FULLY CONVERTIBLE CUMULATIVE PREFERENCE SHARE (EQUIPREF) :

This instrument is in two parts A & B. Part A is convertible into equity shares automatically and compulsorily on the date of allotment without any application by the allottee, and Part B is redeemed at par/ converted into equity after a lock in period at the option of the investor, at a price 30% lower than the average market price. The dividend is given only for part B shares.