Public issue of non-convertible debt securities permitted without prior equity listing, subject to credit rating and disclosure safeguards. Unlisted companies may publicly issue and list NCDS or DSCE without prior equity listing if they obtain an investment-grade credit rating, secure a prescribed promoters' equity contribution (with staged funding for very large contributions) and a lock-in, agree to continuing disclosure obligations under the listing agreement, obtain special resolution consent of security holders for material changes, ensure no partly paid securities at draft filing, and comply with IPO guidelines when issuing equity or convertible securities during or after the debt tenor. Price band limits and book building may be used for coupon and conversion price determination.