Exhibit 2.6



DESCRIPTION OF SECURITIES
REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT



As of March 31, 2022, ICICI
Bank Limited (“we,” “us,” and “our”) had the following series of securities registered pursuant to
Section 12(b) of the Exchange Act:



|Title of each class                                                                                              |  | Trading symbol |  | Name of each exchange on which registered
|---------------------------------------------------------------------------------------------------------------- |  | -------------- |  | -----------------------------------------
|American Depositary Shares, each representing two equity shares of ICICI Bank Limited, par value Rs. 2 per share |  | IBN            |  | New York Stock Exchange                  



Our equity shares are traded
on the BSE Limited (formerly known as the Bombay Stock Exchange Limited) (“BSE”) and National Stock Exchange of India Limited
(“NSE”), (collectively, the “Indian Stock Exchanges”) under the ticker symbols “532174” and “ICICIBANK”,
respectively. Our American Depositary Shares (or “ADSs”), as evidenced by American Depositary Receipts (or “ADRs”),
are traded in the United States on the New York Stock Exchange (“NYSE”) under the ticker symbol “IBN.” Each ADS
represents two equity shares. Our ADSs began trading on the NYSE in March 2000.



In connection with the registration
of our ADSs pursuant to the requirements of the Securities and Exchange Commission (but not for trading), our equity shares are registered
under Section 12(b) of the Exchange Act. This exhibit contains a description of the rights of (i) the holders of equity shares and (ii)
ADR holders. Equity shares underlying the ADSs are held by Deutsche Bank Trust Company Americas, the depositary, and holders of ADSs will
not be treated as holders of the equity shares.



The following summary is
subject to and qualified in its entirety by our Memorandum and Articles of Association, as amended, and by Indian law, particularly the
Indian Companies Act, 2013, as amended (the “Companies Act”).



This is not a summary of
all the significant provisions of our Memorandum and Articles of Association, or of Indian law and does not purport to be complete. Capitalized
terms used but not defined herein have the meanings given to them in our annual report on Form 20-F for the fiscal year ended March 31,
2022 (the “2022 Form 20-F”).



ORDINARY SHARES



Item 9. General



9.A.3. Pre-emptive rights



A company incorporated in
India must offer its holders of equity shares preemptive rights to subscribe and pay for a proportionate number of shares to maintain
their existing ownership percentages prior to the issuance of any new equity shares, unless these rights have been waived by at least
three-fourths of the company’s shareholders present and voting at a shareholders’ general meeting.



United States investors in
ADSs may be unable to exercise these preemptive rights for equity shares underlying ADSs unless a registration statement under the
Securities Act of 1933, as amended (the “Securities Act”) is effective with respect to such rights or an exemption from the
registration requirements of the Securities Act is available. Our decision to file a registration statement will depend on the costs and
potential liabilities associated with any such registration as well as the perceived benefits of enabling investors in ADSs to exercise
their preemptive rights and any other factors we consider appropriate at such time. To the extent that investors in ADSs are unable to
exercise preemptive rights, their proportional ownership interests in us would be reduced.



9.A.5. Type and class of securities



(a) Generally



Each ADS represents two equity
shares. At June 30, 2022, we had approximately 580.29 million ADSs, equivalent to about 1,160.58 million equity shares, outstanding. At
June 30, 2022, there were 126,178 record holders of our ADSs, out of which 85 have registered addresses in the United States. The equity
shares are in registered form. Our equity shares and their holders are registered in a registry of members. All of our equity shares have
equal voting rights and carry equal entitlements to dividends.



ADS holders seeking to sell
in India any equity shares withdrawn upon surrender of ADSs, convert the rupee proceeds from such sale into a foreign currency or repatriate
such foreign currency may need the Reserve Bank of India’s approval for each such transaction. Under current Indian regulations,
an ADS holder who surrenders ADSs and withdraws equity shares may deposit those equity shares again in the depositary facility in
exchange for ADSs. An investor who has purchased equity shares in the Indian market may also deposit those equity shares in the ADS
program. However, the deposit of equity shares may be subject to securities law restrictions and the restriction that the cumulative
aggregate number of equity shares that can be deposited as of any time cannot exceed the cumulative aggregate number represented by ADSs
converted into underlying equity shares as of such time. These restrictions increase the risk that the market price of our ADSs will be
below that of the equity shares.



1





(b) Restrictions
on transfer



The issue or transfer of
any security of an Indian company by a person resident outside, foreign investment in equity instruments (shares, convertible debentures,
convertible preference shares and share warrants) as well as issuance of rupee denominated shares for issuing ADSs, are all governed by
applicable rules and regulations issued under the Foreign Exchange Management Act, 1999 and by the Securities and Exchange Board of India
and shall be only in accordance with the terms and conditions specified under such rules and regulations.



The foreign investment limit
in Indian companies shall include, in addition to foreign direct investments, investment by Foreign Portfolio Investors, Non-Resident
Indians, Foreign Currency Convertible Bonds, American Depository Receipts, Global Depository Receipts and convertible preference shares
held by foreign entities.



Foreign Direct Investment



The Foreign Exchange Management
(Non-debt Instruments) Rules, 2019 (the “Rules”), as amended, among other things, provide for the following restrictions on
foreign ownership for private sector banks:



