Chikhalidwe choyambira ku India chayamba kuyenda bwino chifukwa dzikolo lakhala lachitatu pakukula kwachilengedwe padziko lonse lapansi pambuyo pa US ndi China. Ndi makampani pafupifupi 44 omwe adasanduka unicorn mu 2021, India tsopano ili ndi oyambitsa 83 omwe ali ndi udindowu.
Komabe, anthu alibe chidaliro chokwanira kuti agwiritse ntchito ndalama zoyambira izi. Chifukwa chachikulu ndikuti ogulitsa malonda alibe mphamvu zothandizira makampaniwa. Koma, zinthu zikusintha tsopano.
Tyke invest yabweretsa zida zosiyanasiyana zopangira ndalama kwa ogulitsa malonda kuti athe kukhala gawo la chikhalidwe choyambira. Awiri mwa zida izi ndi CSOP (Community Stock Option Pool) ndi CCD (Compulsory Convertible Debentures).
Ndidzaphwanya njira ziwiri izi ndalama kwathunthu kuti musakhale osadziwa nawo. Tidzafaniziranso zida zonsezi kuti tiwone kuti ndi iti yomwe ingakhale yabwino kwa inu.
Kodi CSOP (Community Stock Option Pool) ndi chiyani?
Gulu la Stock Option Pool ndi njira yomwe aliyense angathe kugula magawo akampani. Zimakhudza maufulu onse azachuma a eni ake, koma sizimakhudza ufulu wovota ndipo palibe pa kapu.
CSOP ndi mgwirizano wamgwirizano pakati pa kampaniyo ndi Investor. Sichimatengedwa ngati chitetezo pansi pamakampani. Zimabwera pansi pa gawo la ndalama komanso misonkho yachindunji ndi yosalunjika.
Zofanana ndi ESOP, komwe kampani imapatsa antchito ake magawo ake, CSOP imafuna kusunga gulu la kampaniyo powapatsa mwayi.
Pali mitundu iwiri ya CSOP:
1. Valuation Cap
Mtengo wamtengo wapatali wa CSOP umatanthawuza chiwongoladzanja chomwe chingasinthidwe kuchoka pa ndalama kukhala magawo a equity.
Mwachitsanzo, ngati mwayika ndalama za Rs. 2,00,000 [2 lakhs] poyambira pamtengo wa Rs. 2,00,00,000 [ma crores 2], ndiye kuti muli ndi 1% yazachuma pakampani.
Tsopano, ngati kampaniyo ipita kugawo lotsatira landalama ndi mtengo wa Rs 4,00,00,000 [ma crores 4], mukhalabe ndi 1% yazachuma.
Komabe, ngati kampaniyo ichepetsa kuwerengera kwake mugawo lotsatira, tinene ma Rs. 1,00,00,000 [1 crore], tsopano mukhala ndi 2% yazachuma zamakampani.
2. Kuchotsera Kapu
Pansi pa chiwongola dzanja chochotsera, wogulitsa amapeza ndalama za kampaniyo pamtengo wotsika.
Mwachitsanzo, ngati mwaikapo ndalama zokwana Rs.2,00,000 poyambira pamtengo wochotsera 30%, mudzagulidwa pamtengo wotsikirapo pomwe zoyambira zimalowa mugawo lotsatira landalama.
Ngati mtengo wa kampaniyo ukhala pa Rs.2,00,00,000 [2 crores] panthawi yopereka ndalama, ndiye kuti mudzagulidwa pamtengo wochotsera 30% (0.70×2,00,00,000=1,40,00,000) .
Pamapeto pake, mudzakhala ndi 1.429% (2,00,00,000/1,40,00,000) m'malo mwa 1% (2,00,00,000/2,00,00,000) ya kampaniyo.
Kodi CCD (Compulsory Convertible Debentures) ndi chiyani?
A Compulsory Convertible Debenture ndi ngongole yomwe iyenera kusinthidwa kukhala ma equity shares pa tsiku lodziwika. Ndi chitetezo chosakanizidwa, chifukwa sichimangokhala katundu kapena mgwirizano.
Debenture ndi chiwongola dzanja chapakati kapena chanthawi yayitali choperekedwa ndi kampani kuti ibwereke ndalama pamlingo wotsimikizika wa chiwongola dzanja.
