9.25%. The coupon rate will be reset on November 1, 2025 by the mutual decision between the issuer and the investors. If the rating of the issuer or debentures is downgraded, the coupon rate will be increased by 0.25% for every notch of downgrade in the rating up to "CARE A-" and by 4% for every notch thereafter

Avanse Financial Services 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.