:71)(cid:3)(cid:3423) 500,000. However, the initial Allotment to an Eligible
HDFC AMC Employee in the HDFC AMC Employee Reserva(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:51)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:86)(cid:75)(cid:68)(cid:79)(cid:79)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:72)(cid:71)(cid:3)(cid:3423) 200,000.
Only in the event of an under-subscription in the HDFC AMC Employee Reservation Portion post the
initial Allotment, such unsubscribed portion may be Allotted on a proportionate basis to Eligible HDFC
AMC Employees Bidding in the HDFC AMC Employee Reservation Portion, for a value in excess of
(cid:3423) 200,000, subject to the total Allotment to an El(cid:76)(cid:74)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:43)(cid:39)(cid:41)(cid:38)(cid:3)(cid:36)(cid:48)(cid:38)(cid:3)(cid:40)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:72)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:3423) 500,000
(cid:179)(cid:40)(cid:79)(cid:76)(cid:74)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:43)(cid:39)(cid:41)(cid:38)(cid:3) A permanent and full time employee of HDFC, as of the date of registering this Red Herring Prospectus
(cid:40)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:180) with the RoC, and who continues to be an employee of HDFC at the time of submission of the Bid cum
Application Form (excluding such employees who are not eligible to invest in the Offer under
applicable laws)

The maximum Bid Amount under the HDFC Employee Reservation Portion by an Eligible HDFC
Employee shall not (cid:72)(cid:91)(cid:70)(cid:72)(cid:72)(cid:71)(cid:3)(cid:3423) 500,000. However, the initial Allotment to an Eligible HDFC Employee in
the HDFC Employee Reserva(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:51)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:86)(cid:75)(cid:68)(cid:79)(cid:79)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:72)(cid:71)(cid:3)(cid:3423) 200,000. Only in the event of an under-
subscription in the HDFC Employee Reservation Portion post the initial Allotment, such unsubscribed
portion may be Allotted on a proportionate basis to Eligible HDFC Employees Bidding in the HDFC
Employee Reservation Port(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:68)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:3423) 200,000, subject to the total Allotment to an
Eligible HDFC Employee not exceeding (cid:3423) 500,000
(cid:179)(cid:40)(cid:79)(cid:76)(cid:74)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:43)(cid:39)(cid:41)(cid:38)(cid:3) Individuals and HUFs who are the public equity shareholders of HDFC, one of our Promoters and
Shareholders(cid:180) Group Companies (excluding such persons who are not eligible to invest in the Offer under applicable
laws) as on the date of the Draft Red Herring Prospectus, i.e, March 14, 2018.

The maximum Bid Amount under the HDFC Shareholders Reservation Portion by an Eligible HDFC
(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:3)(cid:86)(cid:75)(cid:68)(cid:79)(cid:79)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:72)(cid:71)(cid:3)(cid:3423) 200,000
(cid:179)(cid:40)(cid:79)(cid:76)(cid:74)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:49)(cid:53)(cid:44)(cid:86)(cid:180) NRIs from jurisdictions outside India where it is not unlawful to make an offer or invitation under the
Offer and in relation to whom the Bid cum Application Form and this Red Herring Prospectus will
constitute an invitation to purchase the Equity Shares offered thereby

4
Term Description
(cid:179)(cid:40)(cid:86)(cid:70)(cid:85)(cid:82)(cid:90)(cid:3) Accounts opened with the Escrow Collection Bank(s) in whose favour Anchor Investors will transfer
(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:11)(cid:86)(cid:12)(cid:180) money through direct credit/ NECS/ NEFT/ RTGS in respect of Bid Amounts when submitting a Bid
(cid:179)(cid:40)(cid:86)(cid:70)(cid:85)(cid:82)(cid:90)(cid:3)(cid:38)(cid:82)(cid:79)(cid:79)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) The banks which are clearing members and registered with SEBI under the BTI Regulations, with