| | · | Foreign investors
(including indirect foreign investment made by foreign portfolio investors) may own up to 74.0% of the equity share capital of a private
sector bank in India subject to rules and regulations issued by the Government of India and the Reserve Bank of India from time to time.
While foreign investment up to 49.0% in private sector banks is under automatic route and does not require any specific approval, foreign
investment beyond 49.0% and up to 74.0% requires prior approval of the Government of India, unless such investments are otherwise exempted
from the requirement for approval. Investments by foreign investors exempted from the requirement for Government of India approval include
aggregate foreign portfolio investment (as defined in the Rules) up to 49% or sectoral cap, (whichever is lower) that does not result
in the transfer of ownership or control from residents to non-resident investors, and foreign investment through rights and bonus issues
fulfilling certain conditions laid out in the Rules. Additionally, in case of proposals requiring prior approval of the Government of
India, those proposals involving total foreign equity inflow of more than Rs. 50.0 billion, shall require approval of the Cabinet Committee
on Economic Affairs. The aggregate foreign investment limit of 74.0% includes investments by way of foreign direct investments, ADSs/
Global Depositary Receipts (Depository Receipts), Foreign Currency Convertible Bonds (mandatorily and compulsorily convertible) and investment
under the Portfolio Investment Scheme by foreign portfolio investors and non-resident Indians/ Overseas Citizens of India, and also includes
shares acquired by subscription to private placements and public offerings and acquisition of shares from existing shareholders. At least
26.0% of the paid-up capital would have to be held by Indian residents at all times, except in regard to a wholly owned subsidiary of
a foreign bank.
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| | · | An individual non-resident
Indian’s holding is restricted to 5.0% of the total paid-up share capital both on repatriation and non-repatriation basis and the
aggregate limit of investment by all non-resident Indians cannot exceed 10.0 % of the total paid up capital both on repatriation and
non-repatriation basis. However, non-resident Indian holdings can be allowed up to 24.0% of the total paid-up capital, both on repatriation
and non-repatriation basis, subject to a special resolution to this effect passed by the shareholders of the bank.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Any foreign investment
in private banks by any person (including his relatives and associate enterprises and persons acting in concert) whereby such shareholding
reaches or exceeds 5.0% shall require prior approval from the Reserve Bank of India for acquisition of shares or voting rights. The Reserve
Bank of India shall assess the “fit and proper” status of such foreign investors according to the criteria laid down under
the Master Direction dated November 19, 2015 on ‘Prior approval for acquisition of shares or voting rights in private sector banks’
and the Master Direction – Ownership in Private Sector Banks Directions, 2016 issued by the Reserve Bank of India, which will include
extensive information on ownership of the investors and beneficial interest in the shares/voting rights being acquired. Additionally,
the ceiling on voting rights is 26.0% of the total voting rights of a bank.
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Under the Portfolio Investment
Scheme:



| | · | Effective from April 1, 2020, foreign portfolio investors, as referred in Securities and Exchange Board of India (FPI) Regulations,
2019, may hold share capital up to sectoral cap applicable to such Indian company. However, an Indian company may, with the resolution
of its Board of Directors and a special resolution: (i) decrease the aggregate limit before March 31, 2020 to a lower threshold of 24%
or 49% or 74% or (ii) increase the aggregate limit to 49% or 74% or the sectoral cap or any statutory ceiling. However, once the aggregate
limit is increased, the limit cannot be reduced later. No single foreign portfolio investor may own 10% or more of total paid-up equity
capital on behalf of itself or its sub-accounts.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Overseas corporate bodies are not permitted to invest under the Portfolio Investment Scheme, although
they may continue to hold investments that have already been made under the Portfolio Investment Scheme until such time as these investments
are sold on the stock exchange. Overseas corporate bodies are derecognized as a class of investor entity by the Reserve Bank of India
under various routes and schemes under the foreign exchange rules and regulations.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



2





Foreign Portfolio Investment–
Conditions and Restrictions



The Securities and Exchange
Board of India issued SEBI (Foreign Portfolio Investors) Regulations, 2019. A foreign portfolio investor registered with the Securities
and Exchange Board of India can purchase shares or convertible debentures or warrants issued by a body corporate; listed or to be listed
on a recognized stock exchange in India and other securities as specified in regulation 20 of SEBI (Foreign Portfolio Investors) Regulations,
2019 of an Indian company. The total holding by each foreign portfolio investor or an investor group shall be less than 10.0% of the total
paid-up equity capital on a fully diluted basis or less than 10.0% of the paid-up value of each series of debentures or preference shares
or share warrants issued by an Indian company. The purchase of equity shares of each company by a single foreign portfolio investor including
its investor group shall be below ten percent of the total paid up equity capital on a fully diluted basis of the company: Provided that
if where the total investment by a foreign portfolio investor including its investor group exceeds the aforementioned threshold of below
10.0%, of the total paid up equity capital in a listed or to be listed company on a fully diluted basis, the foreign portfolio investor
shall divest the excess holding within five trading days from the date of settlement of the trades resulting in the breach. In case the foreign portfolio investor fails to divest the excess holding, the entire investment in the company by such
foreign portfolio investors including its investor group shall be considered as investment under the foreign direct investment scheme,
and the foreign portfolio investor and its investor group shall not make further portfolio investments in that company. The aggregation
of investment limits of foreign portfolio investors is based on common ultimate beneficial ownership. Except for the exemptions provided
in these regulations, Multiple entities registered as foreign portfolio investors and directly or indirectly having common ownership of
more than 50.0% or common control, shall be treated as part of the same investor group and the investment limits of all such entities
shall be aggregated at the investment limit as applicable to a single foreign portfolio investor.



Transfer of equity instruments
by a person resident outside India



The
Government of India regulates foreign ownership in Indian banks. Foreign investors (including indirect foreign investment made by foreign
portfolio investors) may own up to 74.0% of the equity share capital of a private sector bank in India subject to rules and regulations
issued by the Government of India and the Reserve Bank of India from time to time. While foreign investments of up to 49.0% in private
sector banks does not require any specific approval, foreign investments beyond 49.0% and up to 74.0% require prior approval of the Government
of India, unless such investments are otherwise exempted from the requirement for approval. Investments by foreign investors exempted
from the requirement for Government of India approval include certain aggregate foreign portfolio investments up to 49.0% or the relevant
sectoral cap (whichever is lower) that do not result in the transfer of ownership or control of the resident Indian company from resident
Indian citizens to non-resident investors, and foreign investment through rights and bonus issues fulfilling certain conditions laid out
in the applicable laws and statute. Additionally, in the case of proposals requiring prior approval of the Government of India, such proposals
involving total foreign equity inflow of more than Rs. 50.0 billion also require approval of the Cabinet Committee on Economic Affairs.
Additionally, the transfer of equity shares by a person resident outside India may also be subject to pricing and other requirements depending
inter alia on the mode of transfer and the residency in India of the transferee.



