Definition
Non-Convertible Debenture – A fixed-income debt instrument issued by a company that cannot be converted into equity shares, used to raise debt capital from bond investors (often at a fixed coupon, sometimes secured against specific assets). Because exchange listing-disclosure rules require periodic financial reporting from any company with a listed security, equity or debt, a company that has listed NCDs can end up filing quarterly financial results years before it ever conducts an equity IPO. Found In: Notes to Financial Statements (borrowings), Cover Page (listed-security disclosures)