Agreement to Underwrite Debenture Stock (India) by OLL
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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 contract between a company and an underwriter to ensure a public debt offering is fully subscribed. It is not a direct debenture certificate but an arrangement to guarantee the sale of those instruments, including a specific statutory consent letter for brokers under the Companies Act 1956.
When should you use it?
Use this document when a company is issuing bonds or debentures to the public and requires a third party to guarantee the purchase of any unsold portion. Use a standard Subscription Agreement instead if the securities are being sold directly to private investors without a public prospectus.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Offer for Public Subscription | Obliges the company to offer a specified amount of debenture stock for public subscription. |
| 3 | Underwriting Obligation | Requires the underwriter to pay for the whole of the debenture stock not allotted to other persons within a specified number of days. |
| 4 | Payment of Nominal Value | Sets out that the underwriter must pay the full nominal value of the stock by installments specified in the prospectus. |
| 5 | Premium Fixing | Grants the underwriter the right to fix the premium for the stock subscription, which reverts to the company upon failure to comply. |
| 6 | Notice Service | Deems any notice sent to the underwriter's address as served 12 hours after posting. |
| Letter of Consent | Brokerage Fees | Agrees to a brokerage rate of 1.5% on the nominal value for Bond allotments bearing the broker's stamp. |
Who it's for
- an Indian company issuing mortgage debenture stock via public prospectus
- a financial entity acting as an underwriter for a secured bond issue
- brokers providing consent for their name to appear in a company prospectus
How long it runs and how it's signed
Law it's drafted under
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