PRIVA1L LQUI1Y LXI1 OP1IONS

CON1LN1S
lxit tio:s io: ll`s
lcgal lssucs :clatcc to suc| cxits
a:c litialls
kccc:t |a:gcs to t|c law as
alica|lc i:ou 01
st
cto|c: !011
lxit tio:s io: ll`s
lcgal lssucs :clatcc to suc| cxits
a:c litialls
kccc:t |a:gcs to t|c law as
alica|lc i:ou 01
st
cto|c: !011
1. Primary Iit Gptions or PIs 1. Primary Iit Gptions or PIs
Valuatio:s
Iiui:gs
kcst:ictio:s ii a:, to cxit
1HRLL IMPOR1AN1 PILLARS
Valuatio:s
Iiui:gs
kcst:ictio:s ii a:, to cxit
ll
t:atcgic alc to a oua:, o: a:ot|c:
i:vcsto: a:c \a:agcuc:t lu,out
lu, lac|alllut tio:
cco:ca:, salc o: stoc| ua:|cts
lxit via \A
ll
t:atcgic alc to a oua:, o: a:ot|c:
i:vcsto: a:c \a:agcuc:t lu,out
lu, lac|alllut tio:
cco:ca:, salc o: stoc| ua:|cts
lxit via \A
2. Iegai Issues reiating to aoresaid
eit options
2. Iegai Issues reiating to aoresaid
eit options
I:acitio:all, uost iavo:cc koutc
ll gcts a kig|t to oiic: t|ci: s|a:cs io: salc u:cc: ll
a:c t|c: lxit
l:vcsto: ca: cxit aitc: a: ll
All :cll s|a:c caital loc|cc i: io: a c:ioc oi o:c
,ca:
1
Vls a:c lVl :cgistc:cc wit| lll :oviccc t|at
t|c, |avc |clc t|csc s|a:cs io: at lcast o:c ,ca: :io:
to t|c catc oi iili:g t|c c:ait :oscctus wit| t|c
loa:c
!
IPO IN INDIA
I:acitio:all, uost iavo:cc koutc
ll gcts a kig|t to oiic: t|ci: s|a:cs io: salc u:cc: ll
a:c t|c: lxit
l:vcsto: ca: cxit aitc: a: ll
All :cll s|a:c caital loc|cc i: io: a c:ioc oi o:c
,ca:
1
Vls a:c lVl :cgistc:cc wit| lll :oviccc t|at
t|c, |avc |clc t|csc s|a:cs io: at lcast o:c ,ca: :io:
to t|c catc oi iili:g t|c c:ait :oscctus wit| t|c
loa:c
!
1 A:c ! lausc ! oi lll ;lssuc oi aital Disclosu:c kcqui:cuc:ts, kcgulatio:s !00-
Investee Investors Investment IPG Reaiised.
Proit
ks....o. : l:oiit. ks.!-! :
;la:tial lxit,
PRIVA1L LQUI1Y LXI1S 1HROUGH IPO
ks..!.0- :
l:oiit. ks.!0o.1! :
;oulctc lxit,
Investee Investor Investment IPG Reaiised.
Proit
I:i:it,
aital
ks.+!.1 : l:oiit.o.!1 :
;lxit oulctc,
ks... : l:oiit.ks.!-.00 :
;lxit oulctc,
ks... : l:oiit.ks.!-.00 :
;lxit oulctc,
ks.!!.!: l:oiit. ks.!.!! :.
;lxit oulctc,
lxit |, st:atcgic salc oi its |olci:g i: t|c coua:, to a coua:,
o: a:ot|c: kcsicc:t:o::csicc:t
Resident to a Non-Resident
lo: t:a:sic: |, kcsicc:t to :o::csicc:t.
W|c:c s|a:cs oi a: l:cia: coua:, a:c listcc, t|c :icc oi
s|a:cs t:a:sic::cc |, wa, oi salc s|all :ot |c lcss t|a: t|c :icc
at w|ic| a :cic:c:tial allotuc:t oi s|a:cs ca: |c uacc u:cc:
t|c lll guiccli:cs, as alica|lc
W|c:c t|c s|a:cs oi a: l:cia: coua:, a:c :ot listcc, t|c
t:a:sic: oi s|a:cs to |c at a :icc :ot lcss t|a: t|c iai: valuc to
|c cctc:ui:cc |, a lll :cgistc:cc atcgo:, l \c:c|a:t
la:|c: o: a |a:tc:cc Accou:ta:t as c: t|c Discou:tcc l:cc
as| llow uct|oc
S1RA1LGIC SALL
lxit |, st:atcgic salc oi its |olci:g i: t|c coua:, to a coua:,
o: a:ot|c: kcsicc:t:o::csicc:t
Resident to a Non-Resident
lo: t:a:sic: |, kcsicc:t to :o::csicc:t.
