Regulation 21 - Roll over of non convertible portion of partly convertible debt instruments
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 Chapter II COMMON CONDITIONS FOR PUBLIC ISSUES AND RIGHTS ISSUES
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Rollover of non-convertible debt requires holder approval, liquidity disclosure, redemption commitment, and a recent credit rating. Roll over of the non-convertible portion of partly convertible debt instruments for listed issuers is permitted subject to Companies Act compliance and ... Summary
Rollover of non-convertible debt requires holder approval, liquidity disclosure, redemption commitment, and a recent credit rating.
Roll over of the non-convertible portion of partly convertible debt instruments for listed issuers is permitted subject to Companies Act compliance and conditions: approval of a supermajority of holders by postal ballot; provision of an auditors' certificate on cash flow and liquidity with the resolution notice; an undertaking to redeem the non-convertible portion for dissenting holders; and obtaining and communicating a recent credit rating from a registered agency. Fresh security or a new trust deed is not mandatory if existing documents suffice, but the debenture trustee decides on necessity.
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