Letter of Acceptance

Letter of Acceptance

To

Y & Co.

Dear Sirs

With reference to your application dated ………… we accept your offer to act as an underwriter to our issue of 1,00,000 ordinary shares of Rs. 100 each at a commission of 5% per cent upon the footing and subject to the conditions contained in your application and in the draft Prospectus.

Yours faithfully

X & Co. Ltd.

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