(cid:37)(cid:68)(cid:81)(cid:78)(cid:11)(cid:86)(cid:12)(cid:180) whom the Escrow Account(s) will be opened, being HDFC Bank
(cid:179)(cid:41)(cid:76)(cid:85)(cid:86)(cid:87)(cid:3)(cid:37)(cid:76)(cid:71)(cid:71)(cid:72)(cid:85)(cid:180) The Bidder whose name appears first in the Bid cum Application Form or the Revision Form and in
case of joint Bids, whose name shall also appear as the first holder of the beneficiary account held in
joint names
(cid:179)(cid:41)(cid:79)(cid:82)(cid:82)(cid:85)(cid:3)(cid:51)(cid:85)(cid:76)(cid:70)(cid:72)(cid:180) The lower end of the Price Band, i.e., ` (cid:62)(cid:404)(cid:64) subject to any revisions thereto, at or above which the Offer
Price and the Anchor Investor Offer Price will be finalised and below which no Bids will be accepted
(cid:179)(cid:42)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3) The General Information Document for investing in public issues prepared and issued in accordance
Information with the circular (CIR/CFD/DIL/12/2013) dated October 23, 2013, notified by SEBI, suitably modified
Document(cid:180)(cid:3)(cid:82)(cid:85)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:179)Offer Procedure(cid:180)(cid:3)(cid:82)(cid:81)(cid:3)(cid:83)(cid:68)(cid:74)(cid:72) 439 of this Red Herring Prospectus
(cid:179)(cid:42)(cid:44)(cid:39)(cid:180)
(cid:179)(cid:43)(cid:39)(cid:41)(cid:38)(cid:3)(cid:37)(cid:68)(cid:81)(cid:78)(cid:180) HDFC Bank Limited
(cid:179)HDFC AMC Portion of the Offer, being up to 320,000 Equity Shares, aggregating up to ` (cid:62)(cid:404)(cid:64)(cid:3)(cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81), available for
Employee allocation to Eligible HDFC AMC Employees, on a proportionate basis
Reservation
(cid:51)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:180)
(cid:179)HDFC Employee Portion of the Offer, being up to 560,000 Equity Shares aggregating up to ` (cid:62)(cid:404)(cid:64)(cid:3)(cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81), available for
Reservation allocation to Eligible HDFC Employees, on a proportionate basis
(cid:51)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:180)
(cid:179)(cid:43)(cid:39)(cid:41)(cid:38)(cid:3) Portion of the Offer being up to 2,400,000 Equity Shares aggregating up to ` [(cid:404)] million available for
Shareholders allocation to Eligible HDFC Shareholders, on a proportionate basis
Reservation
(cid:51)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:180)
(cid:179)(cid:44)(cid:44)(cid:41)(cid:47)(cid:180) IIFL Holdings Limited
(cid:179)(cid:44)-(cid:54)(cid:72)(cid:70)(cid:180) ICICI Securities Limited
(cid:179)(cid:45)(cid:48)(cid:180) JM Financial Limited
(cid:179)(cid:45)(cid:51)(cid:3)(cid:48)(cid:82)(cid:85)(cid:74)(cid:68)(cid:81)(cid:180) J. P. Morgan India Private Limited
(cid:179)(cid:46)(cid:48)(cid:38)(cid:38)(cid:180) Kotak Mahindra Capital Company Limited
(cid:179)(cid:48)(cid:68)(cid:91)(cid:76)(cid:80)(cid:88)(cid:80)(cid:3)(cid:53)(cid:44)(cid:44)(cid:3) Maximum number of Retail Individual Investors who can be Allotted the minimum Bid Lot. This is
(cid:36)(cid:79)(cid:79)(cid:82)(cid:87)(cid:87)(cid:72)(cid:72)(cid:86)(cid:180) computed by dividing the total number of Equity Shares available for Allotment to RIIs by the
minimum Bid Lot
(cid:179)(cid:48)(cid:88)(cid:87)(cid:88)(cid:68)(cid:79)(cid:3)(cid:41)(cid:88)(cid:81)(cid:71)(cid:3) 5% of the QIB Portion (other than Anchor Investor Portion) available for allocation to Mutual Funds
(cid:51)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:180) only, subject to valid Bids being received at or above the Offer Price
(cid:179)(cid:48)(cid:54)(cid:180) Morgan Stanley India Company Private Limited
(cid:179)(cid:49)(cid:72)(cid:87)(cid:3)(cid:50)(cid:73)(cid:73)(cid:72)(cid:85)(cid:180) Offer less the HDFC AMC Employee Reservation Portion, the HDFC Employee Reservation Portion
and the HDFC Shareholders Reservation Portion
(cid:179)(cid:49)(cid:82)(cid:80)(cid:88)(cid:85)(cid:68)(cid:180) Nomura Financial Advisory and Securities (India) Private Limited
