(1)An issuer desirous of making an offer of debt securities to the public shall make an to one or more recognized stock exchanges in terms of sub-section (1) of section 73 of the Companies Act,1956(1 of 1956).

(2) The issuer shall comply with conditions of listing of such debt securities as specified in the Listing Agreement with the stock exchange where such debt securities are sought to be
listed.

Where the issuer has disclosed the intention to seek listing of debt securities issued on private placement basis, the issuer shall forward the listing application along with the disclosures specified in to the recognized stock exchange within fifteen days from the date of allotment of such debt securities.

SEBI (Issue and Listing of Debt Securities)(Amendment)Regulations, 2012 w.e.f. 12-10-2012

Streamlining the process of public issue under the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (SEBI ILDS), SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 (SEBI NCRPS), SEBI (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 (SEBI SDI) and SEBI (Issue and Listing of Debt Securities by Municipalities) Regulations, 2015 (SEBI ILDM)

ILDS SCHEDULE I – DISCLOSURES

[See Regulation 5 (2) (b), Regulation 19(3), Regulation 21 and Regulation 21A]

DISCLOSURES

1. The issuer seeking listing of its debt securities on a recognized stock exchange shall file the following disclosures along with the listing application to the stock exchange:

A. Memorandum and Articles of Association and necessary resolution(s) for the allotment of the debt securities;

B. Copy of last three years audited Annual Reports;

C. Statement containing particulars of, dates of, and parties to all material contracts and agreements;

D. Copy of the Board / Committee Resolution authorizing the borrowing and list of authorized signatories.

E. An undertaking from the issuer stating that the necessary documents for the creation of the charge, where applicable, including the Trust Deed would be executed within the time frame prescribed in the relevant regulations/act/rules etc and the same would be uploaded on the website of the Designated Stock exchange, where the debt securities have been listed, within five working days of execution of the same.

F. Any other particulars or documents that the recognized stock exchange may call for as it deems fit.

G. An undertaking that permission / consent from the prior creditor for a second or pari passu charge being created, where applicable, in favor of the trustees to the proposed issue has been obtained.

2. Issuer shall submit the following disclosures to the Debenture Trustee in electronic form (soft copy) at the time of allotment of the debt securities:

A. Memorandum and Articles of Association and necessary resolution(s) for the allotment of the debt securities;

B. Copy of last three years’ audited Annual Reports;

C. Statement containing particulars of, dates of, and parties to all material contracts and agreements;

D. Latest Audited / Limited Review Half Yearly Consolidated (wherever available) and Standalone Financial Information (Profit & Loss statement, Balance Sheet and Cash Flow statement) and auditor qualifications , if any.

E. An undertaking to the effect that the Issuer would, till the redemption of the debt securities, submit the details mentioned in point (D) above to the Trustee within the timelines as mentioned in Simplified Listing Agreement issued by SEBI vide circular No.SEBI/IMD/BOND/1/2009/11/05 dated May 11, 2009 as amended from time to time, for furnishing / publishing its half yearly/ annual result. Further, the Issuer shall within 180 days from the end of the financial year, submit a copy of the latest annual report to the Trustee and the Trustee shall be obliged to share the details submitted under this clause with all ‘Qualified Institutional Buyers’ (QIBs) and other existing debenture-holders within two working days of their specific request.

3. The following disclosures shall be made where relevant:

A. Issuer Information

a. Name and address of the following:-

i. Registered office of the Issuer

ii. Corporate office of the Issuer

iii. Compliance officer of the Issuer

iv. CFO of the Issuer

v. Arrangers, if any, of the instrument

vi. Trustee of the issue

vii. Registrar of the issue

viii. Credit Rating Agency (-ies) of the issue and

ix. Auditors of the Issuer

b. A brief summary of the business/ activities of the Issuer and its line of business containing atleast following information:-

i. Overview

ii. Corporate Structure

iii. Key Operational and Financial Parameters

* for the last 3 Audited years iv. Project cost and means of financing, in case of funding of new projects * At least covering the following – Consolidated basis (wherever available) else on standalone basis

Gross Debt: Equity Ratio of the Company:-

c. A brief history of the Issuer since its incorporation giving details of its following activities:-

i. Details of Share Capital as on last quarter end:-

ii. Changes in its capital structure as on last quarter end, for the last five years:-

iii. Equity Share Capital History of the Company as on last quarter end, for the last five years:-

Notes: (If any)

iv. Details of any Acquisition or Amalgamation in the last 1 year.

v. Details of any Reorganization or Reconstruction in the last 1 year:-

d. Details of the shareholding of the Company as on the latest quarter end:-

i. Shareholding pattern of the Company as on last quarter end:-

Notes: – Shares pledged or encumbered by the promoters (if any)

ii. List of top 10 holders of equity shares of the Company as on the latest quarter end:-

e. Following details regarding the directors of the Company:-

i. Details of the current directors of the Company*

* Company to disclose name of the current directors who are appearing in the RBI defaulter list and/or ECGC default list, if any.

