Agreement to Underwrite Debenture Stock (India)
This document is an agreement between a company and an underwriter to ensure the full subscription of a debenture stock offering. It establishes the underwriter's obligation to purchase any unsold stock and includes a consent letter for brokers to act on behalf of the public issue.
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About this template
What is this template?
This document is a formal underwriting contract specifically for debenture stock rather than equity shares. It contains specific commission percentage placeholders and deadlines for filing applications once public subscription lists close.
When should you use it?
Use this when a company wants to ensure its debt issue is fully funded by paying a fee to an underwriter. Use a Share Underwriting Agreement instead if the securities being issued are equity shares rather than debentures.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Underwriting Commitment | The Underwriter agrees to take up and pay for any portion of the debenture stock not subscribed for by the public. |
| 2 | Prospectus and Public Issue | The Company must cause the prospectus to be advertised and published within [number] days of the agreement date. |
| 3 | Underwriting Commission | The Company pays the Underwriter a commission of [percentage] on the nominal value of the stock, regardless of actual allotment. |
| 4 | Application for Stock | The Underwriter must deliver an application for the unsubscribed stock within [number] days after the subscription list closes. |
| 5 | Termination and Force Majeure | The Underwriter may withdraw if any part of the capital is not subscribed or if the stock is not allotted by [date]. |
Who it's for
- an Indian company issuing debenture stock to the public requiring a guaranteed subscription
- a financial institution acting as an underwriter for corporate debt securities in India
How long it runs and how it's signed
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