Debentures are freely transferable by the debenture holder. Indirect taxes are also entirely prohibited on the issue of certain securities and debentures. The company issued corporate debentures and warrant bonds on the Swiss capital market. The tax rates were higher on equities than on debentures and bonds. IBJ raised funds by issuing bank debentures. It also trades stocks, debentures, mutual fund shares, and warrants. Concurrently, the company sold $85 million in convertible debentures. Roughly 60% of this reserve was composed of US government bonds and debentures. In 2011, Religare Finvest successfully issued non-convertible debentures (NCDs) worth Rs. 800 crore. In 1988, Reliance Industries came up against a rights issue regarding partly convertible debentures. In 1949 the trustees purchased all the outstanding shares and debentures. On March 1, 1987 Microsemi sold $35M in convertible debentures. When the debentures were converted, Clarins held 23.33% of the shares. Prohibits any invitation to the public to subscribe for shares or debentures of the company. The money was raised through the sale of debentures paying 5 percent interest.