Tsika yekutanga muIndia yakawedzera kukurumidza sezvo nyika yave yechitatu pakukura kwekutanga-ecosystem pasi rose mushure meUS neChina. Nemakambani anosvika makumi mana nemana akachinja kuita unicorn muna 44, India ikozvino ine makumi masere nematatu ekutanga-ups ane chinzvimbo ichi.
Nekudaro, vanhu havasati vavimbika zvakakwana kuisa mari mukutanga-ups uku. Chikonzero chikuru ndechekuti vatengesi vezvitoro havana simba rekubhadhara makambani aya. Asi, zvinhu zvave kuchinja zvino.
Tyke invest yakaunza zvakasiyana-siyana zvekudyara mari kune vatengesi vezvitoro kuitira kuti vagove chikamu chekusimudzira kwekutanga tsika. Zviviri zvezviridzwa izvi ndizvo CSOP (Community Stock Option Pool) uye CCD (Compulsory Convertible Debentures).
Ini ndichaputsa idzi mbiri dzekudyara sarudzo zvachose kuitira kuti urege kuramba usina kujairana nazvo. Isu tichafananidzawo ese ari maviri ezviridzwa izvi kuti tione kuti ndeipi inogona kuve yakakunakira sarudzo.
Chii chinonzi CSOP (Community Stock Option Pool)?
Nharaunda Stock Option Pool isarudzo iyo chero munhu anokwanisa kutenga zvikamu zveequity zvekambani. Inosanganisira kodzero dzese dzemari dzemugovani, asi hazvibatanidzi chero kodzero dzekuvhota uye haipo patafura yecap.
A CSOP chibvumirano chechibvumirano pakati pekambani nemuiti wemari. Iyo haina kubatwa sechidziviriro pasi pemaitiro emakambani. Inouya pasi pechikamu chemari uye inosanganisirawo mitero yakananga uye isina kunanga.
Zvakafanana ne ESOP (Mushandi Stock Option Pool), apo kambani inopa migove yekuenzanisa kuvashandi vayo, CSOP ine chinangwa chekuchengetedza nharaunda yekambani nekuvapa kuenzana.
Kune marudzi maviri eCSOP:
1. Valuation Cap
Iko kukosha kwekukosha kweCSOP kunoreva kukosha kwepamusoro kunogona kushandurwa kubva mukudyara kuita zvikamu zveequity.
Semuenzaniso, kana iwe wakaisa mari yeRs. 2,00,000 [2 lakhs] mukutanga pamutengo weRs. 2,00,00,000 [2 crores], ipapo iwe une 1% yehuwandu mukambani.
Ikozvino, kana kambani ikapinda muchikamu chinotevera chemari ine kukosha kweRs 4,00,00,000 [macrores mana], iwe uchange wakabata 4% yehuwandu.
Nekudaro, kana kambani ikadzikisa kukosha kwayo muchikamu chinotevera, ngatiti Rs. 1,00,00,000 [1 crore], unenge wave ne 2% yehuwandu hwekambani.
2. Discount Cap
Pasi pechivharo chekudzikisa, investor anowana kuenzana kwekambani nemutengo wakaderedzwa.
Semuyenzaniso, kana wakaisa Rs.2,00,000 mukutanga-up paflat 30% discount cap cap, unozoiswa mutengo pamutengo wakadzikiswa apo kutanga-up kunopinda muchikamu chinotevera chemari.
Kana kukosha kwekambani kwakamira paRs.2,00,00,000 [2 crores] panguva yekupihwa mari, ipapo unozopihwa mutengo ne30% discount (0.70×2,00,00,000=1,40,00,000) .
Pakupedzisira, iwe unenge wave uine 1.429% (2,00,00,000/1,40,00,000) panzvimbo ye1% (2,00,00,000/2,00,00,000) yekambani.
Chii chinonzi CCD (Compulsory Convertible Debentures)?
A Compulsory Convertible Debenture ibhondi inofanirwa kushandurwa kuita maequity shares panguva yakatarwa. Iyo hybrid kuchengetedza, sezvo isiri chete stock kana bond.