Izi sizikulipira chikole chilichonse, mosiyana ndi ma bond amakampani, omwe ali amtundu wandalama. T chitetezo chake chimaperekedwa kokha pa kudalirika kwa kampani yomwe ikupereka.
Nthawi zambiri, tyke imapereka mitundu inayi ya ma CCD. Iwo ali motere:
1. MaCCD Pakuwerengera Kokhazikika
Pansi pa mgwirizano wamtunduwu, debenture imasinthidwa kukhala magawo ogawana pomwe mgwirizano utha pamtengo wokhazikika.
Panthawi yopereka, chiŵerengero cha kutembenuka kwa debenture chimasankhidwa. Ma debentures awa akasinthidwa kukhala ma equity sheya pa tsiku lomwe lidakonzedweratu, omwe ali ndi ngongole amangokhala eni ake akampani.
Chiwongola dzanja chomwe chimalipidwa pama debentures amangoperekedwa mpaka atasinthidwa kukhala equity. Ma Debentures Osinthika Mokwanira amakhala ndi chiwongola dzanja chochepa kuposa ma debentus Osasinthika.
Makampani akakhala alibe mbiri yokwanira, amakonda kupita ku CCDs pamtengo wokhazikika. Izi zimakulitsa ngakhale capital capital yakampani. Choncho, zida zamtunduwu ndizodziwika pakati pa osunga ndalama.
2. Ma CCD Omwe Ali Ndi Discount Cap
Pamene Compulsory Convertible Debenture isayinidwa pamtengo wotsika, zikutanthauza kuti panthawi yotembenuka, wogulitsa adzalandira ndalama za kampaniyo pamtengo wotsika.
Izi zimachitika makamaka pamene kuyambitsa sikungathe kudziwa mtengo wake ndipo, motero, kumapereka CCD kwa wogulitsa.
Mwachitsanzo, ngati wogulitsa akupereka kampani Rs. 1,00,000 pamtengo wotsika wa 20%, ndiye mumzere wotsatira, ngati kampaniyo ikweza ndalama pamtengo wa Rs.1,00,00,000, ndiye kuti mwiniwakeyo adzachita kulandira magawo ake pamtengo wa [Rs.1,00,00,000-20%] Rs. 80,00,000.
Izi zikutanthauza kuti m'malo molandira 1% ya ndalamazo, wobwereketsayo adzakhala ndi 1.25% ya ndalamazo pa tsiku la kutembenuka.
3. Ma CCD Omwe Ali ndi Valuation Floor/Cap
Wogulitsa ndalama ali ndi udindo wolandira ndalamazo pamtengo wokwanira wa kampaniyo pansi pa kapu yoyesa. Kupyolera mu izi, ngakhale mtengo wa kampaniyo utachepa m'tsogolomu, wogulitsa ndalama adzalandira gawo lake lamtengo wapatali pamtengo wapatali.
Mutha kusankha maCCD okhala ndi malo owerengera. Pansi pa izi, mwiniwake wa debenture ndiye woyenera kulandira chiwongola dzanja pamtengo womwe udakhazikitsidwa kale mosasamala kanthu kuti kuwerengera koyambira kwatsika bwanji.
Malo owerengera amapangidwa kuti ateteze osunga ndalama kuti asawonongeke kwambiri. Zimapereka njira yotuluka yotetezeka komanso yodalirika pamabizinesi awo. Izi zimatsimikizira kuti mtengo wagawo wandalama wotsatira umayikidwa pamtengo wochepera womwe ulipo.
4. Ma CCD Omwe Ali ndi Zonse Zochotsera & Kuwerengera Mtengo
Ogulitsa amakhala ndi mwayi wosankha Compulsory Convertible Debenture yokhala ndi kapu yamtengo wapatali komanso kapu yochotsera. Mawonekedwe a makapu onsewa amabwera palimodzi patebulo.
Izi zikutanthawuza kuti wogulitsa ndalama amapeza magawo ake omwe ali nawo pamtengo wokwanira wa kampani komanso pamtengo wotsika mtengo.
Ndalama zamtunduwu zimawonedwa ngati zopindulitsa komanso zosawopsa kwa osunga ndalama chifukwa amapeza zabwino zonse pakugulitsa kwawo.
