Regulation 18 - Redemption and Roll-over - Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008

Redemption and Roll-over 18. (1) The issuer shall redeem the debt securities in terms of the offer document. (2) Where the issuer desires to roll-over the debt securities issued by it, it shall do so only upon passing of a special resolution of holders of such securities and give 1 [ fifteen days ] notice of the proposed roll over to them. (3) The notice referred to in sub- regulation (2) shall contain disclosures with regard to credit rating and rationale for roll-over. (4) The issuer shall, prior to sending the notice to holders of debt securities, file a copy of the notice and proposed resolution with the stock exchanges where such securities are listed, for dissemination of the same to public on its website. (5)The debt securities issued can be rolled over subject to the following conditions :- (a) The roll-over is approved by a special resolution passed by the holders of debt securities through postal ballot having the consent of not less than 75% of the holders by value of such debt securities; (b) atleast one rating is obtained from a credit rating agency within a period of six months prior to the due date of redemption and is disclosed in the notice referred to in sub-regulation (2); (c) fresh trust deed shall be executed at the time of such roll over or the existing trust deed may be continued if the trust deed provides for such continuation ; (d) adequate security shall be created or maintained in respect of such debt securities to be rolled over. (6) The issuer shall redeem the debt securities of all the debt securities holders, who have not given their positive consent to the roll-over. ************ NOTES:- 1. Substituted vide Notification No. SEBI/ LAD-NRO/GN/2020/35 dated 08-10-2020 before it was read as twenty one days