12%. If the credit rating of the Debentures is downgraded from ICRA BBB or the credit rating of the Company is downgraded from BBB, the coupon rate will be increased by 0.25% for a downgrade to BBB- and by an additional 0.50% for each notch below BBB-. If the rating of the Debentures or the Company is upgraded, the coupon rate will be decreased by 0.25% for an upgrade from BBB- to BBB and by 0.50% for each notch below BBB- until it is restored to ICRA BBB for the Debentures or BBB for the Company.

Akara Capital Advisors Private Limited

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