Convertible debt issuance: conditions for public issue and listing without prior equity, requiring rating, promoter equity and disclosures. An unlisted issuer may publicly issue and list convertible debt instruments without prior equity listing only if it obtains a credit rating, secures a specified minimum promoter equity contribution relative to project cost and issue size, agrees to continuing disclosures equivalent to equity listing, obtains prior convertible-holder consent mechanisms for material changes, and ensures no partly paid securities at prescribed filing stages; pricing may use a capped price band and book building, while lead merchant bankers must ensure capital structure presentation, minimum application rules, fully paid timing, firm allotment/ reservation limits and monitoring arrangements for large issues.