Winsync fails with the error: "sync error -11 - LDAP error: connect error"

Issue

• While trying to create replication agreement between IPA server and AD server the replication fails with the following errors.

ipa-replica-manage connect --winsync --binddn "cn=svc_ipa_sync,ou=ServiceAccounts,ou=ServiceAdmin,dc=example,dc=com" --bindpw password! --passsync password! --win-subtree 'ou=RH_Staff,dc=staff,dc=example,dc=com' --cacert /etc/openldap/cacerts/CA-cert.cer -v ad.example.com
Directory Manager password:

Update failed ! Status: [-11 - LDAP error: Connect error]
Failed to start replication

• We have a Windows Certificate Authority Server setup and it is running on a separate server.( Not on the AD server)
  AD server is using SSL certificate issued by Windows Certificate Authority Server.