(cid:179)(cid:49)(cid:82)(cid:81)-Institutional All Bidders, including Category III FPIs, that are not QIBs or Retail Individual Investors who have Bid
(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:86)(cid:180) for Equity Shares for an amount of more than ` 200,000 (but not including NRIs other than Eligible
NRIs)
(cid:179)(cid:49)(cid:82)(cid:81)-Institutional The portion of the Offer being not less than 15% of the Net Offer available for allocation to
(cid:51)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:180) Non-Institutional Investors on a proportionate basis, subject to valid Bids being received at or above the
Offer Price
(cid:179)Offer(cid:180) Initial public offering of up to 25,457,555 Equity Shares for cash at a price of ` [(cid:404)] per Equity Share,
aggregating up to ` [(cid:404)] million through an offer for sale of up to 8,592,970 Equity Shares by HDFC and
up to 16,864,585 Equity Shares by Standard Life Investments. The Offer includes a reservation of up to
320,000 Equity Shares for purchase by the Eligible HDFC AMC Employees for cash at a price of ` [(cid:404)]
per Equity Share, aggregating up to ` [(cid:404)] million, a reservation of up to 560,000 Equity Shares for
purchase by the Eligible HDFC Employees for cash at a price of ` [(cid:404)] per Equity Share, aggregating up
to ` [(cid:404)] million and a reservation of up to 2,400,000 Equity Shares for purchase by Eligible HDFC
Shareholders, for cash at a price of ` [(cid:404)] per Equity Share, aggregating up to ` (cid:62)(cid:404)(cid:64)(cid:3)(cid:80)(cid:76)(cid:79)(cid:79)(cid:76)(cid:82)(cid:81)(cid:17) The Offer
and the Net Offer shall constitute 12.01 % and 10.46% of the post-Offer paid-up Equity Share capital of
our Company, respectively
(cid:179)Offer (cid:36)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:180) The agreement entered into on March 14, 2018 amongst our Company, the Promoter Selling
Shareholders and the BRLMs, pursuant to the ICDR Regulations, based on which certain arrangements
are agreed to in relation to the Offer
(cid:179)Offer Closing Except in relation to Bids received from the Anchor Investors, the date after which the Designated
(cid:39)(cid:68)(cid:87)(cid:72)(cid:180) Intermediaries will not accept any Bids, which shall be notified all editions of Financial Express, all
editions of Jansatta and Mumbai edition of Navshakti (which are widely circulated English, Hindi and
Marathi newspapers, respectively, Marathi being the regional language of Maharashtra, where our
Registered and Corporate Office is located)
(cid:179)Offer Opening Except in relation to Bids received from the Anchor Investors, the date on which the Designated

5
Term Description
(cid:39)(cid:68)(cid:87)(cid:72)(cid:180) Intermediaries shall start accepting Bids, which shall be notified in all editions of Financial Express, all
editions of Jansatta and Mumbai edition of Navshakti (which are widely circulated English, Hindi and
Marathi newspapers, respectively, Marathi being the regional language of Maharashtra, where our
Registered and Corporate Office is located)
(cid:179)Offer Per(cid:76)(cid:82)(cid:71)(cid:180) Except in relation to Bids received from the Anchor Investors, the period from and including the Offer
Opening Date to and including the Offer Closing Date during which ASBA Bidders can submit their
Bids, including any revisions thereto. The Offer Period will comprise of Working Days only
(cid:179)Offer (cid:51)(cid:85)(cid:76)(cid:70)(cid:72)(cid:180) The final price at which the Equity Shares will be Allotted to Bidders other than Anchor Investors in
terms of this Red Herring Prospectus. The Offer Price will be decided by our Company and the
Promoter Selling Shareholders in consultation with the BRLMs, on the Pricing Date.
(cid:179)(cid:51)(cid:85)(cid:76)(cid:70)(cid:72)(cid:3)(cid:37)(cid:68)(cid:81)(cid:71)(cid:180) Any price between and including the Floor Price and the Cap Price, inclusive of the Floor Price and the
Cap Price, and includes revisions thereof.