ii. Details of change in directors since last three years:-

f. Following details regarding the auditors of the Company:-

i. Details of the auditor of the Company:-

ii. Details of change in auditor since last three years:-

g. Details of borrowings of the Company, as on the latest quarter end:-

i. Details of Secured Loan Facilities :-

ii. Details of Unsecured Loan Facilities:-

iii. Details of NCDs

iv. List of Top 10 Debenture Holders (as on ……)

Note: Top 10 holders’ (in value terms, on cumulative basis for all outstanding debentures issues) details should be provided.

v. The amount of corporate guarantee issued by the Issuer along with name of the counterparty (like name of the subsidiary, JV entity, group company, etc) on behalf of whom it has been issued.

vi. Details of Commercial Paper:- The total Face Value of Commercial Papers Outstanding as on the latest quarter end to be provided and its breakup in following table:-

vii. Details of Rest of the borrowing ( if any including hybrid debt like FCCB, Optionally Convertible Debentures / Preference Shares ) as on ………….:-

viii. Details of all default/s and/or delay in payments of interest and principal of any kind of term loans, debt securities and other financial indebtedness including corporate guarantee issued by the Company, in the past 5 years .

ix. Details of any outstanding borrowings taken/ debt securities issued where taken / issued (i) for consideration other than cash, whether in whole or part, (ii) at a premium or discount, or (iii) in pursuance of an option;

h. Details of Promoters of the Company:-

i. Details of Promoter Holding in the Company as on the latest quarter end:-

i. Abridged version of Audited Consolidated (wherever available) and Standalone Financial Information ( like Profit & Loss statement, Balance Sheet and Cash Flow statement) for at least last three years and auditor qualifications , if any. *

j. Abridged version of Latest Audited / Limited Review Half Yearly Consolidated (wherever available) and Standalone Financial Information (like Profit & Loss statement, and Balance Sheet) and auditors qualifications, if any. *

k. Any material event/ development or change having implications on the financials/credit quality (e.g. any material regulatory proceedings against the Issuer/promoters, tax litigations resulting in material liabilities, corporate restructuring event etc) at the time of issue which may affect the issue or the investor’s decision to invest / continue to invest in the debt securities.

l. The names of the debenture trustee(s) shall be mentioned with statement to the effect that debenture trustee(s) has given his consent to the Issuer for his appointment under regulation 4 (4) and in all the subsequent periodical communications sent to the holders of debt securities.

m. The detailed rating rationale (s) adopted (not older than one year on the date of opening of the issue)/ credit rating letter issued (not older than one month on the date of opening of the issue) by the rating agencies shall be disclosed.

n. If the security is backed by a guarantee or letter of comfort or any other document / letter with similar intent, a copy of the same shall be disclosed. In case such document does not contain detailed payment structure( procedure of invocation of guarantee and receipt of payment by the investor along with timelines), the same shall be disclosed in the offer document.

o. Copy of consent letter from the Debenture Trustee shall be disclosed.

p. Names of all the recognised stock exchanges where the debt securities are proposed to be listed clearly indicating the designated stock exchange.

q. Other details

i. DRR creation – relevant regulations and applicability.

ii. Issue/instrument specific regulations – relevant details (Companies Act, RBI guidelines, etc).

iii. Application process.

* Issuer shall provide latest Audited or Limited Review Financials in line with timelines as mentioned in Simplified Lisitng Agreement issued by SEBI vide circular No.SEBI/IMD/BOND/1/2009/11/05 dated May 11, 2009 as amended from time to time , for furnishing / publishing its half yearly/ annual result.

B. Issue details

a. Summary term sheet shall be provided which shall include at least following information (where relevant) pertaining to the Secured / Unsecured Non Convertible debt securities (or a series thereof):-

Notes: 1. If there is any change in Coupon Rate rate pursuant to any event including elapse of certain time period or downgrade in rating , then such new Coupon Rate and events which lead to such change should be disclosed.

2. The procedure used to decide the dates on which the payment can be made and adjusting payment dates in response to days when payment can’t be made due to any reason like sudden bank holiday etc., should be laid down.

3. The list of documents which has been executed or will be executed in connection with the issue and subscription of debt securities shall be annexed.

b. In privately placed issues, additional Covenants shall be included as part of the Issue Details on the following lines, as per agreement between the issuer and investor:

i. Security Creation (where applicable): In case of delay in execution of Trust Deed and Charge documents, the Company will refund the subscription with agreed rate of interest or will pay penal interest of atleast 2% p.a. over the coupon rate till these conditions are complied with at the option of the investor.

ii. Default in Payment: In case of default in payment of Interest and/or principal redemption on the due dates, additional interest of atleast @ 2% p.a. over the coupon rate will be payable by the Company for the defaulting period

iii. Delay in Listing: In case of delay in listing of the debt securities beyond 20 days from the deemed date of allotment, the Company will pay penal interest of atleast 1 % p.a. over the coupon rate from the expiry of 30 days from the deemed date of allotment till the listing of such debt securities to the investor. The interest rates mentioned in above three cases are the minimum interest rates payable by the Company and are independent of each other.