A Debenture ingave yepakati kana yenguva refu yechikwereti chekuchengetedza inopihwa nekambani kukwereta mari pamwero wakatemerwa wemubereko.
Izvi hazvibhadhare chero chibvumirano, kusiyana nemabhondi emakambani, ari egiredhi rekudyara. T kuchengetedza kwake kunopihwa chete pakuvimbika kwekambani inoburitsa.
Kazhinji, tyke inopa mana akasiyana eCCDs. Izvo zvinotevera:
1. CCDs At Fixed Valuation
Pasi pemhando iyi yechibvumirano, debenture inoshandurwa zvizere kuita zvikamu zveequity kana kondirakiti inopera pamutengo wakatemwa.
Munguva yekuburitsa, iyo yekutendeuka reshiyo yedebenture inosarudzwa. Kana zvikwereti izvi zvashandurwa kuita equity shares pazuva rakafanotemerwa, ava vane debenture vanongoerekana vava vagovanisi vekambani.
Mari yemubereko iri kubhadharwa pamadebenturi inobhadharwa chete kusvika yashandurwa kuita equity. Fully Convertible Debentures anotakura mubereko wakaderera pane Non-convertible debentures.
Kana makambani asina marekodhi akakwana kana data, vanosarudza kuenda kumaCCDs pachiyero chakatarwa. Iyi nzira inotowedzera iyo equity capital yekambani. Saka, idzi mhando dzezviridzwa zvakakurumbira pakati pevanoisa mari.
2. MaCCD ane Discount Cap
Kana iyo Compulsory Convertible Debenture ikasainwa padhiresi chivharo, zvinoreva kuti panguva yekutendeuka, investor anogashira kuenzana kwekambani nemutengo wakaderedzwa.
Izvi zvinonyanya kuitika kana kutanga-up kusingakwanisi kuona kukosha kwayo uye, nokudaro, inopa CCD kumutengesi.
Semuyenzaniso, kana investor akapa kambani Rs.1,00,000 pamutengo wakaderedzwa we20%, zvino muchikamu chinotevera, kana kambani ikakwidza mari pamutengo weRs.1,00,00,000, ipapo muridzi kugamuchira migove yake pamutengo we[Rs.1,00,00,000-20%] Rs. 80,00,000.
Izvi zvinoreva kuti panzvimbo yekugamuchira 1% yekuenzana, mushambadzi achange aine 1.25% yekuenzana pazuva rekutendeuka.
3. MaCCD Ane Valuation Floor/Cap
Munhu anodyara mari anosungirwa kuti agamuchire iyo equity pamutengo wepamusoro wekambani pasi peiyo valuation cap. Kuburikidza neizvi, kunyangwe kukosha kwekambani kukadzikira mune ramangwana, investor anogashira mugove wake wekuenzana pane iyo yakanyanya kukosha.
Iwe unogona kutosarudza maCCD ane valuation floor. Pasi peizvi, muridzi wedhipatimendi anokodzera kugashira kuenzana pane yakatemerwa valuation pasi zvisinei nekuti kukosha kwekutanga kwadzika sei.
Iyo valuation floor inoitirwa kuchengetedza vanoisa mari kubva mukurasikirwa kwakanyanya. Inopa yakachengeteka uye yakavimbika yekubuda pamari yavo. Iyi sarudzo inovimbisa kuti mutengo wemugove wechikamu chemari chinotevera waiswa pamutengo wepasi uripo.
4. MaCCD Ane Zvose Discount Cap & Valuation Cap
Iwo ma investimendi anotove nesarudzo yekusarudza yeCompulsory Convertible Debenture nezvose zviri zviviri valuation cap uye discount cap. Zvimiro zvezvivharo izvi zviviri zvinouya pamwechete patafura.
Izvi zvinoreva kuti investor anowana ake equity migove mune zvese zviri zviviri kukosha kwekambani uye nemutengo wakaderedzwa.
