9.25%. If any of the following occurs: (a) the rating of the debentures is downgraded below the rating at issuance by any rating agency, (b) the rating of the issuer is downgraded below A+, or (c) there is a breach of any financial, reporting, affirmative, or negative covenant, the coupon rate will be increased by 0.45% for each event. If multiple events occur, the increases are cumulative at 0.45% per event. If the relevant event is cured or rectified, the coupon rate will be decreased by 0.45% for each cured event, and if the issuer is upgraded by one notch from A+ to AA-, the coupon rate will be decreased by 0.45%.

Vivriti Capital Private Limited

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