9.7%. If the rating of the debentures is downgraded by any SEBI registered rating agency, the coupon rate will be increased by 0.25% for each notch of downgrade. If the rating of the debentures is upgraded by any SEBI registered rating agency, the coupon rate will be decreased by 0.25% for each notch of downgrade. In case neither the Put Option nor the Call Option is exercised, the coupon rate will be increased by 0.4985%.