W|c:c s|a:cs oi a: l:cia: coua:, a:c listcc, t|c :icc oi
s|a:cs t:a:sic::cc |, wa, oi salc s|all :ot |c lcss t|a: t|c :icc
at w|ic| a :cic:c:tial allotuc:t oi s|a:cs ca: |c uacc u:cc:
t|c lll guiccli:cs, as alica|lc
W|c:c t|c s|a:cs oi a: l:cia: coua:, a:c :ot listcc, t|c
t:a:sic: oi s|a:cs to |c at a :icc :ot lcss t|a: t|c iai: valuc to
|c cctc:ui:cc |, a lll :cgistc:cc atcgo:, l \c:c|a:t
la:|c: o: a |a:tc:cc Accou:ta:t as c: t|c Discou:tcc l:cc
as| llow uct|oc
Non Resident to a Resident
l:icc oi s|a:cs t:a:sic::cc |, wa, oi salc |, :o::csicc:t
to :csicc:t to |c :ot uo:c t|a: t|c ui:iuuu :icc at
w|ic| t|c t:a:sic: oi s|a:cs ca: |c uacc i:ou a :csicc:t
to a :o::csicc:t
.
Non Resident to a Resident
l:icc oi s|a:cs t:a:sic::cc |, wa, oi salc |, :o::csicc:t
to :csicc:t to |c :ot uo:c t|a: t|c ui:iuuu :icc at
w|ic| t|c t:a:sic: oi s|a:cs ca: |c uacc i:ou a :csicc:t
to a :o::csicc:t
.
.. A::cxu:c ! oi o:solicatcc lDl olic,, ciicctivc i:ou cto|c: 1, !011, kcgulatio: 10l ;!, oi :otiiicatio: :o. ll\A
!0!000kl catcc \a, !, !000 kcviscc l:ici:g Guiccli:cs io: I:a:sic: oi |a:cs |, wa, oi salc issucc |, kll catcc
\a, +, !010
lu, |ac| :ig|t agai:st t|c oua:,
kcst:ictio:s a:c o:citio:s to |c coulicc wit| u:cc: t|c
oua:ics law io: a:, |u, |ac| oi sccu:itics |, a oua:,
Aiio:ccc i:vcsto:s a saic cxit o: a scciiic cvc:t occu::i:g o:
aitc: a scciiicc c:ioc oi tiuc
tio: io: t|c i:vcsto: to scll ;ut,
tio: io: t|c :ouotc: to |u, ;call,
BUY BACK/PU1/CALL OP1IONS
lu, |ac| :ig|t agai:st t|c oua:,
kcst:ictio:s a:c o:citio:s to |c coulicc wit| u:cc: t|c
oua:ics law io: a:, |u, |ac| oi sccu:itics |, a oua:,
Aiio:ccc i:vcsto:s a saic cxit o: a scciiic cvc:t occu::i:g o:
aitc: a scciiicc c:ioc oi tiuc
tio: io: t|c i:vcsto: to scll ;ut,
tio: io: t|c :ouotc: to |u, ;call,
I|c cxc:cisc oi t|c ut o: t|c call otio:s is uost oitc:
:clatcc to occu::c:cc oi a:, cvc:t oi cciault o: t|c a:t
oi t|c coua:, a:c t|c :ouotc:
lausc !.!.!.1 oi lDl lolic,, cto|c: !011 :cst:icts t|c
lxit avc:ucs availa|lc to a lo:cig: Di:cct l:vcsto: a:
lxit tio: |, wa, oi usc oi otio:s as it will :c:cc:
suc| a: i:st:uuc:t i:cligi|lc io: lDl. uc| i:st:uuc:ts
|ca:i:g otio:s woulc |c co:sicc:cc cc|t a:c ll
Guiccli:cs woulc |c alica|lc to suc| i:st:uuc:ts
I|c cxc:cisc oi t|c ut o: t|c call otio:s is uost oitc:
:clatcc to occu::c:cc oi a:, cvc:t oi cciault o: t|c a:t
oi t|c coua:, a:c t|c :ouotc:
lausc !.!.!.1 oi lDl lolic,, cto|c: !011 :cst:icts t|c
lxit avc:ucs availa|lc to a lo:cig: Di:cct l:vcsto: a:
lxit tio: |, wa, oi usc oi otio:s as it will :c:cc:
suc| a: i:st:uuc:t i:cligi|lc io: lDl. uc| i:st:uuc:ts
|ca:i:g otio:s woulc |c co:sicc:cc cc|t a:c ll
Guiccli:cs woulc |c alica|lc to suc| i:st:uuc:ts
Availa|lc to listcc oua:ics
SLCONDARY SALL ON S1OCK MARKL1S
Availa|lc to listcc oua:ics
lu,out oi t|c i:vcsto:`s sta|c |, ua:agcuc:t
oi t|c coua:,
Aiio:cs a: iuucciatc a:c coulctc cxit
MANAGLMLN1 BUY-OU1
lu,out oi t|c i:vcsto:`s sta|c |, ua:agcuc:t
oi t|c coua:,
Aiio:cs a: iuucciatc a:c coulctc cxit
\c:gc: oi a: illiquicu:listcc coua:, wit| a
listcc coua:,
laws alica|lc to \A t:a:sactio:s i:clucc
oua:ics Act, ll\A, l:couc tax, lll
kcgulatio:s.
