Markets regulator Sebi today issued a new framework for listing of non-convertible debentures (NCDs) and non-convertible redeemable preference shares (NCRPS) following mergers and acquisitions (M&As). A listed company may seek listing of NCRPS/NCDs issued pursuant to a scheme of arrangement only in case where the listed firm is a part of such scheme and such securities are issued to the holders of specified securities of such listed entity, Sebi said in a circular. “Only the NCRPS/NCDs issued to the holders of listed specified securities, vide the scheme of arrangement, would be eligible for seeking listing,” it added.
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