The Price Band and the minimum Bid Lot for the Offer will be decided by our Company and the
Promoter Selling Shareholders in consultation with the BRLMs and will be advertised in all editions of
Financial Express, all editions of Jansatta and Mumbai edition of Navshakti (which are widely
circulated English, Hindi and Marathi newspapers, respectively, Marathi being the regional language of
Maharashtra, where our Registered and Corporate Office is located), at least five Working Days prior to
the Offer Opening Date
(cid:179)(cid:51)(cid:85)(cid:76)(cid:70)(cid:76)(cid:81)(cid:74)(cid:3)(cid:39)(cid:68)(cid:87)(cid:72)(cid:180) The date on which our Company and the Promoter Selling Shareholders in consultation with the
BRLMs, will finalise the Offer Price
(cid:179)Promoter Selling HDFC and Standard Life Investments
Shareholders(cid:180)
(cid:179)(cid:51)(cid:85)(cid:82)(cid:86)(cid:83)(cid:72)(cid:70)(cid:87)(cid:88)(cid:86)(cid:180) The prospectus to be filed with the RoC in accordance with the Companies Act, 2013 and the ICDR
Regulations, containing, inter-alia, the Offer Price that is determined at the end of the Book Building
Process, the size of the Offer and certain other information, including any addenda or corrigenda thereto
(cid:179)(cid:51)(cid:88)(cid:69)(cid:79)(cid:76)(cid:70)(cid:3)Offer A bank account opened in accordance with the provisions of the Companies Act, 2013, with the Public
(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:11)(cid:86)(cid:12)(cid:180) Offer Account Bank(s) to receive money from the Escrow Accounts and from the ASBA Accounts on
the Designated Date
(cid:179)(cid:51)ublic Offer The banks which are clearing members and registered with SEBI under the BTI Regulations, with
(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:3)(cid:37)(cid:68)(cid:81)(cid:78)(cid:11)(cid:86)(cid:12)(cid:180) whom the Public Offer Account(s) will be opened, being HDFC Bank
(cid:179)(cid:52)(cid:88)(cid:68)(cid:79)(cid:76)(cid:73)(cid:76)(cid:72)(cid:71)(cid:3) A qualified institutional buyer, as defined under Regulation 2(1)(zd) of the ICDR Regulations
Institutional
(cid:37)(cid:88)(cid:92)(cid:72)(cid:85)(cid:86)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3)(cid:179)(cid:52)(cid:44)(cid:37)(cid:180)
(cid:179)(cid:52)(cid:44)(cid:37)(cid:3)(cid:51)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:180) The portion of the Offer (including the Anchor Investor Portion) being not more than 50% of the Offer
which will be available for allocation to QIBs, including the Anchor Investors (which allocation shall
be on a discretionary basis, as determined by our Company and the Promoter Selling Shareholders, in
consultation with the BRLMs) subject to valid Bids being received at or above the Offer Price
(cid:179)(cid:53)(cid:72)(cid:71)(cid:3)(cid:43)(cid:72)(cid:85)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3) This red herring prospectus issued by our Company in accordance with the Companies Act, 2013, and
(cid:51)(cid:85)(cid:82)(cid:86)(cid:83)(cid:72)(cid:70)(cid:87)(cid:88)(cid:86)(cid:180) the ICDR Regulations, which does not have complete particulars of the price at which the Equity
Shares will be offered and the size of the Offer, including any addenda or corrigenda thereto
(cid:179)(cid:53)(cid:72)(cid:73)(cid:88)(cid:81)(cid:71)(cid:3) The account opened with the Refund Bank(s), from which refunds to unsuccessful Anchor Investors, if
(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:11)(cid:86)(cid:12)(cid:180) any, of the whole or part of the Bid Amount shall be made
(cid:179)(cid:53)(cid:72)(cid:73)(cid:88)(cid:81)(cid:71)(cid:3)(cid:37)(cid:68)(cid:81)(cid:78)(cid:11)(cid:86)(cid:12)(cid:180) The banks which are clearing members and registered with SEBI under the BTI Regulations with whom
the Refund Account(s) will be opened and in this case being HDFC Bank
(cid:179)(cid:53)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3) Stock brokers registered with the stock exchanges having nationwide terminals other than the
(cid:37)(cid:85)(cid:82)(cid:78)(cid:72)(cid:85)(cid:180) Syndicate, and eligible to procure Bids from ASBA Bidders in terms of the circular no.
