12.3%. If the credit rating of the Debentures is downgraded, the coupon rate will be increased by 0.25% for the first notch of downgrade and by 0.50% for each subsequent notch of downgrade. If the rating is upgraded, the coupon rate will be decreased by 0.50% for each notch of upgrade until the first notch downgrade is reversed, then by 0.25% for the final notch until it is restored to the original rating.

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.