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PAkl 111- Sl..~. 4J THE GAZEITE OF INDIA, AI'Rlll9, 2014 (CHAITRI\ 29. 1936), 2767
Housing Finance Companies issuance QfNon-Com'ertible Dcbcnture~on private placcm/.'ntbasis (NI ill) Directi"n" 20 14
No. NHRHFC.NCD-DIR. I/CMD!2014-The National Housing Flankhaving comidered it necessary' in!he (lublic intere:,1and being satisfied tMt for th/.'purpJse of eilllblingit to I ':gulate!he housing finance sy1>1ernof thecountry to its advantage, it is necessary to give the Direclions mentioned bc:low,hereby in exercise of the powers• conferred by sections 30A and 31 of the National Housing Bank Act, 1987 (53 of 1987) and all the powersLl1abling it in tllis behalf, giyes theDircclions hereinafter specificd
I. Short title, colluncm:ement and applicability of the Directions:
(1) lhcse Directions shall be kriovm as the Housing Finance Companies issuance ofNon-ConvcrtibleD~bentures on private plac~ment basis (NHB) Directions, 20 14.
(2) Thcy shall come into foree on IstApri12014.
(3) Unless oth~mise directed by the National Housing Bank, these Din'Ctions shall be applicable to everyhousing finance company rcgisllTOOunder section 29A of the National Housing DankAet, 1987 (53 of1987).
2, JJcfmiti{lns:
(1) In these Directions, unless the context olhclV>iserequires,
(a) "Non-eon\'ertibIc Debenture" means a debt instrumcnt issued b)' IIhousing finance company withmaturity for one year or more and issued by way orprivate placement.
(b) "Private Placement" means non-public offering of Non-Convertible Debentures (NClli) by housingfinance companies to such numhcr of select subscribers ami such subsl..Tiptionamounts, liSmay bespecified by theNatiorutl Housing Bank, lrom time to time,
(c) "Public Issuc"means an invillltionbya housing finance oompanylo public to subscribe to the securitiesoffered through a prospectus.
(2) Words or expressions used butoot defined herein and defined in the National Housing BankAct, 1987shall have thc same meaning as assigned to them therein. Any other words or cxpressiom nO!defined hereinor in the National Housing BankAct, 1987 shall have the same meaning as assigned to them in the R••-serveBankoflndiaAct, 1934 (2 ofl934), Banking RegulationAct, 1949(lOof 1949), theCompaniesAct, 1956(I ofl956},!he CompaniesAct, 2013 {ISof2013) and Se<:uritiesand Exchange BoardoflndiaAel, 1992(150fl992).
3. Purposeoflhc issue:
(I) A housing finance company shall issllCnon-eonvertible debentures for deployment offunds on itsO\1m balance shce!.
(2) No hoUsingfinance company shall issue llOn-convertibledebenlures to facilitate rcoolliCCrequests ofgroup entities! parent company I associates.
4, Eligibilityloissuc:
A huusing finance company shall be eligiblclo issue non-convcn.ible debenture ifit has the ne! owned fimdof lOcrores as per the latest audited balance sheet.
TilE GAZFr.E OF n,DlA, APRIL 19, 2014 (CHAI1RA29, 1936) '[PARTIll-St<::, 4
•
5, Rating Rl-ql.lirernent:
(I ) An eligible hOll';ingfInance company intending to issue oon-wnwrtible debentures shall obtain ereditrating for the same from on~of the credit rating agencies, vir., the Credit Rating Information Semcesoflndia Ltd. (CRlSIL) or1l1CInveslmenllnfonnation and Credit Rating Agency oHndia Ltd. (ICRA.)or the CredilAnalysis and Re=ch Ltd. (CARE), or the FITCH Ratings India Pvt. Ltd or BrickworkRatings India Pvt. Ltd or sl.<Chother agencies registered with Securities and Exchange Board of India(SEBl) or such other cre:lit rating agencies as may be specifIed by the National Housing Bank fromtime 10time, for the pur.Jose.
(2) The housing fInance co'npany should have minimum credil rating of adequate degrreof safety regard-ing timely servicingofi:nancial obligations.. .
(3) The housing fmance (ompany shall ensure al the time of issuance of the non-convertible debenturesthat the rating so oblaUlOOi$eUITentand has not fallen due for review.
6. Maturily:
(I ) Non-ennvcnible debenlure~ shall not be issued for maturities ofless than 12months from the dateofissue.
(2) The exercise:date of option (pot/call), jf any, attached 10the non-convenible debentures shall not fallwithin the period of olle)-ear from the dale of issue.
(3) No roll-over of non--ronvertible debentures is pcnnilled.
(4) The tenor of the non-eom'ertible debentures shall not exceed the validity period of tile credil mtingof the instrumcnl, ifany.
7. Maximum number ofinve:slOrsand minimum amounl of subscription per investor:
(I) [nan issue of non-convertible debentures, housing fmane<:company shall restrict the number ofinvestors to 49 (forty nine), idt.,'Ittifiedupfront by such housing finance company.
(2) 'Theminimum subscription amoWlt for a single investor shall re Rs.251akh and inmultiples ofRs.Slakh, thereafter.
