Regulation 20A - Consolidation and re-issuance - Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008

1 [Consolidation and re-issuance 20A. An issuer may carry out consolidation and re-issuance of its debt securities, 2 [in the manner as may be specified by the Board from time to time] subject to the fulfillment of the following conditions: a) 3 [the articles of association of the issuer shall not have any provision, whether express or implied, contrary to such consolidation and re-issuance;] b) the issue is through private placement; c) 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; d) such ratings shall be revalidated on a periodic basis and the change, if any, shall be disclosed; e) appropriate disclosures are made with regard to consolidation and re-issuance in the Term Sheet.] ************ 1 Inserted by the SEBI(Issue and Listing of Debt Securities) (Amendment) Regulations, 2015 w.e.f. 24-03-15. 2 Inserted by the SEBI (Issue and Listing of Debt Securities) (Amendment) Regulations, 2017, w.e.f. 13.06.2017 3 Substituted ibid for clause which read there is such an enabling provision in its articles under which it has been incorporated; .