Non Convertible Redeemable Preference Share
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Non-Convertible Redeemable Preference Share

  • What is Non-Convertible Redeemable Preference Share?
    As per Securities and Exchange Board Of India (Issue And Listing Of Non-Convertible Redeemable Preference Shares) Regulations, 2013 Non-Convertible Redeemable Preference Share means a preference share which is redeemable in accordance with the provisions of the Companies Act, 1956 and does not include a preference share which is convertible into or exchangeable with equity shares of the issuer at a later date, with or without the option of the holder.

  • Who Can Issue Non-Convertible Redeemable Preference Share?
    Any public company in terms of section 3 of the Companies Act, 1956, public sector undertaking or statutory corporation which makes or proposes to make an issue of non-convertible redeemable preference shares in accordance with SEBI (Issue And Listing Of Non-Convertible Redeemable Preference Shares) Regulations, 2013 or which has its securities listed on a recognized stock exchange or which seeks to list its non-convertible redeemable preference shares on a recognized stock exchange

  • Mandatory listing
    • An issuer desirous of making an offer of NCRPS to the public shall make an application for listing to one or more Recognized Stock Exchanges in terms of sub-section (1) of section 73 of the Companies Act, 1956.
    • The issuer shall comply with conditions of listing of such NCRPS as specified in the Listing Agreement with the stock exchange where such non-convertible redeemable preference shares are sought to be listed.
    • Where the issuer has disclosed the intention to seek listing of NCRPS issued on private placement basis, the issuer shall forward the listing application along with the disclosures specified in Schedule I of with SEBI (Issue And Listing Of Non-Convertible Redeemable Preference Shares) Regulations, 2013 to the recognized stock exchange within fifteen days from the date of allotment of such non-convertible redeemable preference shares.