A
person resident outside India, holding equity instruments of an Indian company or units in accordance with these rules may transfer the
same to a person resident in India by way of sale or gift or may sell the same on a recognized stock exchange in India in the manner specified
by the Securities and Exchange Board of India:



Provided
that. -



i.       the
transfer by way of sale shall be in compliance with and subject to the adherence to pricing guidelines, documentation and reporting requirements
for such transfers as may be specified by the Reserve Bank in consultation with the central Government from time to time;



ii.       where
the equity instruments are held by the person resident outside India on a non-repatriable basis, conditions at item (i) of the proviso
shall not apply.



Guidelines
with regard to shareholding in private sector banks issued by the Reserve Bank of India are as follows:



| | · | individual and non-financial corporate entities can have a shareholding up to 10.0%
in private sector banks;
| | - | ------------------------------------------------------------------------------------------------------------



| | · | Non regulated or non-diversified unlisted financial institutions can hold up to 15.0%;
| | - | --------------------------------------------------------------------------------------



3





| | · | Regulated, well-diversified listed financial institutions including the Government
of India can hold up to 40.0%; and
| | - | ---------------------------------------------------------------------------------------------------------------------



| | · | higher stake by promoters/non-promoters through capital infusion by domestic or foreign
entities will require the approval of the Reserve Bank of India.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------



Voting rights are
capped at 26.0%. However, any acquisition of shareholding/voting rights of 5.0% or more will require the prior approval of the Reserve
Bank of India.



Reporting of foreign
investments



In June 2018, the Reserve
Bank of India issued revised guidelines on reporting of foreign investments with the objective of integrating different reporting structures
for foreign investments in India. As per the guidelines issued on June 7, 2018, a Single Master Form has been introduced that will be
filed online. The Single Master Form would provide a facility for reporting total foreign investments in an Indian entity as well as investments
by persons residing outside India in an investment vehicle.



Prior to the implementation
of the Single Master Form, an interface was provided by the Reserve Bank of India for companies to input their data on total foreign investments
in the specified format. This interface was available from June 28, 2018 to July 12, 2018. Indian entities not complying with this pre-requisite
will not be able to receive foreign investments (including indirect foreign investments) and will be deemed non-compliant under Foreign
Exchange Management Act, 1999 and regulations made thereunder.



From September 2018, all
the reporting prescribed under “Foreign Investment in India”, except if specifically stated otherwise, is required to be done
through the Single Master Form (SMF) available on the FIRMS platform of the Reserve Bank of India.



Currently, an Indian entity
or an investment vehicle making a downstream investment in another Indian entity which is considered as indirect foreign investment for
the investee Indian entity in terms of Foreign Exchange Management (Non-Debt Instrument) Rules, 2019, shall notify the Secretariat for
Industrial Assistance about such investment (including modality of investment in new/existing ventures) within 30 days, even if shares
have not been allotted. Such entity or investment vehicle shall also file Form DI with the Reserve Bank of India within 30 days from the
date of allotment of equity instruments.



Issue of ADSs



Indian companies were permitted
to raise foreign currency resources through the issuance of shares represented by ADSs to foreign investors under the Depository Receipts
Scheme 2014. Such issuance is subject to sectoral cap, entry route, minimum capitalization norms, pricing norms among other things, as
applicable as per the rules and regulations notified by the Government of India and/or Reserve Bank of India from time to time in this
regard.



An Indian company issuing
ADSs must comply with certain reporting requirements specified by the Reserve Bank of India. An Indian company may issue ADSs if it is
eligible to issue shares to persons resident outside India under the foreign direct investment scheme, and shall not exceed the limit
on foreign holding of such eligible securities under the extant Foreign Exchange Management Act and the rules made thereunder, as amended
from time to time. Similarly, an Indian company which is not eligible to raise funds from the Indian capital markets, including a company
which has been restricted from accessing the securities markets by the Securities and Exchange Board of India, will not be eligible to
issue ADSs. As per the Depository Receipts Scheme, if the issue or purchase of permissible securities underlying the depository receipts
does not require approval under the Foreign Exchange Management Act, no Government of India approval will be required for issuance, purchase
or holding of such depository receipts.



For disposal of ADS, investors
may need to seek approval from Government of India on a case-by-case basis. However, overseas corporate bodies as defined under applicable
rules, which are not eligible to invest in India and entities prohibited to buy, sell or deal in securities by the Securities and Exchange
Board of India are not eligible to subscribe to ADSs issued by Indian companies. Notwithstanding the foregoing, if any investor were to
withdraw its equity shares from the ADS program, its investment would be subject to the general restrictions on foreign ownership noted
above and may be subject to the portfolio investment restrictions. Secondary purchases of securities of a banking company in India by
foreign direct investors or investments by non-resident Indians, and foreign portfolio investors above the ownership levels set forth
above require the Indian government’s approval on a case-by-case basis. It is unclear whether similar case-by-case approvals of
ownership of equity shares withdrawn from the depositary facility by non-resident Indians, overseas corporate bodies and foreign portfolio
investors would be required.



Furthermore, if an investor
withdraws equity shares from the ADS program and its direct or indirect holding in us is equal to or exceeds 25.0% of our total equity,
or when such holding is or exceeds 25.0% of the total equity and thereafter such investor acquires additional 5.0% equity within any financial
year, such investor may be required to make a public offer to the remaining shareholders under the Takeover Code.



4





Depository Receipts
Scheme, 2014



An eligible person may now, issue or transfer
eligible securities to a foreign depository for the purpose of issuance of depository receipts in terms of Depository Receipts Scheme,
2014, as amended. However, depository receipts issued under the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through
Depository Receipt Mechanism) Scheme, 1993 shall be deemed to have been issued under the corresponding provisions of the Depository Receipts
Scheme 2014.



9.A.6. Limitations or qualifications



Not applicable.



9.A.7. Other rights



Not applicable.



Item 10.B. Memorandum and articles of
association



10.B.3. Shareholder rights



(a) Dividend
rights and bonus shares.



Under Indian law, a company
pays dividends upon a recommendation by its Board of Directors and approval by a majority of the shareholders at the annual general meeting
of shareholders held within six months from the end of each fiscal year. The shareholders have the right to decrease but not increase
the dividend amount recommended by the Board of Directors. Dividends may be paid out of the company’s profits for the fiscal year
for which the dividend is declared or out of undistributed profits of prior fiscal years, after excluding amount representing unrealized
gains, notional gains or revaluation of assets and any change in carrying amount of an asset or of a liability on measurement of the asset
or the liability at fair value. Dividends can also be paid by a company in the interim period, termed “interim dividend” which
does not require the approval of the shareholders unless it is combined with the final dividend being recommended by the Board of Directors.