Rudzi urwu rwekudyara rwunoonekwa serunobatsira uye rwusina njodzi kune vanoisa mari sezvo vachiwana zvese zvakanakira mukudyara kwavo.
Sei CSOP?
Kana yekutanga-up ikabudirira, purofiti inowanikwa zvakanyanya nevavambi, vanoisa mari, uye vashandi. Ungano yeungano yakamira parutivi pavo murwendo rwose hapana chairi kuwana.
Nharaunda ndiyo inonyanya kukosha pane chero kambani. Izvo chete zvinowanzoitika mu60% unicorns yenyika, zvisinei nenzvimbo dzadzo, inharaunda yayo. Kuchengeta vashandisi vepakati vekambani idambudziko, uye CSOP inobata nedambudziko iri zvakanaka.
CSOP ine chinangwa chekuunza shanduko ine simba muindasitiri yekutanga nekupa nharaunda yekambani chikamu chakaringana chepurofiti, senge vanoisa mari. Kupa kuenzana kwekambani kune vashandisi hakungokwidzi tsika yavo chete asi zvakare kuvasimudzira kubatsira kambani kukura mberi.
CSOP inotobatsira mukucheka mari yakawanda pakushambadzira kwekutanga-ups, sezvo vashandisi vanowana iyo equity vanozvikurudzira kuti vakure kambani kuti vazopedzisira vawana mibairo yakanaka ivo pachavo.
Sei CCD?
ACCD imhando yechikwereti chinofanira kushandurwa kuita equity pazuva rakatarwa kana pazvinenge zvichidikanwa. Saka, hatigone kuzviona sechikwereti chaizvo. Sezvo zvichisungirwa kuti CCD itendeuke, inogona kunzi deferred equity instrument.
Kutanga-ups inosarudza CCD sezvo iine mabhenefiti akasiyana siyana mukuenzanisa uye inononoka kuburitswa kwayo. Kubva pakuona kweanopa, ine mabhenefiti akawanda emutero. Iyo zvakare ine mitengo iri nani pane equity, uye yakavakirwa pakukosha kwekambani mune ramangwana.
A PE investor anowanawo yakavimbiswa mwero wemhindu ine mukana weiyo yakawedzera kukosha panguva yekushandura, nepo kuenzana kwakananga hakuvimbisi chero yakagadziriswa kudzoka. Iye zvino, nekudzoka kwakagadziriswa uye kukwanisa kwepamusoro, CCD inonyanya kukoshesa kudarika chikamu chekuda chinodhura mari yebasa. Izvi zvinodaro nekuti ma dividends haabatirwe mutero.
Kodzero dzeMubati weCSOP
Pane kodzero dzakawanda dzinowanikwa nemunhu ane CSOP uye dzakawanda dzaasina. Ngatimbovatarisai muchidimbu.
1. Hapana Cap Tafura
CSOPs, sezvatokurukurwa, zvibvumirano zvemari zviri muchimiro chemari. Ichi ndicho chikonzero ivo vasipo patafura ye cap.
2. Hapana Kodzero dzekuvhota
Kusiyana nevaya vanodyara mari vekambani, vane CSOP havafarire chero kodzero dzekuvhota mumisangano yekambani. Vanogona chete kutora chikamu kana nyaya ichibatanidza mari yavo pachavo.
3. Mutero Investments
Iyi mari yeCSOP inouya pasi pemari yekutanga, uye nekudaro inobhadhariswa mutero mumaoko ekambani. Inogona kuuya pasi pemutero wakananga kana mutero usina kunanga.
4. Inomanikidzwa Call Option
Kana kambani yasvika kune yaimbove kukoshesa kwakawanda (sezvatakakurukura mumienzaniso iri pamusoro) pakaiswa mari nevaridzi veCSOP, vese vane CSOP vanosungirwa kubvuma kuenda.