8. Limits and the AmolUllof Issue of non-eonvcrtible debentw'eS:
(I ) The aggregate amoWlt (,fnon-convertible debentures issued by a housing finance company shall bewithin sueh limit as may be approved by the Borl ofDira1ors of the housing finance company orthe quantum indicated by the Credit RatingAgency for the rating granted, whichever is 10••••'l:r.
(2) The total amOlmtof non-eonvcrtible debentures proposed to be iS$ucd shall be completed within aperiod 000 days from the date on which the housing ftnance company opens the issue for sub-scription. •
9. Conditions for issue of oon-convertible debcntw'eS:
(I) A housing fltlll!lCecompany shall have in place, a Board approved policy for resource planningwhich, inter alia, should coverthe plarmino:hori/..onand the periodicity of private placement of non.convertible debentun.:s.
(2) The olTerdocument for private placemenl should be issued within amaximum period of 6 monthsfrom the date of the Board Rcsolutionauthorizing the issue.
I
PAR' \l1-SEC,4J THE GAL.ETIt OF INlJlA, APRIL 19,2014 (ClIAITR/l29, 1936) 2769
10. Procedure forls,;uance:
(1) l he housing finance compuny shall dioclosc to the prospedivc investors, its Iinancial position a~pet thes1illldardmarket pmcticc. In particular, the offcrdocumenl should include the names and designationsof the omcials who are ulilborized 10issue such olTerdocument. The Board resolution and the offerdocument must contain information on purpose for which the resources are being raised. The offerdocument may bt: printed or typed "For Private Circulation Only". General information including theaddress oftha Registered Office of the HI'C, dale of opening! closing of the issue, maturity period,rate of interes I, etc. shall be clearly mentioned in the offer document
(2) The auditorsofthe housing finance company shan cenify 10the investors that all the eligibility condi-tions set forth in these directions for the issue of non--wnvertible debentures arc met by the housingfInance company.
(3) The rcquiremenl5 of all the provi~ions of the Companies Act, 1956 and the S~'Curitjesand ExchangeBoord oflndia (Issue and Listing ofDcbt Securities) Regulations, 2008, or any other law, that may beapplicable, shall be complied with by the housing finance company ..
(4) The Debenture Cenificate shall be issued within the period prescribod in the Companies Act, 1956 orany other law as in force at the lime of issuance.
(5) NOll-conveniblc debentures may be issued at face value carrying a coupon rate or at a disCOlUlt10facc value as zero eoupon instruments as determined by the housing finance company.
II. Debenture Trustee:
(1) Every housing finance company issuing non-convcrtible debentures shall appoint a Debenture Trusteefor each issue.
(2) Any entity that is registered as a Debenture Trustee v.ith the &emities and ExdwJlge Board oflndiaunder the Securities and Exellant,>eBoard oflndia (Debenture Trustees) Regulations, 1993, shall beeligible to act as Debenture Trustee for issue of the non-convertible debentures.
(3J The Debenture Trustee shall submit to the National Housing Bank such information as required by itfrom time to timc.
12. Security Cover for non-convertible debentures;
(I) A housing finance company issuing non--wnvcrtible debentures shaHensure that at all poilus of limesuch debentures are fully secured.
(2) In case, atthe stage of issue, the security cover is insufficient! not created, the issue proceeds shall beplaced under escrow until creation of security, which in any case should be within one month from thedateofissllC.
(3) The provisions ofthe above paragraph shall not apply to any wnount received as 'hybrid debt' or'subordinated debt', as defined in the HousingFinancc Companies (Nlffi) DircctiollS, 2010 having thcminimwn maturity period of which is not less than sixty months.
13. Pn:fcrcnce for Dematerialization:
While option is available to UtchOl15ingfinance companie~ to issue non-<:onvertible debentures in dcmateri-a1izodor physical form, they are encouraged to issue debentures in dcmalcrializod form.
14, Loan again~t dcbemurcs:
No housing finance company shall extcnd lo;u1sagainst the security onts oWndcbentures is~ucd either byway of private placement or public issue.
15. Board'srcport:lbc Board's report attached to every balance sheet laid before a housing finance company in general meeting
shall include a stalement showing :-
(I) The total number of non-convcrtible debentures which have not been claimed by the Investors or notpaid by the housing finance company after the date on whieh the non-eonvertible debentures OCCamedue for redemption; !Illd
(2) The total amount in respect of such debentures remaining unclaimed or 1U1paidbeyond th,::date re-ferred to in clause (1) as aforesaid.
16, Exemptions:The National Housing Bank may, ifit considers it necessary for avoiding any hardship or for any other just
and sufficitmt rc3SOn,grant extensions of time to comply with or exempt any housing finance company or class ofhousing finance companies, fromall or any of the pTtwisiOllSoftheseDirection~ either l,.'Ci.erallyorfor any specified,period subject to such conditions as the National Housing Bank may impose.
17. Interpretations:For the purposcofgivingcffect to the provisions of these directions, the National Housing Bankmay, ifit
considers necessary, issuc necessary clarifications in respect of an)' matter covered herein llTldthe interpretation ofany provision of these directions given by the National Housing Bank shall be final and binding on all the panicsconcerned.
THE G/IZETTE OF INDIA, APRIl. 19. 2014 (CHAlTRA29. 1936) IP""T Ill-S"". 4
•
R.V.VERMAChairman &Managing Director
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