Under the Companies Act,
2013 and rules made thereunder, dividends may be paid out of profits of a company in that financial year in which the dividend is declared
after providing for depreciation or out of the undistributed profits of previous fiscal years after providing for depreciation. Before
declaring any dividend in any financial year, company may transfer a percentage of its profits which it considers appropriate to its reserves.
The Companies Act, 2013 further provides that in case of an inadequacy or absence of profits in any year, a maximum of 10% of paid-up
capital and free reserves can be declared as dividend, subject to other provisions contained in the Companies (Declaration and Payment
of Dividend) Rules, 2014.



The Companies Act, 2013 provides
that any dividends that remain unpaid or unclaimed after a period of 30 days from the date of their declaration are to be transferred
to a special bank account opened by the company at an approved bank. We transfer any dividends that remain unpaid or unclaimed within
7 days from the date of expiration of such 30 days period to such account. If any amount in this account has not been claimed by the eligible
shareholders within seven years from the date of the transfer, we transfer the unclaimed dividends to an Investor Education and Protection
Fund established by the Government of India under the provisions of the Companies Act, 2013.



In addition to
the Companies Act, 2013, the Banking Regulation Act, 1949 (the “Banking Regulation Act”) requires
banks to completely write off capitalized expenses and transfer 20.0% of the disclosed yearly profit to a reserve account before declaring
a dividend.



Banks
have to comply with the following prudential requirements to be eligible to declare dividends:



| | · | The capital adequacy ratio is at least 9.0% for the preceding two completed years
and the accounting year for which the bank proposes to declare a dividend.
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| | · | The net non-performing asset ratio is less than 7.0%.
| | - | -----------------------------------------------------



| | · | The Bank is in compliance with the prevailing regulations and guidelines issued by
the Reserve Bank of India, including the creation of adequate provision for the impairment of assets, staff retirement benefits, transfer
of profits to statutory reserves, etc.
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5





| | · | In case a bank does not meet the capital adequacy norms for two consecutive years,
but has a capital adequacy ratio of at least 9.0% for the accounting year for which it proposes to declare a dividend, it would be eligible
to do so if its net non-performing asset ratio is less than 5.0%. Banks that are eligible to declare dividends under the above rules can
do so subject to the following:
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The dividend payout ratio (calculated as a percentage of dividend payable in a year
to net profit during the year) must not exceed 40.0%. The maximum permissible dividend payout ratio would vary from bank to bank, depending
on the capital adequacy ratio in each of the last three years and the net non-performing asset ratio. Banks should have a minimum capital
adequacy ratio of 9.0% for three consecutive years (including the accounting year for which it proposes to declare dividend) and a net
non-performing assets ratio of less than 7.0% to be eligible to declare dividends. A bank with a net non-performing assets ratio of less
than 3.0% can declare a dividend of up to 35.0% if its capital adequacy ratio for three years is 11.0% or above, a dividend of 30.0% if
its capital adequacy ratio is 10.0% or more and up to 25.0% if its capital adequacy ratio is 9.0% or above. A bank with a net non-performing
assets ratio between 3.0% and 5.0% can declare a dividend of up to 25.0%, 20.0% and 15.0% against the three-year capital adequacy ratio
of 11.0%, 10.0% and 9.0%, respectively. Similarly, a bank with a net non-performing assets ratio between 5.0% and 7.0% can declare a dividend
of up to 15.0%, 10.0% and 5.0% against the three-year capital adequacy ratios of 11.0%, 10.0% and 9.0%, respectively.
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| | · | The proposed dividend will be paid out of the current year’s profit.
| | - | --------------------------------------------------------------------



| | · | If the profit for the relevant period includes any extraordinary income, the payout
ratio must be calculated after excluding that income for compliance with the prudential payout ratio.
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| | · | The financial statements pertaining to the financial
year for which the bank is declaring a dividend should be free of any qualification by the statutory auditors, which might have an adverse
effect on the profit during that year. If there are any such qualifications, the net profit should be suitably adjusted while computing
the dividend payout ratio.
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| | · | There might be other restrictions on our ability to declare
dividends promulgated by the relevant Indian regulatory authorities, including the Reserve Bank of India, that needs to be observed from
time to time.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The Reserve Bank of India has stipulated that banks may declare and pay dividend out
of the profits from the relevant accounting period, without prior approval of the Reserve Bank of India if they satisfy the minimum prudential
requirements and subject to the prudential cap on dividend payout ratio prescribed in the guidelines issued in this regard by the Reserve
Bank of India. Equity shares issued by us are pari passu in all respects including dividend entitlement.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



In addition to permitting
dividends to be paid out of current or retained earnings, the Companies Act, 2013 permits our board of directors to distribute to the
shareholders, in the form of fully paid-up bonus equity shares, an amount transferred from the capital surplus reserve or legal reserve
to stated capital. Bonus equity shares can be issued subject to RBI Direction on Issue and Pricing of shares by Private Sector Banks,
Directions, 2016. These bonus equity shares must be distributed to shareholders in proportion to the number of equity shares owned by
them.



(b) Voting
rights.



A shareholder has one vote
for each equity share and voting may be by a show of hands or on a poll. On a show of hands, every shareholder present in person shall
have one vote and on a poll, the voting rights of a shareholder shall be as provided in Section 47 of the Companies Act, 2013, but will
subject to the ceiling of 26% stipulated in terms of Section 12(2) of the Banking Regulation Act or under any of the proviso or explanation
to Section 12 of the Banking Regulation Act. As provided in our Articles of Association, a shareholder may exercise his voting rights
by proxy to be given in the form prescribed by us. This proxy, however, is required to be lodged with us at least 48 hours before the
time of the relevant meeting. A shareholder may, by a single power of attorney, grant general power of representation covering several
general meetings. A corporate shareholder is also entitled to nominate a representative to attend and vote on its behalf at all general
meetings.



