Consolidation and re-issuance :

An issuer may carry out consolidation and re-issuance of its debt securities, subject to the fulfillment of the following conditions:

a) there is such an enabling provision in its articles under which it has been incorporated;

b) the issue is through private placement;

c) the issuer has obtained fresh credit rating for each re-issuance from at least one credit rating agency registered with SEBI and is disclosed;

d) such ratings shall be revalidated on a periodic basis and the change, if any, shall be disclosed;

e) appropriate disclosures are made with regard to consolidation and re-issuance in the Term Sheet.