Kansas Proposal to authorize and issue subordinated convertible debentures
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How to fill out Proposal To Authorize And Issue Subordinated Convertible Debentures?
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FAQ
Compulsorily Convertible Debentures Step 1 ? Convene a board meeting for approval of issue of CCD to particular set of people. ... Step 2 ? Decide on the terms of issue and prepare the CCD agreement with all the important terms. Step 3 ? Open a new bank account which will only be used for deposit of this subscription account.
If you want to issue instruments which can be converted into equity at future date and valuation then the most suitable instruments are Convertible notes and Convertible Debentures. The valuation report is not required if issued to domestic investors.
The process to issue CN is as follows: Approval of board to approve the issue of convertible notes. Approval of shareholder in EOGM to issue convertible notes. Filing of MGT 14 with relevant terms and conditions of the convertible notes.
Hold Board Meeting and pass the Board Resolution for Conversion of CCD into Equity Shares along with approving Notice of Genernal Meeting for the approval of Shareholders of the Company. Hold General meeting of the Shareholders of the Company and pass the Special Resolution for Conversion of CCD into Equity Shares.
If the consideration for the securities being issued is not cash, then as per Rule 2(d)(xii) of the Share Capital and Debentures Rules, a valuation report for such consideration is also required.
A convertible debenture is a type of long-term debt issued by a company that can be converted into shares of equity stock after a specified period. Convertible debentures are usually unsecured bonds or loans, often with no underlying collateral backing up the debt.
The salient features of the amended Rule 11UA are as under: The amended Rule 11UA provides separate valuation mechanism for compulsorily convertible preference shares (CCPS) and also provides an option to adopt fair market value (FMV) of unquoted equity shares for determining FMV of CCPS.