In corporate finance, a debenture is a medium- to long-term debt instrument used by large corporates or companies to raise money, at a fixed rate of interest that is slightly higher than interest offered by nationalised banks on fixed deposits. The NCDs are issued by corporates either for expansion or to repay their higher interest loans. They can be Secured or Unsecured in nature. Secured NCDs fetch lesser interest as compared to Unsecured NCDs. Further there are two types of debentures, convertible and non-convertible. Convertible debentures are converted into Shares upon maturity, whereas non-convertible debentures offer varying interest payment options till maturity along with return of principal amount at maturity.

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