Regulation 39 - Roll-over of debt securities - Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021

PART B ADDITIONAL CONDITIONS APPLICABLE TO A PUBLIC ISSUE AND LISTING OF DEBT SECURITIES Roll-over of debt securities 39. (1) The issuer shall redeem the debt securities in terms of the offer document. (2) Where the issuer intends to roll-over debt securities of a particular International Securities Identification Number, it shall do so only upon giving fifteen days notice for the proposed roll over. (3) The roll-over shall be approved by a majority of holders holding not less than three-fourths in value through postal ballot or e-voting of such debt securities in a duly convened meeting as per the offer document. (4) The notice referred to in sub-regulation (2) shall contain disclosures with regard to rationale for roll-over and at least one credit rating, which shall be obtained from a credit rating agency within six months prior to the due date of redemption. (5) 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 exchange(s) where such debt securities are listed, for dissemination of the same to public on its website. (6) The existing trust deed may be continued if it provides for such continuation or the same may be amended or fresh trust deed may be executed at the time of such roll over. (7) The issuer shall on completion of the roll over, intimate the stock exchange(s) about the roll-over of the debt securities. (8) The issuer shall create and maintain adequate security in respect of such debt securities to be rolled over. (9) The issuer shall redeem the debt securities of all such holders, who have not given their positive consent for the roll-over.