6





ADS holders have no voting
rights with respect to the deposited shares. The depositary will exercise voting rights in respect of the deposited equity shares as directed
by the board of directors. The depositary will not, under any circumstances, be obliged to exercise any discretion in relation to the
exercise or non-exercise of voting rights. ADS holders may withdraw the equity shares underlying their ADSs and seek to exercise voting
rights under the equity shares obtained from the withdrawal. However, for foreign investors, this withdrawal process may be subject to
delays.



Resolutions are adopted at
a general meeting by a majority of the shareholders having voting rights present or represented. The quorum for a general meeting is as
prescribed under Section 103 of the Companies Act, 2013 and other applicable laws. Generally, resolutions may be passed by simple
majority of the shareholders present and voting at any general meeting. However, certain resolutions, such as an amendment to the organizational
documents, commencement of a new line of business, an issue of additional equity shares without preemptive rights and reductions of share
capital, require that the votes cast in favor of the resolution (whether by show of hands or on a poll) are not less than three times
the number of votes, if any, cast against the resolution.



Any company which is required
to mandatorily provide its members with a facility to exercise their right to vote on resolutions at a general meeting by electronic means
can pass the above-mentioned resolutions through electronic vote instead of postal ballot.  Companies whose equity shares are
listed on recognized stock exchange and if it has not less than one thousand members are compulsorily required to provide their members
with a facility to exercise their right to vote on resolutions at a general meeting by electronic means. Our equity shares are listed
on a recognized stock exchange and it has more than one thousand members. Hence, we are eligible to pass the above-mentioned resolutions
by electronic vote.



The Companies Act, 2013 and
our Memorandum and Articles of Association require that at least two-thirds of our non-independent directors be subject to retirement
by rotation. Our Memorandum and Articles of Association also provides that we may execute trust deeds in respect of our debentures under
which the trustee or trustees may appoint a director, known as the debenture director. The debenture director is not subject to retirement
by rotation and may only be removed as voided in the relevant trust deed. At every annual general meeting, one-third of the directors
who are subject to re-election must retire from the Board. However, if eligible for re-election, they may be re-elected by our shareholders
at the annual general meeting. Executive directors are appointed by the Board for a maximum period of five
years. An independent director shall hold office for a term of up to five consecutive years and will be eligible for reappointment on
the passing of a special resolution by the shareholders.



The Banking Regulation Act
requires that at least 51% of our directors should have special knowledge or practical experience in banking and areas relevant to banking
including accounting, finance, law, economics, agriculture and small scale industry. The Reserve Bank of India in November 2016 has broadened
the fields of specialization to include information technology, payment & settlement systems, human resources, risk management and
business management. The appointment of the chairman and executive directors requires the approval of the Reserve Bank of India, in addition
to the approval of our shareholders that is generally required for the appointment of all directors (other than the government director
and the debenture director, if any).



(c) Rights
to share in our profits.



See “Dividend Rights”
in subsection (a) above.



(d) Rights
to share in any surplus in the event of our liquidation.



Subject
to the rights of depositors, creditors, employees and holders of any preference shares entitled to preferential prepayment over the equity
shares, in the event ofour winding up, the holders of the equity shares are entitled to be repaid
the amounts of capital paid up or credited as paid up on such equity shares. All surplus assets remaining after payments are made to the
holders of any preference shares belong to the holders of the equity shares in proportion to the amount paid up or credited as paid up
on such equity shares, respectively, at the commencement of the winding-up.



In the event of our liquidation,
the provisions contained in the Banking Regulation Act will apply and provisions of the Companies Act, 2013 will also apply to the extent
to which they are not varied or inconsistent with the Banking Regulation Act.



(e) Redemption
provisions.



Not applicable.



(f) Sinking
fund provisions.



Not applicable.



7





(g) Liability
to further capital calls by us.



Although our Memorandum and
Articles of Association do provide for certain capital call obligations in respect of any monies unpaid on the shares of a shareholder,
all of our issued and outstanding shares have been fully paid in. Accordingly, our shareholders are not obliged to make further contributions
with respect to their shares.



(h) Any
provision discriminating against any existing or prospective holder of such securities as a result of such shareholder owning a substantial
number of shares.



According to applicable Indian
laws and regulations, including the Rules, any foreign investment in private banks by any person (including his relatives and associate
enterprises and persons acting in concert) whereby such shareholding reaches or exceeds 5.0% shall require prior approval from the Reserve
Bank of India for acquisition of shares or voting rights. Additionally, the ceiling on voting rights is 26.0% of the total voting rights
of a bank. For details, please see item 9.A.5(b) “Restrictions on Transfer – Foreign Direct Investment” and 10.B.3(b)
“Voting Rights.”



For a summary of the other
restrictions under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the
“Takeover Code”) and the Banking Regulations Act, see item 9.A.5. “Type and class of securities” set forth above.



10.B.4. Changes to shareholder rights



Currently, only one
class of equity shares is authorized and outstanding under our Memorandum and Articles of Association. However, if,
at any time, our share capital is divided into different classes of shares, the rights and privileges attached to the shares of any
class (unless otherwise provided by the terms of issue of the shares of that class) may, subject to the provisions of the Companies
Act, 2013 and the Banking Regulation Act and whether or not the Company is being wound up, be varied, modified,
commuted, affected or abrogated with the consent in writing of the holders of not less than three-fourths of the issued shares of
that class or with the sanction of a special resolution passed at a separate general meeting of the holders of the issued shares of
that class.If a capital increase is approved, then our shareholders would generally have certain pre-emptive rights as
described under item 9.A.3 above.



10.B.6. Limitations on rights to own
securities



No limitations on the rights
to own securities are applicable under our memorandum and articles of association. However, for a summary of the restrictions on transfers
applicable to both foreign direct investments and portfolio investments, including the requirements under Indian law applicable to the
issuance and transfer of ADSs, see item 9.A.5. set forth above.



10.B.7 Change in control



According to applicable Indian
laws and regulations, including the Rules, any foreign investment in private banks by any person (including his relatives and associate
enterprises and persons acting in concert) whereby such shareholding reaches or exceeds 5.0% shall require prior approval from the Reserve
Bank of India for acquisition of shares or voting rights. In addition, the ceiling on voting rights is 26.0% of the total voting rights
of a bank. For details, please see item 9.A.5(b) “Restrictions on Transfer – Foreign Direct Investment” and item 10.B.3(b)
“Voting Rights” set forth above.



