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Issuers of corporate bonds may consolidate and re-issue their debt securities if they have made an enabling provision for the same in their Articles of Incorporation. A SEBI concept paper on the corporate bond market on Thursday proposed that consolidation and re-issuance could be done only if the issue is through private placement with the issuer having obtained a credit rating from at least one rating agency, besides periodic rating revalidation and its disclosure. The paper also said that the term sheet should contain appropriate disclosures on consolidation and re-issuance.
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