Chifukwa chiyani CSOP?
Kuyamba kukakhala kopambana, phindu limapezedwa kwambiri ndi omwe adayambitsa, osunga ndalama, ndi antchito. Gulu la gulu lomwe linaima pambali pawo paulendo wonse sililandira kalikonse.
Gulu ndi gawo lofunikira kwambiri pakampani iliyonse. Chinthu chokhacho chodziwika mu 60% unicorns amtunduwo, mosasamala kanthu za madera awo, ndi dera lawo. Kusunga ogwiritsa ntchito pakampani ndizovuta, ndipo CSOP imathana ndi vutoli bwino kwambiri.
CSOP ikufuna kubweretsa kusintha kwakukulu m'makampani oyambira popatsa gulu la kampaniyo gawo labwino la phindu, monganso osunga ndalama. Kupereka chiwongola dzanja cha kampani kwa ogwiritsa ntchito sikungowonjezera chikhalidwe chawo komanso kumawathandiza kuti athandize kampaniyo kukula.
CSOP imathandizanso kuchepetsa ndalama zambiri pakutsatsa koyambira, popeza ogwiritsa ntchito omwe amapeza ndalama amadzilimbikitsa kuti akulitse kampaniyo kuti pamapeto pake apeze phindu labwino.
Chifukwa chiyani CCD?
CCD ndi mtundu wangongole womwe umayenera kusinthidwa kukhala wofanana pa tsiku lodziwika kapena pakufunika. Choncho, sitingaganize kuti ndi ngongole ndendende. Popeza ndikofunikira kuti CCD atembenuke, zitha kutchedwa chida chochedwetsedwa.
Oyambitsa amakonda CCD chifukwa ili ndi maubwino osiyanasiyana ndipo imachedwetsa kutulutsidwa kwake. Kuchokera pamalingaliro a wopereka, ali ndi maubwino angapo amisonkho. Ilinso ndi mitengo yabwino pazachuma, ndipo imatengera mtengo wakampani mtsogolo.
Wogulitsa ndalama wa PE amapezanso chiwongola dzanja chotsimikizika ndi kuthekera kwa mtengo wowonjezedwa pakusintha, pomwe chilungamo chachindunji sichilonjeza kubweza kulikonse. Tsopano, ndi kubweza kosasunthika komanso kuthekera kokweza, CCD ndi yabwino kwambiri kuposa gawo lokonda lomwe lili ndi ndalama zogulira. Izi zili choncho chifukwa ma dividends salipidwa msonkho.
Ufulu Wa Wogwirizira CSOP
Pali maufulu ambiri omwe mwini CSOP amapeza komanso ambiri omwe sapeza. Tiyeni tione mwachidule.
1. Palibe Cap Table
CSOPs, monga momwe tafotokozera kale, ndi mapangano azachuma omwe ali munjira ya ndalama. Ichi ndichifukwa chake palibe pa tebulo la kapu.
2. Palibe Ufulu Wovota
Mosiyana ndi omwe amagulitsa ndalama pakampani, omwe ali ndi CSOP sasangalala ndi ufulu uliwonse wovota pamisonkhano yamakampani. Atha kutenga nawo mbali pokhapokha ngati nkhaniyo ikukhudza ndalama zawo.
3. Ndalama Zolipira Misonkho
Mandalama a CSOP awa amabwera pansi pa ndalama zoyambira, motero amakhoma msonkho m'manja mwa kampaniyo. Ikhoza kutsatiridwa ndi msonkho wachindunji kapena wosalunjika.
4. Mokakamizika Kuitana Njira
Ngati kampaniyo yafika pa kuchuluka kwa mtengo wakale (monga tafotokozera m'zitsanzo pamwambapa) pomwe eni ake a CSOP adayikapo ndalama, onse omwe ali ndi CSOP akuyenera kuvomereza kunyamuka.
5. Kuyika Ndalama Mwachindunji
Palibe SPV (Special Purpose Vehicle) yomwe ikukhudzidwa popititsa patsogolo ndalamazo. Izi zikutanthauza kuti munthuyo atha kuyika ndalama mwachindunji kukampaniyo posayina pangano la CSOP losainidwa ndi woyambitsa kampaniyo komanso woyika ndalamayo.
