Texas Proposal to authorize and issue subordinated convertible debentures
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FAQ
As per Section 71(4) of the Companies Act, 2013 and Companies (Share Capital and Debentures) Rules, 2014, every company issuing debentures is required to create Debenture Redemption Reserve of an amount that is atleast equal to 25% of the total nominal (face) value of debenture that are redeemable by it.
CCD is a kind of Debenture which is compulsorily converted into equity at a later date. Most of the early-stage and growth-stage start-up prefer issuing CCD as it may not carry any interest rate or may carry nominal interest rate unlike other debt instruments.
Analysis of applicable provisions of the Companies Act, 2013 Section 71(1) permits companies to issue debentures with an option to convert such debenture into shares, either wholly or partly at the time of redemption, provided that it shall be approved by a special resolution passed at a general meeting.
A compulsory convertible debenture (CCD) is a type of bond which must be converted into stock by a specified date. It is classified as a hybrid security, as it is neither purely a bond nor purely a stock.
Applicability Cases of Compulsorily Convertible Debentures Section 71(1) permits companies to issue debentures with an option to convert such debenture into shares, either wholly or partly at the time of redemption, provided that it shall be approved by a special resolution passed at a general meeting.
A Debenture is a unit of the loan amount. When a company intends to raise the loan amount from the public it issues debentures. Issuing debentures means the issue of a certificate by the company under its seal which is an acknowledgment of debt taken by the company.