CIR/CFD/14/2012 dated October 4, 2012 issued by SEBI
(cid:179)(cid:53)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:85)(cid:68)(cid:85)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3) Karvy Computershare Private Limited
(cid:179)(cid:53)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:85)(cid:68)(cid:85)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
Offer(cid:180)
(cid:179)(cid:53)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:85)(cid:68)(cid:85)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3) Registrar and share transfer agents registered with SEBI and eligible to procure Bids at the Designated
Share Transfer RTA Locations in terms of circular no. CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015
(cid:36)(cid:74)(cid:72)(cid:81)(cid:87)(cid:86)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3)(cid:179)(cid:53)(cid:55)(cid:36)(cid:86)(cid:180) issued by SEBI
(cid:179)(cid:53)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:85)(cid:68)(cid:85)(cid:3) The agreement dated March 13, 2018 entered into amongst our Company, the Promoter Selling
(cid:36)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:180) Shareholders and the Registrar to the Offer
(cid:179)(cid:53)(cid:72)(cid:87)(cid:68)(cid:76)(cid:79)(cid:3)(cid:44)(cid:81)(cid:71)(cid:76)(cid:89)(cid:76)(cid:71)(cid:88)(cid:68)(cid:79)(cid:3) Individual Bidders (including HUFs applying through their karta and Eligible NRIs) who have
(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:86)(cid:180)(cid:18)(cid:3)(cid:179)(cid:53)(cid:44)(cid:44)(cid:11)(cid:86)(cid:12)(cid:180) submitted a Bid for Equity Shares for an amount of not more than ` 200,000 in any of the bidding
options in the Offer
(cid:179)(cid:53)(cid:72)(cid:87)(cid:68)(cid:76)(cid:79)(cid:3)(cid:51)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:180) The portion of the Offer being not less than 35% of the Net Offer available for allocation to Retail
Individual Investor(s) in accordance with the ICDR Regulations, subject to valid Bids being received at
or above the Offer Price
(cid:179)(cid:53)(cid:72)(cid:89)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:41)(cid:82)(cid:85)(cid:80)(cid:180) The form used by the Bidders to modify the quantity of Equity Shares or the Bid Amount in their Bid
cum Application Forms or any prior Revision Form(s), as applicable. QIBs and Non-Institutional
Investors are not allowed to withdraw or lower their Bids (in terms of quantity of Equity Shares or the

6
Term Description
Bid Amount) at any stage. RIIs, Eligible HDFC AMC Employees, Eligible HDFC Employees and
Eligible HDFC Shareholders who are RIIs can revise their Bids during the Offer Period and withdraw
their Bids until Offer Closing Date
(cid:179)(cid:54)(cid:72)(cid:79)(cid:73)(cid:3) (cid:38)(cid:72)(cid:85)(cid:87)(cid:76)(cid:73)(cid:76)(cid:72)(cid:71)(cid:3) Banks which are registered with SEBI under the BTI Regulations, which offer the facility of ASBA, a
(cid:54)(cid:92)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:72)(cid:3)(cid:37)(cid:68)(cid:81)(cid:78)(cid:11)(cid:86)(cid:12)(cid:180)(cid:3) list of which is available on the website of the SEBI at
(cid:82)(cid:85)(cid:3)(cid:179)(cid:54)(cid:38)(cid:54)(cid:37)(cid:11)(cid:86)(cid:12)(cid:180) (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes) and updated from time to
time and at such other websites as may be prescribed by SEBI from time to time
(cid:179)Share Escrow Karvy Computershare Private Limited appointed pursuant to the Share Escrow Agreement
(cid:36)(cid:74)(cid:72)(cid:81)(cid:87)(cid:180)
(cid:179)(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:3) (cid:40)(cid:86)(cid:70)(cid:85)(cid:82)(cid:90)(cid:3) The agreement dated June 27, 2018 entered into amongst our Company, the Promoter Selling
(cid:36)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:180) Shareholders and the Share Escrow Agent for deposit of the Promoter Selling Shareholder(cid:86)(cid:182) offered
Equity Shares in escrow