6. Zambiri Zochepa
Pali zoletsa kugawana zambiri komanso ndalama za kampaniyo ndi omwe akugulitsa ndalama a CSOP. Ogulitsawo amapeza chidziwitso chochepa kwambiri kudzera mu kampaniyo, monga momwe zatchulidwira kale mu mgwirizano.
Ufulu Wa A CCD
Wokhala ndi CCD ndi oyenera kupindula, koma pali zinthu zambiri zomwe sakuyenera kuchita atakhala ndi mbiri ya mwiniwakeyo. Tiyeni tiwone maufulu amenewo:
1. Palibe Ufulu Wovota
Omwe ali ndi Debenture alibe ufulu wovota pazochita za kampaniyo, chifukwa si eni ake a kampaniyo. Izi zili choncho chifukwa debenture ndi chitetezo chosakanizidwa osati chikole kapena katundu.
2. Palibe Cap Table
Ma CCD saganiziridwa kuti ndi likulu la kampani mpaka atasinthidwa kukhala gawo. Choncho, aliyense amene ali ndi CCD sadzapeza malo pa kapu.
3. Kusandulika Kukhala Wofanana
Ufulu waukulu wa omwe ali ndi debenture ndikuti amasinthidwa mokakamiza kukhala capital capital patsiku lodziwika ndi zotsatira zake posachedwa.
4. Misonkho
Debenture imatengedwa ngati ndalama yopezera ndalama ndipo, motero, imakhometsedwa ndi lamulo. Wogulitsa ndalama ayenera kutchula zomwe adachita mu ITR yawo ndikulipira zovomerezeka msonkho wa phindu.
Ubwino Wokhala ndi CSOP
Pali zabwino zambiri zomwe zimakhudzidwa kwa omwe ali ndi CSOP. Tiyeni tiwone iwo:
1. Kufikira Kwapafupi Kukula Koyambira
Njirayi imayendetsedwa makamaka ngati mgwirizano wachuma womwe umagwiritsidwa ntchito ndi makampani omwe akukula omwe adapeza kale ndalama kuchokera ku ma VC apamwamba ndi mabungwe.
2. Chiwopsezo Chochepa
Chiwopsezo chomwe chilipo ndi chochepa poyerekeza ndi omwe amagulitsa ndalama pakampaniyo, popeza omwe ali ndi CSOP ali ndi gawo lotuluka ngati kugula ndalama. Izi zimapangidwira ogwiritsa ntchito omwe akufunafuna kubweza kwamadzi mwachangu.
3. Yothandiza
CSOP ndi mgwirizano waufupi komanso wosavuta womwe suphatikiza mawu ambiri pazokambirana. Izi zimapangitsa mgwirizanowu kukhala wopanda zovuta komanso wachangu.
Ubwino Wokhala ndi CCD
Pali zabwino zambiri kwa omwe ali ndi CCD poyambitsa. Nawa ochepa mwa iwo:
1. Kubwerera Kokhazikika
Chimodzi mwazabwino zazikulu za omwe ali ndi debenture ndikuti amapeza phindu lokhazikika pamabizinesi awo monga zokonda. Mtengo uwu sukhudzidwa ndi kukwera ndi kutsika kwa kampani.
2. Palibe Chokhudza Zokhudza Utsogoleri
Popeza ma debentures ndi chitetezo cha hybrid osati capital equity, samasokoneza kayendetsedwe ka kampani. Amangokhudzidwa ndi kubwerera kwawo.
3. Gwero la Ndalama Zokhazikika
Izi ndi ndalama zomwe mumapeza ndalama zokhazikika nthawi ndi nthawi. Ichi ndi chinthu chosowa m'gawo lazachuma, koma ichi ndi chikhalidwe cha Debentures. Amalipidwa chiwongola dzanja chokhazikika monga momwe zafotokozedwera panthawi ya mgwirizano.
4. Zachuma
Ndizopanda ndalama zambiri kwa oyambitsa chifukwa chiwongoladzanja chochepa chimawapatsa mwayi wosunga ndalama zawo popanda kupereka ndalama zambiri nthawi yomweyo.
