{"id":252760,"date":"2021-08-16T16:30:15","date_gmt":"2021-08-16T11:00:15","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=252760"},"modified":"2021-08-16T18:07:36","modified_gmt":"2021-08-16T12:37:36","slug":"sebi-issue-guidelines-on-issuance-of-non-convertible-debentures-with-warrants-through-qualified-institutional-placement","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/16\/sebi-issue-guidelines-on-issuance-of-non-convertible-debentures-with-warrants-through-qualified-institutional-placement\/","title":{"rendered":"SEBI issues guidelines on issuance of non-convertible debentures with warrants through Qualified Institutional Placement"},"content":{"rendered":"<p style=\"text-align: justify;\">The Securities and Exchange Board of India has issued circular dated 13th August 2021 providing the guidelines on issuance of non-convertible debt instruments along with warrants (\u2018NCDs with Warrants\u2019) in terms of Chapter VI \u2013 Qualified Institutions Placement of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.<\/p>\n<p style=\"text-align: justify;\">The guidelines introduced vide circular are:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Regulation 179 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 states that in a qualified institutions placement of non-convertible debt instrument along with warrants, an investor can subscribe to the combined offering of non-convertible debt instruments with warrants or to the individual securities, that is, either non-convertible debt instruments or warrants.<\/li>\n<li>SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, governs issue and listing of non-convertible securities, on a recognized stock exchange and provides for Electronic Book Provider platform (EBP platform), offering an efficient and transparent price discovery mechanism.<\/li>\n<li>Further in order to streamline the procedure of issuance and applicability of EBP platform mechanism on the \u2018NCDs portion\u2019, the following has been decided and made applicable for issues wherein the size of NCDs portion is above threshold prescribed under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, and Circulars issued there under:<\/li>\n<\/ul>\n<ol>\n<li style=\"text-align: justify;\">EBP platform mechanism shall be mandatory for \u2018NCDs portion\u2019 of the issue (for both stapled and segregated offer) and issuer shall be required to comply with the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021,<\/li>\n<li style=\"text-align: justify;\">In the staple product, warrants are attached with NCDs, while in the segregated product, NCDs and warrants can be subscribed separately.<\/li>\n<li style=\"text-align: justify;\">Of the \u2018total issue size\u2019 of the issue, at least 40% size shall consist of \u2018Warrants portion\u2019. It may be noted that \u2018total issue size\u2019 shall mean combined size of NCDs issue and the aggregate size of the warrants portion, including the conversion price of warrants.<\/li>\n<li style=\"text-align: justify;\">The segregated offer of NCDs and stapled offer, both shall be exempted from the requirements as prescribed under the Regulations 175(3), 179(2) (a), 180(1), and 180(2) of the ICDR Regulations, 2018.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Board of India has issued circular dated 13th August 2021 providing the guidelines on issuance of non-convertible debt <\/p>\n","protected":false},"author":121,"featured_media":252507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[42061,46749,2563,38757],"class_list":["post-252760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-debentures","tag-qualified-institutional-placement","tag-SEBI","tag-warrants"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI issues guidelines on issuance of non-convertible debentures with warrants through Qualified Institutional Placement | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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In order to bring about uniformity in requirements on the basis of market feedback,\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":283582,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/10\/sebi-clarified-on-issuance-and-listing-of-perpetual-debt-instruments-perpetual-non-cumulative-preference-shares-and-similar-instruments-under-chapter-v-of-sebi-issue-and-listing-of-non-convertible-sec\/","url_meta":{"origin":252760,"position":3},"title":"SEBI issues list of securities which need to comply with provisions of Chapter of NCS Regulations, 2021","author":"Editor","date":"February 10, 2023","format":false,"excerpt":"On 8-2-2023, the Securities and Exchange Board of India (\u2018SEBI\u2019) clarified on the issuance and listing of perpetual debt instruments, perpetual non-cumulative preference shares and similar instruments under Chapter V of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (\u2018NCS\u2019). 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Key\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image44.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":6668,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/06\/23\/offer-to-issue-non-convertible-secured-redeemable-debentures-ncds-is-a-public-issue\/","url_meta":{"origin":252760,"position":4},"title":"Offer to issue Non\u2013Convertible Secured Redeemable Debentures (&#8220;NCDs&#8221;) is a public issue","author":"Sucheta","date":"June 23, 2015","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): In its prima facia order the SEBI has directed Goldmine Agro Limited (GAL) that the company shall not mobilize funds from investors. Further, the company and its present and past directors are prohibited from issuing prospectus or any offer document or issue advertisement\u2026","rel":"","context":"In &quot;Tribunals\/Commissions\/Regulatory Bodies&quot;","block_context":{"text":"Tribunals\/Commissions\/Regulatory Bodies","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/tribunals_commissions_regulatorybodies\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":271457,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/10\/sebi-issues-circular-on-enhanced-guidelines-for-debenture-trustees-and-listed-issuer-companies-on-security-creation-and-initial-due-diligence\/","url_meta":{"origin":252760,"position":5},"title":"SEBI issues Circular on enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence","author":"Prachi Bhardwaj","date":"August 10, 2022","format":false,"excerpt":"On 04-08-2022, the Securities and Exchange Board of India (\u2018SEBI') issued enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence to protect the interest of investors in securities and to promote the development of and to regulate the securities market. This circular is\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/252760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=252760"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/252760\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/252507"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=252760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=252760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=252760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}