(cid:179)(cid:54)(cid:83)(cid:72)(cid:70)(cid:76)(cid:73)(cid:76)(cid:72)(cid:71)(cid:3) (cid:38)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:180)(cid:3) Bidding centres where the Syndicate shall accept ASBA Forms from ASBA Bidders, a list of which is
(cid:82)(cid:85)(cid:3) (cid:179)(cid:54)(cid:83)(cid:72)(cid:70)(cid:76)(cid:73)(cid:76)(cid:72)(cid:71)(cid:3) available on the website of the SEBI
(cid:47)(cid:82)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:180) (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes) and updated from time to
time and at such other websites as may be prescribed by SEBI from time to time
(cid:179)(cid:54)(cid:88)(cid:69)(cid:3)(cid:54)(cid:92)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:72)(cid:180) The sub-syndicate members, if any, appointed by the BRLMs and the Syndicate Members, to collect
Bid cum Application Forms
(cid:179)(cid:54)(cid:92)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:72)(cid:180)(cid:3) or The BRLMs and the Syndicate Members
(cid:179)(cid:80)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3)
(cid:54)(cid:92)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:72)(cid:180)
(cid:179)(cid:54)(cid:92)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:72)(cid:3) The agreement dated June 27, 2018 entered into amongst the Syndicate, our Company and the Promoter
(cid:36)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:180) Selling Shareholders in relation to collection of Bids by the Syndicate
(cid:179)(cid:54)(cid:92)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:72)(cid:3)(cid:37)(cid:76)(cid:71)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3) Syndicate and Sub Syndicate centres established for acceptance of the Bid cum Application Form and
(cid:38)(cid:72)(cid:81)(cid:87)(cid:85)(cid:72)(cid:86)(cid:180) Revision Forms
(cid:179)(cid:54)(cid:92)(cid:81)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:72)(cid:3) Intermediaries registered with SEBI who are permitted to carry out activities as an underwriter, namely,
(cid:48)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:86)(cid:180) HDFC Securities Limited, IIFL Securities Limited, JM Financial Services Limited and Kotak Securities
Limited
(cid:179)(cid:56)(cid:81)(cid:71)(cid:72)(cid:85)(cid:90)(cid:85)(cid:76)(cid:87)(cid:72)(cid:85)(cid:86)(cid:180) The BRLMs and the Syndicate Members
(cid:179)(cid:56)(cid:81)(cid:71)(cid:72)(cid:85)(cid:90)(cid:85)(cid:76)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3) The agreement (cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:62)(cid:404)(cid:64) to be entered into amongst the Underwriters, our Company and the Promoter
(cid:36)(cid:74)(cid:85)(cid:72)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:180) Selling Shareholders on or after the Pricing Date
(cid:179)Volcker Rule(cid:180) Section 13 of the U.S. Bank Holding Company Act, as amended (as defined)
(cid:179)(cid:58)(cid:76)(cid:79)(cid:73)(cid:88)(cid:79)(cid:3)(cid:39)(cid:72)(cid:73)(cid:68)(cid:88)(cid:79)(cid:87)(cid:72)(cid:85)(cid:180) A willful defaulter, as defined under Regulation 2(1)(zn) of the ICDR Regulations
(cid:179)(cid:58)(cid:82)(cid:85)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:39)(cid:68)(cid:92)(cid:180) All days other than second and fourth Saturdays of the month, Sundays or public holidays, on which
commercial banks in Mumbai are open for business; provided however, with reference to (a)
announcement of Price Band; and (b) Offer Period, shall mean all days, except Saturday, Sunday and
public holidays on which commercial banks in Mumbai are open for business; and (c) the time period
between the Offer Closing Date and the listing of the Equity Shares on the Stock Exchanges, shall mean
all trading days of Stock Exchanges, excluding Sundays and bank holidays, as per the SEBI Circular
SEBI/HO/CFD/DIL/CIR/P/2016/26 dated January 21, 2016

Industry related terms

Term Description
(cid:179)Actively managed equity- Equity-oriented AUM (which excludes index linked and arbitrage schemes)
oriented AUM(cid:180)
(cid:179)AMCs(cid:180) Asset management companies
(cid:179)AMFI(cid:180) Association of Mutual Funds in India
(cid:179)(cid:36)(cid:36)(cid:36)(cid:56)(cid:48)(cid:180) Annual Average AUM