According to our Memorandum
of Articles of Association, our Board may in its absolute and uncontrolled discretion refuse to register any transfer of equity shares
if the total nominal value of the transferred securities exceeds, or together with the total nominal value of the securities held by such
transferee will exceed, 1% of our paid-up equity share capital or, if as a result of the transfer a change in the composition of the Board
or change in our controlling interest is likely to take place and that such change would be prejudicial to our interest or to the public
interest.



There are other transfer
restrictions imposed under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,
which may have an effect of delaying, deferring or preventing a change in control. For details, see item 9.A.5. “Type and class
of securities” set forth above.



Under the Banking Regulation
Act, the government may, after consultation with the Reserve Bank of India, in the interest of our depositors or banking policy or better
provision of credit generally or to a particular community or area, acquire our banking undertaking. The Reserve Bank of India may acquire
our business if it is satisfied that we have failed to comply with the directions given to us by the Reserve Bank of India or that our
business is being managed in a manner detrimental to the interest of our depositors.



10.B.8 Disclosure of shareholdings



The provisions of the Companies
Act, 2013 generally require beneficial owners of equity shares of Indian companies that are not holders of record to declare to the company
details of the holder of record and holders of record to declare details of the beneficial owner. While it is unclear whether these provisions
apply to holders of an Indian company’s ADSs, investors who exchange ADSs for equity shares are subject to this provision. Failure
to comply with these provisions would not affect the obligation of a company to register a transfer of equity shares or to pay any dividends
to the registered holder of any equity shares in respect of which this declaration has not been made, but any person who fails to make
the required declaration may be liable for an initial fine of up to Rs. 50,000 coupled with a further fine of up to Rs. 200 for each day
this failure continues, subject to a maximum of Rs. 5,00,000. However, under the Banking Regulation Act, a registered holder of any equity
shares, except in certain conditions, shall not be liable to any suit or proceeding on the ground that the title to those equity shares
vests in another person.



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10.B.9 Differences in the law



See the references to Indian
law throughout this “Item 10.B Memorandum and articles of association.”



10.B.10. Changes in capital



The requirements of the memorandum
and articles of association regarding changes in capital are not more stringent than the requirements of Indian law.



Item 12. Description of Securities Other
than Equity Securities



12.A Debt securities.



Not applicable.



12.B Warrants and rights



Not applicable.



12.C Other securities



Not applicable.



12.D American Depositary Shares



Deutsche Bank Trust Company
Americas has been appointed as the depositary pursuant to the Deposit Agreement and the Letter Agreement entered into on March 8, 2005,
as amended from time to time. Deutsche Bank Trust Company Americas’ principal executive office is located at 60 Wall Street, New
York, N.Y. 10005.



Each of our American Depositary
Shares (or “ADSs”), as evidenced by American Depositary Receipts (or “ADRs”), represents two of our equity shares.
Our ADSs are issued by the depositary, and not by us. The ADR is vested with rights defined and enumerated in the Deposit Agreement (such
as the rights to vote and to receive a dividend). Only the depositary is registered as shareholder in our share register. An ADR is not
an equity share and an ADR holder is not a shareholder of our company.



The following is a summary
of the material provisions of the Deposit Agreement. As it is a summary, it does not contain all the information that may be important
to you. For more complete information, you should read the entire deposit agreement and the ADR. Copies of the deposit agreement and the
ADR will be available for inspection at the Corporate Trust Office of the depositary and at the office of the custodian.



Share Dividends
and Other Distributions



The depositary has agreed to pay to you the cash
dividends or other distributions it or the custodian receives on equity shares or other deposited securities after deducting its fees
and expenses. You will receive these distributions in proportion to the number of equity shares your ADSs represent.



Cash



The depositary will, as promptly as practicable,
convert any cash dividend or other cash distribution we pay on the equity shares into U.S. dollars, if it can do so on a reasonable basis
and can transfer the U.S. dollars to the United States. If that is not possible or if any approval from any government is needed and cannot
be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible
to do so. It may hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest
the foreign currency and it will not be liable for interest.



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Before making the distribution, any withholding
taxes that must be paid will be deducted. See “Taxation” of the 2022 Form 20-F. The depositary will distribute only whole
U.S. dollars and cents and will round fractional cents to the nearest whole cent. If exchange rates fluctuate during a time when the depositary
cannot convert foreign currency, you may lose some or all of the value of the distribution.



Shares



The depositary will distribute new ADSs representing
any equity share we may distribute as a free distribution, if we request it to make this distribution and provided that the depositary
receives satisfactory evidence that it is legal to do so. The depositary will only distribute whole ADSs. It will sell equity shares which
would require it to issue a fractional ADS and distribute the net proceeds in the same way as it does with cash. If the depositary does
not distribute additional ADSs, each ADS will also represent the new equity shares.



Rights to Receive Additional Shares



If we offer holders of securities any rights to
subscribe for additional equity shares or any other rights, the depositary, after consultation with us, will have discretion as to the
procedure to be followed in making those rights available to you. If the depositary decides it is not legal or feasible to make these
rights available to you, the Depositary may sell the rights and distribute the net proceeds. The depositary may allow rights that are
not distributed or sold to lapse. In that case, you will receive no value for them.



After consultation with us, if the depositary
makes rights available to you, upon instruction from you, it will exercise the rights and purchase the equity shares on your behalf. The
depositary will then deposit the equity shares and issue ADSs to you. It will only exercise rights if you pay it the exercise price and
any other charges the rights require you to pay.



The U.S. securities laws may restrict the sale,
deposit, cancellation and transfer of the ADSs issued after exercise of rights. For example, you may not be able to trade the ADSs freely
in the United States. In this case, the depositary may issue the ADSs under a separate restricted deposit agreement which will contain
the same provisions as the deposit agreement, except for the changes needed to put the restrictions in place. The depositary will not
offer you rights, unless those rights and the securities to which the rights relate are either exempt from registration or have been registered
under the Securities Act with respect to a distribution to you. We will have no obligation to register under the Securities Act those
rights or the securities to which they relate.



