11.8%. If the rating of the debentures, currently rated CARE BBB Stable, is downgraded by any rating agency, the coupon rate will be increased by 0.5% for every notch of downgrade in the rating. If the rating of the debentures is upgraded by any rating agency, the coupon rate will be decreased by 0.5% for each notch of upgrade in the rating until the initial rating is restored.

Namdev Finvest 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.