Listing of Non-Convertible Redeemable Preference Shares (NCRPS) / Non-Convertible Debentures (NCDs) through a Scheme of Arrangement

Listing of non-convertible instruments through a scheme of arrangement requires specific eligibility, disclosure, and certification compliance.

Listing of NCRPS/NCDs issued under a scheme of arrangement is permitted only where the listed entity is a party to the scheme and the instruments are issued to holders of its listed specified securities; such instruments must have at least one year tenure, meet minimum credit rating applicable to comparable public issues, be dematerialised, comply with Companies Act reserve requirements, include valuation of the instruments in the valuation report, disclose face value, price, dividend/coupon terms, credit rating, tenure, redemption and embedded features in the draft scheme, and post-sanction applications for rule 19(7) relaxation must include a certified compliance report.