IFC CCDs definition

IFC CCDs means 1,100,000 (one million one hundred thousand) compulsorily convertible debentures, with a face value of INR 224.19 (Indian Rupees two hundred and twenty four point one nine) each and carrying interest at the rate of 10% (ten per cent) per annum, and with such terms (including conversion) as set out in Schedule E hereto.

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IFC CCDs means fully paid compulsorily convertible debentures having a face value of Rupees 1,000 (INR one thousand only) each and having the rights, preferences and privileges as set forth in the Shareholders’ Agreement;

IFC CCDs means fully paid compulsorily convertible debentures having a face value of INR 1,000 (one thousand Indian Rupees only) each and having the rights, preferences and privileges as set forth in Schedule 12 (Terms of IFC CCDs);

Examples of IFC CCDs in a sentence

• Then the Company and the Sponsors shall comply with the provisions of Clause 8 of the SHA (Reinstatement of Rights), and shall undertake all necessary actions to ensure that the holders of the IFC CCDs are placed in the same position, and possess the same rights as set forth in this Schedule E, they had the benefit of immediately prior to the occurrence of the event set forth in (a) above.

• Unless converted in accordance with the terms of this Schedule E, the Articles of the Company and applicable Laws, the term of the IFC CCDs shall be a maximum of 10 (ten) years from their issuance.

• The Company agrees to maintain a sufficient number of authorized and unissued shares till the conversion of the IFC CCDs to permit the full conversion of the IFC CCDs in accordance with this Schedule E.

• Upon the occurrence of a Liquidation Event A or a Liquidation Event B with respect to the Company or its Subsidiaries and in terms of the SHA, the holders of the IFC CCDs shall receive the Liquidation Preference in accordance with the terms of the SHA and in the order of precedence set forth in the SHA.

• The IFC CCDs shall convert into Equity Shares of the Company immediately prior to filing of the DRHP with the SEBI.

• The date on which the IFC CCDs were issued and allotted to IFC shall be referred as “CCDs Closing Date”.

• Notwithstanding the above, the holders of the IFC CCDs will also be entitled to the buy-back preferences in accordance with the terms of the SHA and in order of preference set forth in the SHA.

• From and after the Transfer of the IFC CCDs in accordance with the terms of the SHA, the transferee of the IFC CCDs will be entitled to vote on every resolution placed before the Company, to the extent permissible under Law, in proportion to the Equity Shares held by such transferee in the share capital of the Company, assuming the transferred IFC CCDs have been converted into Equity Shares of the Company on the basis of the conversion price determined in paragraph 4.2(i) above.

• Upon the exercise of the Drag Right of the Investors or Drag Right of IFC, DEG and Proparco in accordance with Clause 6.4 and 6.5 of the SHA, the IFC CCDs shall be subject to the order of preference in terms of the sale of the Equity Securities and the returns on the Equity Securities as set out in the SHA.

• From the date of conversion of the IFC CCDs, the voting percentage of all the shareholders in the Company shall be in proportion to their shareholding in the Company.

More Definitions of IFC CCDs

IFC CCDs means the compulsorily convertible debentures having a face value of INR 10,000 (Indian Rupees ten thousand) each, issued by the Company as per and in accordance with the IFC Subscription Agreement;