5. Ndalama Zotetezedwa
Mosiyana ndi ndalama zachindunji, ma CCD ndi njira yabwino yopezera ndalama. Ndi chiwongola dzanja chokhazikika komanso kulipira kwakukulu ngati kampaniyo ikutha, amapereka chiopsezo chochepa kwambiri. Choncho, anthu amene sakonda kuchita zinthu zoopsa angathe kusankha CCD.
Mabizinesi onse a CSOP ndi CCD alipo pamakampani omwe akukula komanso omwe akuyamba kumene. Tyke imapereka zida zandalama izi kudzera pamapulatifomu ake kwa onse ogwiritsa ntchito. Komabe, kusankha aliyense wa iwo kukhala wopambana kwambiri ndi mutu wosiyanasiyana womwe umadalira kagwiritsidwe ntchito ndi mphamvu ya woyimilirayo.
Mutha kupita ku CSOP ngati mukufuna kudumpha chikhulupiriro ndikukhala ndi chidaliro chonse pakampani. Pomwe, ngati mukufuna kupita ku mbali yotetezeka, mutha kusankha CCD.
CSOP ili ndi kuthekera kopereka phindu lalikulu mtsogolo ngati kampaniyo itachita bwino, chifukwa imapereka chiwongolero chamakampani pamtengo wowerengera. Kulankhula za CCD, mumapeza gwero lokhazikika la ndalama mu mawonekedwe a zokonda, zomwe ndizowonjezera kwa anthu omwe akufunafuna kupeza ndalama nthawi zonse.
Tikakamba za oyang'anira, simukuyenera kuvota pamisonkhano yamakampani kapena machitidwe onse amakampani a CSOP ndi CCD. Komabe, CCD wanu akadzasinthidwa kukhala ma equity shares mtsogolomu, mudzakhala ogawana pakampaniyo ndipo muli ndi ufulu wovota.
Ponseponse, zida zonsezi ndizopindulitsa kwambiri poyambira pomwe zimakopa ogulitsa ogulitsa mdziko muno kuti azigwiritsa ntchito popanda kutenga ndalama zazikuluzikulu pakampani. Ndi phindu labwino komanso kuyendetsa bwino kwa kampani, zitha kukhala zopambana kwa ogwiritsa ntchito kudzera mu CSOP kapena CCD.
Mukuganiza bwanji za njira ziwirizi zopangira ndalama zoyambitsidwa ndi TykeInvest?
D o ndidziwitseni malingaliro anu mu gawo la ndemanga pansipa.
Visha Z
Kodi mungafotokoze “4. Gawo la Compulsory Call Option” mwatsatanetsatane momwe munthu wopanda ndalama angamvetsetse (mwina ndi chitsanzo)?
Zidzakhala zothandiza kwambiri. Zikomo.
Pawan
Ndi Vishal. Ndiloleni ndipereke chitsanzo chophweka kuti ndikufotokozereni.
Tiyerekeze kuti wogulitsa ndalama akugulitsa njira yoyimbira foni yomwe ili ndi mtengo wa $15 womwe utha sabata yamawa pa dollar ndipo kampaniyo ikugulitsa $13, njirayo ndiyofunika dola imodzi. Pamenepa, wolemba amalandira ndalama zokwana $100 popeza njira ya equity imakhala ndi zosankha 100 pa mgwirizano uliwonse. Izi zikuwonetsa kuti Investor ndi bearish pa stock ndipo amakhulupirira kuti mtengo udzagwa. Wogulitsa ndalama amayembekeza kuti kuyitanidwa kudzatha popanda phindu.
Komabe, tiyerekeze kuti tsiku lisanathe ntchitoyo, kampaniyo ikulengeza kuti ikupeza kampani ina ndipo mtengo wamtengo wapatali ukukwera kufika pa $20. Zotsatira zake, ambiri omwe ali ndi mwayi woyimba foni amatha kusankha zosankha zawo. Izi zikuwonetsa kuti wogulitsa njira yoyitanitsa akuyenera kupereka magawo 100 akampani pa $ 15 pagawo lililonse zomwe zimapangitsa "Kuyimba Mokakamiza."
Akshay Shah
Kodi CSOP ndiyololedwa ku India?