(cid:179)AU(cid:38)(cid:180) Assets under custody
(cid:179)AUM(cid:180) Assets under management
(cid:179)B-15(cid:180) Beyond 15 cities
(cid:179)B-30(cid:180) Beyond 30 cities
(cid:179)bps(cid:180) Basis points
(cid:179)CAGR(cid:180) Compounded annual growth rate
(cid:179)(cid:38)(cid:51)(cid:44)(cid:180) Consumer price index
(cid:179)(cid:39)(cid:76)(cid:89)(cid:76)(cid:71)(cid:72)(cid:81)(cid:71)(cid:3)(cid:51)(cid:68)(cid:92)(cid:82)(cid:88)(cid:87)(cid:3)(cid:53)(cid:68)(cid:87)(cid:76)(cid:82)(cid:180) Refers to the sum of dividend and dividend distribution tax as a percentage of profit after
tax
(cid:179)ELSS(cid:180) Equity-linked savings schemes
(cid:179)EPFO(cid:180) (cid:40)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:182)(cid:3)(cid:51)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:41)(cid:88)(cid:81)(cid:71)(cid:3)(cid:50)(cid:85)(cid:74)(cid:68)(cid:81)(cid:76)(cid:86)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)
(cid:179)ETF(cid:180) Exchange-traded fund
(cid:179)FIs(cid:180) Financial institutions
(cid:179)FIIs(cid:180) Foreign institutional investors
(cid:179)FMPs(cid:180) Fixed maturity plans

7
Term Description
(cid:179)FoF(cid:180) Fund of funds
(cid:179)FPIs(cid:180) Foreign portfolio investors
(cid:179)GDP(cid:180) Gross domestic product
(cid:179)GST(cid:180) Goods and services tax
(cid:179)HNIs(cid:180) High net worth individuals
(cid:179)IFAs(cid:180) Independent financial advisors
(cid:179)ISC(cid:180) Investor service centers
(cid:179)IT(cid:180) Information technology
(cid:179)Live Account(cid:180) Refers to a positive balance investment by an investor in a mutual fund scheme
(cid:179)MAAUM(cid:180) Monthly average AUM
(cid:179)MFO(cid:180) Mutual fund operations
(cid:179)NFO(cid:180) New fund offer
(cid:179)(cid:83)(cid:17)(cid:68)(cid:180) Per annum
(cid:179)PMS(cid:180) Portfolio management services
(cid:179)RTA(cid:180) Registrar and transfer agent
(cid:179)SIP(cid:180) Systematic investment plans
(cid:179)STP(cid:180) Systematic transfer plans
(cid:179)SWAP(cid:180) Systematic withdrawal advantage plan
(cid:179)T-15(cid:180) Top 15 cities
(cid:179)(cid:55)(cid:40)(cid:53)(cid:180) Total Expense Ratio
(cid:179)ULIPs(cid:180) Unit-linked investment products
(cid:179)VaR(cid:180) Value at risk
(cid:179)VWAP(cid:180) Volume weighted average price

Conventional or general terms and abbreviations

Term Description
(cid:179)(cid:36)(cid:18)(cid:70)(cid:180) Account
(cid:179)(cid:36)(cid:42)(cid:48)(cid:180) Annual general meeting
(cid:179)(cid:36)(cid:44)(cid:41)(cid:86)(cid:180) Alternative investment funds as defined in and registered with SEBI under the SEBI AIF
Regulations
(cid:179)(cid:36)(cid:48)(cid:38)(cid:180) Asset management company
(cid:179)(cid:36)(cid:48)(cid:47)(cid:180) Anti Money Laundering
(cid:179)(cid:36)(cid:54)(cid:180) (cid:82)(cid:85)(cid:3)(cid:179)(cid:36)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3) Accounting standards notified under Section 133 of the Companies Act, 2013 read with Rule 7 of
(cid:54)(cid:87)(cid:68)(cid:81)(cid:71)(cid:68)(cid:85)(cid:71)(cid:86)(cid:180) the Companies (Accounts) Rules, 2014
(cid:179)(cid:36)(cid:17)(cid:60)(cid:17)(cid:180) Assessment year
(cid:179)Bankruptcy Code(cid:180) Insolvency and Bankruptcy Code, 2016
(cid:179)(cid:37)(cid:81)(cid:18)(cid:69)(cid:81)(cid:180) Billion
(cid:179)(cid:37)(cid:51)(cid:47)(cid:53)(cid:180) Benchmark prime lending rate
(cid:179)(cid:37)(cid:54)(cid:40)(cid:180) BSE Limited
(cid:179)(cid:37)(cid:55)(cid:44)(cid:3)(cid:53)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:180) Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994
(cid:179)(cid:38)(cid:36)(cid:42)(cid:53)(cid:180) Compounded Annual Growth Rate
(cid:179)(cid:38)(cid:68)(cid:79)(cid:72)(cid:81)(cid:71)(cid:68)(cid:85)(cid:3)(cid:60)(cid:72)(cid:68)(cid:85)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3) Unless the context otherwise requires, shall refer to the twelve month period ending December
(cid:179)(cid:92)(cid:72)(cid:68)(cid:85)(cid:180)(cid:3) 31
