Regulation 49 - Consolidation and re-issuance - Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021

Consolidation and re-issuance 49. An issuer may carry out consolidation and re-issuance of its debt securities, in the manner as may be specified by the Board from time to time subject to the fulfilment of the following conditions: (a) the Articles of Association of the issuer shall not contain any provision, whether express or implied, contrary to such consolidation and re-issuance; (b) the issuer has obtained fresh credit rating for each re-issuance from at least one credit rating agency registered with the Board and is disclosed; (c) such ratings shall be reviewed on a periodic basis as specified by the Board and the change, if any, shall be disclosed; (d) appropriate disclosures are made with regard to consolidation and re-issuance in the placement memorandum.