The NCDs have a credit rating of "BWR AA+" (BWR Double A Plus) (Outlook: Stable) by BRICKWORK. The highest coupon is 10.75% p.a. for investors of all categories for the tenor of five years. For all categories of investors for the tenor of three years, the highest coupon is 10.50% p.a. and for the tenor of 400 days, the highest coupon is 9.75% p.a. An additional coupon of 0.25% will be offered to all category investors who are existing shareholders of Srei, NCDs/bondholders of both Srei and Srei Equipment Finance Limited ("SEFL") and senior citizens. Additional coupon is not applicable for series of 400 days tenor irrespective of any category of investors.