5. Kuisa mari zvakananga
Iko hakuna SPV (Special Purpose Vehicle) inobatanidzwa mukufambisa mari. Izvi zvinoreva kuti munhu anogona kuisa mari mukambani nekusaina chibvumirano cheCSOP chakasainwa nemuvambi wekambani uye muisiri wemari.
6. Ruzivo Rwakaganhurirwa
Pane chinorambidzwa kugovera ruzivo uye data rezvemari rekambani nevaisiri veCSOP. Vanoisa mari vanowana ruzivo rushoma kuburikidza nekambani, sezvazvakatotaurwa zvachose muchibvumirano.
Kodzero dzeACCD Holder
Munhu ane CCD anokodzera kuwana zvaanofarira, asi pane zvinhu zvakawanda zvaasingakodzeri kuita aine chimiro chemutambi. Ngatitarisei kodzero idzodzo:
1. Hapana Kodzero dzekuvhota
VeDebenture havana kodzero dzekuvhota mumashandiro ekambani iyi, sezvo vasiri ivo vagovani vekambani iyi. Izvi zvakare nekuti debenture ndeye hybrid chengetedzo uye kwete bond kana stock.
2. Hapana Cap Tafura
MaCCDs haaonekwe semugove mukuru wekambani kusvika ashandurwa kuita equity. Nokudaro, chero ani zvake ane CCD haazowani nzvimbo patafura ye cap.
3. Shanduko kuva Equity
Kodzero yekutanga yeane debenture holder nderekuti vanochinjirwa nechisimba kuita equity capital pazuva rakatarwa nemhedzisiro.
4. Mutero
Debenture inoonekwa semari yekuwana mari uye, nekudaro, inotereswa nemutemo. Munhu anodyara mari anofanira kutaura zvikwereti zvavo muITR yavo uye kubhadhara zvinosungirwa mutero wemari.
Benefits Of A CSOP Holder
Kune akawanda mabhenefiti anosanganisirwa kune vane CSOP vane. Ngationei kwavari:
1. Easy Access Kukura Kutanga-Ups
Iyi sarudzo yakanyatsogadziriswa sechibvumirano chemari chinoshandiswa nemakambani ari kukura akatosimudza mari kubva kuVCs yepamusoro uye masangano.
2. Low Risk
Ngozi inosanganisirwa yakadzikira pane vanoisa mari mukambani, sezvo varidzi veCSOP vane chirevo chekubuda nenzira yekutenga mari. Izvi zvakagadzirirwa vashandisi vari kutsvaga kukurumidza kudzoka kwemvura.
3. Inoshanda
CSOP chibvumirano chipfupi uye chiri nyore chisingasanganisi mazwi mazhinji ekutaurirana. Izvi zvinoita kuti chibvumirano chive chisina kunetseka uye nekukurumidza.
Mabhenefiti eCCD Holder
Kune akawanda mabhenefiti eCCD mubati wekutanga-up. Heano mashoma acho:
1. Fixed Returns
Imwe yemabhenefiti ekutanga evaridzi vedebenture ndeyekuti vanowana madzoro akatsiga pakudyara kwavo nenzira yezvido. Chiyero ichi hachikanganisike nekukwirira uye kuderera kwekambani.
2. Hapana Hanya Nezve The Management
Sezvo ma debentures ari hybrid kuchengetedza uye kwete equity capital, haapindire mukutonga kwekambani. Vanongova nehanya nekudzoka kwavo.
3. Yakagadzikana Income Source
Uku ndiko kudyara kwaunowana mari yakagadzikana nguva nenguva. Ichi chinhu chisingawanzo muchikamu chekudyara, asi ichi ndicho chimiro cheDebentures. Ivo vanobhadharwa chiyero chakatarwa chemubereko sezvakatsanangurwa panguva yechibvumirano.
4. Zvehupfumi
Izvo zvine hupfumi zvakanyanya kune vanotanga-up sezvo mubereko wakaderera unovapa mukana mukuchengetedza mari yavo pasina kupa yakawanda kuenzana nekukasira.