C. Disclosures pertaining to wilful default

(1) In case of listing of debt securities made on private placement, the following disclosures shall be made:

(a) Name of the bank declaring the entity as a wilful defaulter;

(b) The year in which the entity is declared as a wilful defaulter;

(c) Outstanding amount when the entity is declared as a wilful defaulter;

(d) Name of the entity declared as a wilful defaulter;

(e) Steps taken, if any, for the removal from the list of wilful defaulters;

(f) Other disclosures, as deemed fit by the issuer in order to enable investors to take informed decisions;

(g) Any other disclosure as specified by the Board.

(2) The fact that the issuer or any of its promoters or directors is a wilful defaulter shall be disclosed prominently on the cover page with suitable cross-referencing to the pages.

(3) Disclosures specified herein shall be made in a separate chapter or section, distinctly identifiable in the Index / Table of Contents.

1. The issuer seeking listing of its debt securities on a recognized stock exchange shall
forward the listing application to the stock exchange along with the following documents–

(a). Memorandum and Articles of Association and a copy of the Trust Deed.

(b). Copy of latest audited balance sheet and Annual Report.

(c). Statement containing particulars of dates of, and parties to all material contracts
and agreements:

Provided that a recognized stock exchange may call for such further particulars or
documents as it deems proper.

2. The following disclosures shall be made where relevant:

i. Name and address of the registered office of the issuer.

ii. Names and addresses of the directors of the issuer.

iii. A brief summary of the business/ activities of the issuer and its line of business.

iv. And a brief history of the issuer since its incorporation giving details of its activities
including any reorganization, reconstruction or amalgamation, changes in its capital
structure, (authorized, issued and subscribed) and borrowings, if any.

v. Details of debt securities issued and sought to be listed including face value, nature of debt securities mode of issue i.e. public issue or private placement.

vi. Issue size .

vii. Details of utilization of the issue proceeds.

viii. A statement containing particulars of the dates of, and parties to all material contracts,
agreements involving financial obligations of the issuer

ix. Details of other borrowings including any other issue of debt securities in past;

x. Any material event/ development or change at the time of issue or subsequent to the issue which may affect the issue or the investor’s decision to invest / continue to invest in the debt secutities.

xi. Particulars of the debt securities issued (i) for consideration other than cash, whether in
whole or part, (ii) at a premium or discount, or (iii) in pursuance of an option.

xii. A list of highest ten holders of each class or kind of securities of the issuer as on the date of application along with particulars as to number of shares or debt securities held by them and the address of each such holder.

xiii. An undertaking that the issuer shall use a common form of transfer

xiv. Redemption amount, period of maturity, yield on redemption.

xv. Information relating to the terms of offer or purchase.

xvi. The discount at which such offer is made and the effective price for the investor as a result of such discount.

xvii. The debt equity ratio prior to and after issue of the debt security.

xviii. Servicing behavior on existing debt securities, payment of due interest on due dates on term loans and debt securities.

xix. That the permission / consent from the prior creditor for a second or pari passu charge
being created in favor of the trustees to the proposed issue has been obtained.

xx. The names of the debenture trustee(s) shall be mentioned with a statement to the effect that debenture trustee(s) has given his consent to the issuer for his appointment under regulation 4 (4) and also in all the subsequent periodical communications sent to the holders of debt securities.

xxi. The rating rationale (s) adopted by the rating agencies shall be disclosed

xxii. Names of all the recognised stock exchanges where securities are proposed to be listed clearly indicating the designated stock exchange and also whether in principle approval from the recognised stock exchange has been obtained.

xxiii. A summary term sheet shall be provided which shall include brief information pertaining to the Secured / Unsecured Non Convertible debt securities (or a series thereof) as follows

(where relevant):
• Issuer
• Minimum Subscription of Debt securities and in multiples of __ Debt securities
thereafter
• Tenor __ Months from the Deemed Date of Allotment
• Coupon Rate / Coupon Date __% p.a. (payable __) on __each year
• Redemption Date
• Put / Call option _________
• Proposed listing of the debt securities with ____ Stock Exchange
• Issuance Physical /Demat mode
• Trading Demat mode only
• Depository _________
• Security
• Rating ___ by ___ (All the credit rating/s, including any unaccepted credit ratings, shall
be disclosed in the draft offer document to be filed with SEBI)
• Settlement By way of [Insert details of payment procedure]
• Issue Schedule:
– Issue opens on: _________
– Issue closes on _________
• Pay-in date _________
• Deemed date of allotment _________