8.35%. If the rating of the issuer or debentures is downgraded by any rating agency, the coupon rate will be increased by 0.25% for every notch of downgrade in the rating. If the rating of the issuer or debentures is upgraded by any rating agency, the coupon rate will be decreased by 0.25% for each notch of upgrade in the rating.

G R Infraprojects Limited

Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.