5. Yakachengeteka Investment
Kusiyana nekudyara kwakananga, CCDs isarudzo yakachengeteka yekudyara. Neyero yakatarwa yekudzoka uye kubhadharwa kwekutanga kana kambani ichipera, vanopa njodzi yakaderera. Saka, vanhu vasingade kutora njodzi huru vanogona kusarudza CCD.
Zvese zviri zviviri CSOP neCCD investimendi zviripo kune makambani ari kukura uye ekutanga-ups. Tyke inopa izvi zviridzwa zvemari kuburikidza nemapuratifomu ayo kune vese vashandisi vayo. Nekudaro, kusarudza chero ipi zvayo semukundi wekupedzisira inyaya inosiyana inoenderana nekushandiswa uye kugona kwemuridzi.
Unogona kuenda kuCSOP kana uchida kusvetuka kutenda uye uine chivimbo chakazara mukambani. Nepo, kana uchida kuenda kune rimwe divi rakachengeteka, ipapo unogona kusarudza CCD.
A CSOP ine mukana wekupa madzoro akakura kune ramangwana kana kambani ikabudirira, sezvo ichipa kuenzana kwakananga mukambani pachivharo chevaluation. Kutaura nezveCCD, iwe unowana yakagadzikana sosi yemari muchimiro chezvido, inova imwe pfungwa yekuti vanhu vari kutsvaga kuita mari nguva dzose.
Tichitaura nezve manejimendi, haukodzeri kuvhota mumisangano yekambani kana mashandiro mune zvese zviri zviviri CSOP neCCD investments. Zvakadaro, sezvo CCD yako inoshandurwa kuita zvikamu zveequity mune ramangwana, unova mugoveri wekambani uye une kodzero yekuvhota.
Pakazere, ese ari maviri zviridzwa izvi anobatsira zvakanyanya kune ekutanga-ups sezvo achikwevera vatengesi vezvitoro munyika kuti vadyare mazviri pasina kutora chero chiyero chikuru mukambani. Nekudzoka kwakanaka uye kufamba zvakanaka kwekambani, inogona kuve yekukunda-kukunda mamiriro kune vashandisi vanodyara kungave kuburikidza neCSOP kana CCD.
Iwe unofungei nezve idzi mbiri sarudzo dzekudyara dzakaunzwa neTykeInvest?
D o ndizivise pfungwa dzako muchikamu chekutaura pazasi.
Vishal Z
Unogona here kutsanangura “4. Inomanikidzira Kufona Sarudzo” chikamu mune zvimwe zvakadzama apo munhu asiri wezvemari anogona kuzvinzwisisa zviri nyore (pamwe nemuenzaniso)?
Ichava rubatsiro rukuru. Ndatenda.
Pawan
Sure Vishal. Rega ndikupe muenzaniso wakapfava wekukuparura iwe.
Ngatifungei kuti munhu anodyara mari anotengesa sarudzo yekufona ine mutengo wemadhora gumi nemashanu unopera svondo rinouya nedhora uye kambani iri kutengeserana nemadhora gumi nematatu, sarudzo yakakosha dhora. Muchiitiko ichi, munyori anogashira $15 premium sezvo sarudzo yekuenzanisa ine zana sarudzo pachibvumirano. Izvi zvinoratidza kuti investor is bearish pane stock uye anotenda kuti mutengo uchadonha. Muridzi anotarisira kuti kudanwa kunopera kusina maturo.
Zvisinei, ngatitii zuva risati rapera sarudzo, femu inozivisa kuti iri kutora imwe kambani uye mutengo wemasheya unokwira kusvika pamadhora makumi maviri. Nekuda kweizvozvo, vazhinji vanofona sarudzo vanobata vanoisa yavo yekutenga sarudzo. Izvi zvinoratidza kuti mutengesi wesarudzo yekufona anodiwa kuendesa zvikamu zana zvemasheya ekambani pamadhora gumi nemashanu pamugove zvichikonzera "Compulsory Call Option."
Akshay Shah
CSOP inotenderwa kuIndia here?