I|is cxit :outc uscc o:l, as a |ac|u otio:
LXI1 VIA M&A
\c:gc: oi a: illiquicu:listcc coua:, wit| a
listcc coua:,
laws alica|lc to \A t:a:sactio:s i:clucc
oua:ics Act, ll\A, l:couc tax, lll
kcgulatio:s.
I|is cxit :outc uscc o:l, as a |ac|u otio:
1. Recent changes to the iav as
appiicabie rom 01
st
Gctober 2011
1. Recent changes to the iav as
appiicabie rom 01
st
Gctober 2011
l:t:ocuccc a :cw clausc u:cc: |atc: !

to t|c lDl
lolic,
kcst:ictcc t|c cxit avc:ucs availa|lc to t|c lo:cig:
Di:cct l:vcsto:
tio:s will losc t|ci: cquit, c|a:actc:
A: cxit otio: to a:, io:cig: i:vcsto: |, wa, oi usc oi
otio:s will :c:cc: suc| i:st:uuc:t i:cligi|lc io: lDl
a:c it woulc |avc to coul, wit| t|c ll guiccli:cs a:c
|c:cc suc| i:st:uuc:ts will losc t|ci: cquit, c|a:actc:
l:t:ocuccc a :cw clausc u:cc: |atc: !

to t|c lDl
lolic,
kcst:ictcc t|c cxit avc:ucs availa|lc to t|c lo:cig:
Di:cct l:vcsto:
tio:s will losc t|ci: cquit, c|a:actc:
A: cxit otio: to a:, io:cig: i:vcsto: |, wa, oi usc oi
otio:s will :c:cc: suc| i:st:uuc:t i:cligi|lc io: lDl
a:c it woulc |avc to coul, wit| t|c ll guiccli:cs a:c
|c:cc suc| i:st:uuc:ts will losc t|ci: cquit, c|a:actc:
. Gc:c:al o:citio:s o: lDl ;lausc !.!.!.1,
Investee Investor Mode o Iit
t:atcgic alc
t:atcgic alc
PRIVA1L LQUI1Y: LXI1
lu, lac|
lu, lac|
lu, lac|
Investee Investor Mode o Iit
c: \a:|ct alc
t1t .
;! sta|c, t:atcgic alc
. t.e. i-e
;10 sta|c,
t:atcgic alc
;uD .00 uillio: cxit,
\A
Investee Investor Mode o
Iit
;uD 1! uillio:,
\A
c.e...o! t..e. .-
xo.!o
;uD 100 uillio:,
i-1.o.e. o|..e o-1
i-1.o.e. .e..
\A
c.e...o! t..e. .-
xo.!o
;uD 100 uillio:,
;uD !.+.1
uillio: cxit,
\A
As per Vcc Idge data, some major PI eits via M&A
1HANK YOU
DllAl\lk
I|c i:io:uatio: :oviccc i: t|c :csc:tatio: is io: i:io:uatio:
o:l, a:c :ot a lcgal acvicc. :o o:c s|oulc act o: t|c |asis oi
a:, statcuc:ti:io:uatio: co:tai:cc |c:ci: wit|out scc|i:g
:oicssio:al acvicc. D|i: D|i: Associatcs cx:cssl, cisclaius
all a:c a:, lia|ilit, to a:, c:so:, w|o |as :cac t|is, o:
ot|c:wisc, i: :cscct oi a:,t|i:g, a:c oi co:scquc:ccs oi
a:,t|i:g co:c, o: ouittcc to |c co:c |, a:, suc| c:so: i:
:clia:cc uo: t|c co:tc:ts oi t|is :csc:tatio:.
DllAl\lk
I|c i:io:uatio: :oviccc i: t|c :csc:tatio: is io: i:io:uatio:
o:l, a:c :ot a lcgal acvicc. :o o:c s|oulc act o: t|c |asis oi
a:, statcuc:ti:io:uatio: co:tai:cc |c:ci: wit|out scc|i:g
:oicssio:al acvicc. D|i: D|i: Associatcs cx:cssl, cisclaius
all a:c a:, lia|ilit, to a:, c:so:, w|o |as :cac t|is, o:
ot|c:wisc, i: :cscct oi a:,t|i:g, a:c oi co:scquc:ccs oi
a:,t|i:g co:c, o: ouittcc to |c co:c |, a:, suc| c:so: i:
:clia:cc uo: t|c co:tc:ts oi t|is :csc:tatio:.