11.6%. If the credit rating of the Debentures is downgraded from ICRA A (Stable) or the credit rating of the Company is downgraded from its current rating, the coupon rate will be increased by 0.5% for each notch of downgrade. If the rating of the Debentures or the Company is upgraded, the coupon rate will be decreased by 0.5% for each notch of upgrade until it is restored.

Kanakadurga Finance 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.