(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44)(cid:3)Alternative AIFs who are re(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:86)(cid:3)(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44) alternative investment funds(cid:180)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)SEBI AIF
(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:41)(cid:88)(cid:81)(cid:71)(cid:86)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3) Regulations
(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44) AIF(cid:86)(cid:180)
(cid:179)(cid:38)(cid:68)tegory II AIFs who are re(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:86)(cid:3)(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44)(cid:44) alternative investment funds(cid:180)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)SEBI AIF
Alternative Investment Regulations
(cid:41)(cid:88)(cid:81)(cid:71)(cid:86)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3)(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44)(cid:44)
AIF(cid:86)(cid:180)
(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44)II AIFs who are registered a(cid:86)(cid:3)(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44)(cid:44)(cid:44) alternative investment funds(cid:180)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)SEBI AIF
Alternative Investment Regulations
(cid:41)(cid:88)(cid:81)(cid:71)(cid:86)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3)(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)
III AIF(cid:86)(cid:180)
(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44)(cid:3)(cid:41)(cid:82)(cid:85)(cid:72)(cid:76)(cid:74)(cid:81)(cid:3) FPIs who are re(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:86)(cid:3)(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44) (cid:73)(cid:82)(cid:85)(cid:72)(cid:76)(cid:74)(cid:81)(cid:3)(cid:83)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:3)(cid:76)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:86)(cid:180)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:41)(cid:51)(cid:44)(cid:3)(cid:53)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)
Portf(cid:82)(cid:79)(cid:76)(cid:82)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:86)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3)
(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44) (cid:41)(cid:51)(cid:44)(cid:86)(cid:180)
(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44)(cid:44)(cid:3)(cid:41)(cid:82)(cid:85)(cid:72)(cid:76)(cid:74)(cid:81)(cid:3) (cid:41)(cid:51)(cid:44)(cid:86)(cid:3)(cid:90)(cid:75)(cid:82)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:86)(cid:3)(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44)(cid:44)(cid:3)(cid:73)(cid:82)(cid:85)(cid:72)(cid:76)(cid:74)(cid:81)(cid:3)(cid:83)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:3)(cid:76)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:86)(cid:180)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:41)(cid:51)(cid:44)(cid:3)(cid:53)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)
(cid:51)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:86)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3)
(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44)(cid:44)(cid:3)(cid:41)(cid:51)(cid:44)(cid:86)(cid:180)
(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44)(cid:44)(cid:44)(cid:3)(cid:41)(cid:82)(cid:85)(cid:72)(cid:76)(cid:74)(cid:81)(cid:3) (cid:41)(cid:51)(cid:44)(cid:86)(cid:3)(cid:90)(cid:75)(cid:82)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:86)(cid:3)(cid:179)(cid:38)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:44)(cid:44)(cid:44)(cid:3)(cid:73)(cid:82)(cid:85)(cid:72)(cid:76)(cid:74)(cid:81)(cid:3)(cid:83)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:3)(cid:76)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:86)(cid:180)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:41)(cid:51)(cid:44)(cid:3)(cid:53)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)
(cid:51)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:3)(cid:44)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:82)(cid:85)(cid:86)(cid:180)(cid:3)(cid:82)(cid:85)(cid:3)

8