Other Distributions



The depositary will, after consultation with us,
send to you anything else that we distribute on deposited securities by any means it thinks is legal, fair and practical, subject to the
receipt of requisite approvals. If it cannot make the distribution in that way, the depositary, after consultation with us, may decide
to sell what we distributed and distribute the net proceeds, subject to the receipt of requisite approvals, in which case the ADSs will
also represent the newly distributed property.



The depositary is not responsible if it decides
that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, equity
shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution
of ADSs, equity shares, rights or anything else to ADS holders. This means that you may not receive the distribution we make on our equity
shares or any value for them if it is illegal or impractical for us to make them available to you.



Deposit, Withdrawal and Cancellation



Subject to Indian law, the depositary will issue
ADSs if you or your broker deposits equity shares or evidence of rights to receive equity shares with the custodian. Upon payment of its
fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate
number of ADSs in the name you request and will deliver the ADSs as promptly as practicable at its New York office to the persons you
request. Under current Indian laws and regulation, the depositary cannot accept deposits of equity shares other than from us (except for
equity shares issued as bonus shares or pursuant to rights offerings) and issue ADRs evidencing ADSs representing the equity shares.



Persons resident in India (other than us) may
not, directly or indirectly, deposit equity shares with the custodian.



If you surrender your ADSs and withdraw the underlying
equity shares, you or any subsequent transferee will not be permitted to redeposit the equity shares and obtain ADSs. Moreover, foreign
portfolio investors, non-resident Indians or overseas corporate bodies who withdraw equity shares will be subject to Indian legal restrictions
governing the foreign ownership of Indian securities. For a discussion, see “Restriction on Foreign Ownership of Indian Securities”
of the 2022 Form 20-F. The depositary has agreed, subject to the terms of the deposit agreement, to accept deposits of equity shares if
current Indian laws and regulations are amended to permit such deposits.



You may turn in your ADSs at the depositary’s
New York office. Upon payment of its fees and expenses and any taxes and charges, such as stamp taxes or stock transfer taxes or fees,
the depositary will deliver (1) the underlying equity shares to an account in the book-entry system in India and (2) any other deposited
securities underlying the ADSs at the office of the custodian.



10





If you surrender ADSs and withdraw equity shares,
you will have to take the equity shares in electronic dematerialized form. You will be required to establish an account with a participant
of the National Securities Depository Limited or Central Depository Services (India) Limited to hold or sell the shares in electronic
dematerialized form, and you may incur customary fees and expenses in doing so. Equity shares which are withdrawn from the depositary
also may not be sold on the stock exchanges in India until the equity shares underlying the ADSs have been listed on those exchanges.
In addition, the sale of withdrawn equity shares by a non-resident of India to a resident of India may require approval from the Reserve
Bank of India. For further details on the restrictions on transfer of underlying equity shares, see item 9.A.5. “Type and class
of securities” set forth above.



Voting Rights



You have
no voting rights with respect to the deposited equity shares.



The depositary exercises voting rights in respect
of the deposited equity shares as directed by the board of directors. The depositary will not, under any circumstances, be obliged to
exercise any discretion in relation to the exercise or non-exercise of voting rights.



Equity shares which have been withdrawn from the
depositary facility and transferred on our register of shareholders to a person other than the depositary or its nominee may be voted
by that person. However, you may not receive sufficient advance notice of shareholder meetings to enable you to withdraw the underlying
equity shares and vote at such meetings.



Notwithstanding the foregoing, if a foreign portfolio
investor, non-resident Indian or overseas corporate body were to withdraw its equity shares from the depositary facility, its investment
in the equity shares would be subject to the general restrictions on foreign ownership noted under “Restriction on Foreign Ownership
of Indian Securities” of the 2022 Form 20-F and may be subject to the portfolio investment restrictions, including the 10-24.0%
portfolio investment limitations, and the 5-10.0% non-resident Indian limitation. The application of these limitations, however, is not
clear. Secondary purchases of securities of Indian companies in India by foreign direct investors or investments by non-resident Indians,
persons of Indian origin, overseas corporate bodies and foreign portfolio investors above the ownership levels set forth under “Restriction
on Foreign Ownership of Indian Securities” of the 2022 Form 20-F require government of India and Reserve Bank of India approval
on a case-by-case basis. It is unclear whether similar case-by-case approvals of ownership of equity shares withdrawn from the depositary
facility by foreign portfolio investors, non-resident Indians and overseas corporate bodies would be required.



Inspection of Transfer Books



The depositary will maintain at its transfer office
in New York facilities for the execution and delivery, registration of transfer, combination or split-up of ADRs and a register for the
registration of ADRs and the registration of the transfer of ADSs that at reasonable times will be open for inspection by the investors
in the ADSs and by us provided that such inspection shall not be for the purpose of communication with investors in the ADSs in the interest
of a business or object other than our business or a matter related to the deposit agreement or the ADRs.



Reports and Notices



We will transmit to the depositary copies of any
communications generally distributed to holders of equity shares, including annual reports to shareholders and notices of shareholder’s
meetings. The depositary will make available for inspection by ADS holders at its principal office any notices, reports and communications
received from us that are both received by the depositary or the custodian as the holder of the equity shares and made generally available
to holders of our equity shares. The depositary will also send to ADS investors copies of such reports where furnished by us as provided
in the deposit agreement.



On or before the first date on which we give notice,
by publication or otherwise, of any meeting of shareholders, or of any adjourned meeting of such holders, or of the taking of any action
by such holders other than at a meeting, or the taking of any action in respect of any cash or other distributions or the offering of
any rights, we will transmit to the depositary and the custodian a written English-language version of the notice thereof in the form
given or to be given to shareholders. The depositary will arrange for the mailing of such notices to all ADS holders.



