New Mexico Proposal to authorize and issue subordinated convertible debentures
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FAQ
Partially convertible debentures (PCDs) involve redeeming a fraction of the value of the security for cash and converting the other part into equity. A fully convertible debenture (FCD) involves a full conversion of the debt security into equity at the issuer's notice.
Board of Directors of the company pursuant to section 179(3) of the Act have a right to issue NCDs. Debentures cannot be issued with voting rights. An issue of secured debentures may be made, up to a maximum redemption period of ten years from the date of issue otherwise the same would be considered as deposits.
Companies issue convertible debentures as fixed-rate loans, paying the bondholder fixed interest payments on a regular schedule. Bondholders have the option of holding the bond until maturity?at which point they receive the return of their principal?but, holders may also convert the debentures into stock.
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.
NCD issue process is similar to the IPO process 1) Investors apply for NCD shares through a broker. 2) Based on the subscription, they receive the number of NCD shares. 3) The NCD's are credited to the demat account and the money gets deducted from the trading/bank account.
As a result, private companies cannot issue convertible bonds that are tradeable and which convert into common stock. A private company may, however, create non-tradeable convertible notes in order to raise capital from direct investors.
Companies issue convertible debentures as fixed-rate loans, paying the bondholder fixed interest payments on a regular schedule. Bondholders have the option of holding the bond until maturity?at which point they receive the return of their principal?but, holders may also convert the debentures into stock.
The company cannot issue debentures to more than 500 persons unless it appoints one or more debenture trustees.