9.35%. If the rating of the debentures is downgraded by CARE rating agency, the coupon rate will be increased by 0.5% for every notch of downgrade in the rating. If the rating of the issuer or debentures is upgraded by CARE rating agency, the coupon rate will be decreased by 0.5% for each notch of upgrade in the rating until the original rating is restored.

Avanse Financial Services Limited - INE087P07378

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.