LISTING PACT FOR DEBT SECURITIES AMENDED
100% asset cover
Issuer is required to maintain 100% asset cover (earlier 100% security cover) sufficient to discharge
the principal amount at all times for the debt securities issued. Issuer shall disclose the extent and nature of security created and maintained to the stock exchange on half-yearly basis and also in the annual financial statements. Issuer shall submit a certificate from practicing chartered accountants to the debenture trustee on half-yearly basis regarding maintenance of 100% asset cover along with the half-yearly financial results.
Issuers whose equity shares are listed
Issuers can issue unsecured debt instruments and list the same on the stock exchange provided there is 100% asset cover.The requirements of equity listing agreement for submission of a draft offer document to SEBI for observations and obtaining an acknowledgement card are not applicable to an issue of debt securities made pursuant to SEBI (Issue and Listing of Debt Securities) Regulations, 2008.
Issuers whose equity shares are not listed
Submission of financial statements: Issuer to publish / furnish to the stock exchange audited or un-audited (subject to limited review) financial results on a half-yearly basis within 45 days from the end of the half- year.
Security deposit of 1% of issue proceeds: Issuer are required to give a security deposit @ 1% of the
debt securities offered for subscription to the public, of which 50% should be paid in cash (subject to
maximum of Rs. 30 million) and the balance amount can be provided for by way of a bank guarantee.
Statement of deviation in use of issue proceeds: Issuer is required to furnish to the stock exchange, on a half yearly basis, a statement indicating material deviations, if any, in the use of proceeds of debt
securities from the objects stated in the offer document.
Issuer is required to maintain 100% asset cover (earlier 100% security cover) sufficient to discharge
the principal amount at all times for the debt securities issued. Issuer shall disclose the extent and nature of security created and maintained to the stock exchange on half-yearly basis and also in the annual financial statements. Issuer shall submit a certificate from practicing chartered accountants to the debenture trustee on half-yearly basis regarding maintenance of 100% asset cover along with the half-yearly financial results.
Issuers whose equity shares are listed
Issuers can issue unsecured debt instruments and list the same on the stock exchange provided there is 100% asset cover.The requirements of equity listing agreement for submission of a draft offer document to SEBI for observations and obtaining an acknowledgement card are not applicable to an issue of debt securities made pursuant to SEBI (Issue and Listing of Debt Securities) Regulations, 2008.
Issuers whose equity shares are not listed
Submission of financial statements: Issuer to publish / furnish to the stock exchange audited or un-audited (subject to limited review) financial results on a half-yearly basis within 45 days from the end of the half- year.
Security deposit of 1% of issue proceeds: Issuer are required to give a security deposit @ 1% of the
debt securities offered for subscription to the public, of which 50% should be paid in cash (subject to
maximum of Rs. 30 million) and the balance amount can be provided for by way of a bank guarantee.
Statement of deviation in use of issue proceeds: Issuer is required to furnish to the stock exchange, on a half yearly basis, a statement indicating material deviations, if any, in the use of proceeds of debt
securities from the objects stated in the offer document.
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