Reclassifications, Recapitalizations and Mergers



|If
we:                                                                                                              | Then:                                                                                                                                       
|------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------
|Change the nominal or par value of our equity shares                                                                | The cash, equity shares or other securities received by the depositary will become deposited securities.                                    
|Reclassify, split up or consolidate any of the deposited securities                                                 | Each ADS will automatically represent its equal share of the new deposited securities.                                                      
|Distribute securities on the equity shares that are not distributed to you                                          | The depositary may, and will if we ask it to, distribute some or all of the cash, equity shares or other securities it receives.            
|Recapitalize, reorganize, merge, liquidate, sell all or substantially all of our assets, or take any similar action | It may also issue new ADSs or ask you to surrender your outstanding ADSs in exchange for new ADSs, identifying the new deposited securities.

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Amendment and Termination



We may agree with the depositary to amend the
deposit agreement and the ADRs without your consent for any reason. If the amendment adds or increases fees or charges, except for taxes
and other governmental charges or certain expenses of the depositary, or prejudices an important right of ADS investors, it will only
become effective thirty days after the depositary notifies you of the amendment. At the time an amendment becomes effective, you are considered,
by continuing to hold your ADS, to agree to the amendment and to be bound by the ADR and the deposit agreement as amended.



The depositary will terminate the deposit agreement
if we ask it do so. The depositary may also terminate the agreement if the depositary has told us that it would like to resign and we
have not appointed a new depositary bank within 90 days. In both cases, the depositary must notify you at least 90 days before termination.



After termination, the depositary and its agents
will be required to do only the following under the agreement: (1) collect dividends and distributions on the deposited securities, (2)
sell rights offered to you, and (3) deliver equity shares and other deposited securities upon cancellation of ADSs. Any time after one
year after termination, the depositary will, if practical, sell any remaining deposited securities by public or private sale. After that,
the depositary will hold the proceeds of the sale, as well as any other cash it is holding under the deposit agreement for the pro rata
benefit of the ADS holders that have not surrendered the ADSs. It will not invest the money and will have no liability for interest. The
depositary’s only obligations will be to account for the proceeds of the sale and other cash. After termination, our only obligations
will be with respect to indemnification and to pay certain amounts to the depositary.



Limitations on Obligations and Liability to ADS Holders



The agreement expressly limits our obligations
and the obligations of the depositary, and it limits our liability and the liability of the depositary. We and the depositary:



| | · | are only obligated
to take the actions specifically set forth in the deposit agreement without negligence or bad faith;
| | - | -----------------------------------------------------------------------------------------------------------------------



| | · | are not liable if
either we or the depositary is prevented or delayed by law or circumstances beyond our or its control from performing our or its obligations
under the deposit agreement;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | are not liable if
either we or the depositary exercise discretion permitted under the deposit agreement;
| | - | --------------------------------------------------------------------------------------------------------



| | · | have no obligation
to become involved in a lawsuit or other proceeding related to the ADRs or the deposit agreement on your behalf or on behalf of any other
party; and
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | may rely upon any
documents we or the depositary believe in good faith to be genuine and to have been signed or presented by the proper party, and may
rely on advice or information from any person we or the depositary believe, in good faith, to be competent to give such advice or information.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



In the deposit agreement, we and the depositary
agree to indemnify each other under certain circumstances.



Requirements for Depositary Actions



Before the depositary will issue or register transfer
of an ADS, make a distribution on an ADS, or allow a withdrawal of equity shares, the depositary may require:



| | · | payment of stock transfer
or other taxes or other governmental charges and transfer or registration fees charged by third parties for the transfer of any equity
shares or other deposited securities;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | production of satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and
| | - | ------------------------------------------------------------------------------------------------------------------------------



12







| | · | compliance with laws
or governmental regulations relating to ADSs or the withdrawal of deposited securities and such reasonable regulations, if any, that
the depositary may establish, from time to time, consistent with the deposit agreement, including presentation of transfer documents.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The depositary may refuse to deliver, transfer
or register transfers of ADSs generally when our books or the depositary’s books are closed, or at any time if we or the depositary
think it advisable to do so.



You have the right to cancel your ADSs and withdraw
the underlying equity shares at any time except:



| | · | when temporary delays
arise because: (1) we or the depositary have closed our transfer books; (2) the transfer of equity shares is blocked to permit voting
at shareholders’ meeting; or (3) we are paying a dividend on the equity shares;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | you or other ADS holders
seeking to withdraw equity shares owe money to pay fees, taxes and similar charges; or
| | - | ---------------------------------------------------------------------------------------------------------------



| | · | when it is necessary
to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of equity
shares or other deposited securities.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



This right of withdrawal may not be limited by
any other provision of the deposit agreement. Foreign investors who withdraw equity shares will be subject to Indian legal restrictions
governing the ownership of Indian securities. For a discussion, see “Restriction on Foreign Ownership of Indian Securities”
of the 2022 Form 20-F.



Pre-Release of ADSs



Subject to current Indian law and regulations,
our consent and the provisions of the deposit agreement, the depositary may issue ADSs before deposit of the underlying equity shares.
This is called a pre-release of ADSs. The depositary may deliver equity shares upon the receipt and cancellation of ADSs, including pre-released
ADSs. The depositary may receive ADSs instead of equity shares to close out a pre-release. The depositary may pre-release ADSs only under
the following conditions:



| | · | before or at the time of the pre-release, the person to whom the pre-release
is being made must represent to the depositary in writing that it or its customer, as the case may be,
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | beneficially owns the
equity shares to be received,
| | - | ---------------------------------------------------



| | · | assigns all beneficial
rights, title and interest in the equity shares to the depositary in its capacity as the depositary and for the benefit of the holders
of the ADSs,
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | will not take any action
with respect to the ADSs or equity shares that is inconsistent with the assignment of beneficial ownership (including, without the consent
of the depositary, disposing of the equity shares) other than in satisfaction of the pre-release, and
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | the pre-release must
be fully collateralized with cash or collateral that the depositary considers appropriate; and
| | - | -------------------------------------------------------------------------------------------------------------------



| | · | the depositary must
be able to close out the pre-release on not more than five business days’ notice.
| | - | -----------------------------------------------------------------------------------------------------



The pre-release will be subject to whatever indemnities
and credit regulations the depositary considers appropriate. In addition, the depositary will limit the number of ADSs that may be outstanding
at any time as a result of pre-release to 30.0% of the total equity shares deposited, although the depositary may disregard such limit
from time to time if it shall choose to do so.





13