Inkcubeko yokuqalisa eIndiya iye yathatha isantya sayo njengoko ilizwe liye laba lelesithathu ngobukhulu inkqubo yokuphilisana kwendalo emhlabeni emva kwe-US ne China. Ngokumalunga nama-44 iinkampani ezijike zaba yi-unicorn ngo-2021, iIndiya ngoku ineziqalo ezingama-83 ezinale meko.
Nangona kunjalo, abantu abakazithembanga ngokwaneleyo ukuba bangatyala imali kwezi ziqalo. Esona sizathu sikukuba abatyali-zimali abathengisayo abanawo amandla okuxhasa ezi nkampani. Kodwa, izinto ziyatshintsha ngoku.
Utyalo-mali lukaTyke luye lwazisa izixhobo ezahlukeneyo zotyalo-mali kubatyali-mali abathengisayo ukuze babe yinxalenye yenkcubeko yokuqalisa. Ezibini kwezi zixhobo I-CSOP (Iphuli yoKhetho lweZitokhwe zoLuntu) kwaye I-CCD (IziBonelelo eziSinyanzelo eziGuqulwayo).
Ndiza kuziqhawula ezi ndlela zimbini zotyalo-mali ngokupheleleyo ukuze ungahlali ungabaqhelanga. Siza kuthelekisa zombini ezi zixhobo ukuze sibone ukuba yeyiphi enokuba lolona khetho lufanelekileyo kuwe.
Yintoni i-CSOP(Ichibi loKhetho loLuntu loLuntu)?
I-Pool ye-Stock Option yasekuhlaleni lukhetho apho nabani na akwazi ukuthenga izabelo ze-equity zenkampani. Ibandakanya onke amalungelo emali omnini zabelo, kodwa ayibandakanyi nawaphi na amalungelo okuvota kwaye ayikho kwi-cap table.
I-CSOP sisivumelwano sekhontrakthi phakathi kwenkampani kunye nomtyali-mali. Ayiphathwa njengokhuseleko phantsi kwesenzo senkampani. Iza phantsi kwecandelo lengeniso kwaye ibandakanya irhafu ethe ngqo nengathanga ngqo.
Iyafana ne I-ESOP (Iphuli yoKhetho lwabasebenzi), apho inkampani ibonelela ngezabelo ze-equity kubasebenzi bayo, i-CSOP ijolise ukugcina uluntu lwenkampani ngokubanika ukulingana.
Kukho iindidi ezimbini ze-CSOP:
1. UValuation Cap
Uqikelelo loqingqo-maxabiso lwe-CSOP luthetha olona qingqo-maxabiso luphezulu olunokuguqulwa lusuke kutyalo-mali lube kwizabelo zezabelo.
Umzekelo, ukuba utyale i-Rs. 2,00,000 [ii lakhs ezi-2] ekuqalisweni kwexabiso le-Rs. 2,00,00,000 [2 crores], ngoko umnikazi we-1% ye-equity kwinkampani.
Ngoku, ukuba inkampani ingena kumjikelo olandelayo wenkxaso-mali ngexabiso le-Rs 4,00,00,000 [iicrores ezi-4], useza kubamba i-1% yelingano.
Nangona kunjalo, ukuba inkampani inciphisa ixabiso layo kumjikelo olandelayo, masithi i-Rs. 1,00,00,000 [1 crore], ngoku uya kuba ne-2% ye-equity yenkampani.
2. Isaphulelo semali
Ngaphantsi kwe-cap yesaphulelo, umtyali-mali ufumana i-equity yenkampani ngexabiso elincitshisiweyo.
Umzekelo, ukuba utyale i-Rs.2,00,000 ekuqaleni kwi-flat 30% yesaphulelo se-cap, uya kunikwa ixabiso ngexabiso elithotyiweyo xa ukuqaliswa kungena kumjikelo olandelayo wenkxaso-mali.
Ukuba ixabiso lenkampani limi kwi-Rs.2,00,00,000 [2 crores] ngexesha lomjikelo wenkxaso-mali, uya kunikwa ixabiso ngesaphulelo se-30% (0.70×2,00,00,000=1,40,00,000) .
Ekugqibeleni, ngoku uya kuba ngumnini we-1.429% (2,00,00,000/1,40,00,000) endaweni ye-1% (2,00,00,000/2,00,00,000) yenkampani.
Yintoni iCCD?
I-Compulsory Convertible Debenture yibhondi ekufuneka iguqulelwe kwimo yezabelo ze-equity ngomhla ochaziweyo. Lukhuseleko oluxutyiweyo, njengoko ayisositokhwe okanye ibhondi.
Imali ebolekwayo mhlawumbi lukhuseleko lwetyala lexesha eliphakathi okanye elide elinikezelwa yinkampani ukuze iboleke imali ngeqondo lenzala elimiselweyo.
Oku akuquki nasiphi na isibambiso, ngokungafaniyo neebhondi zenkampani, ezikwibakala lotyalo-mali. Ukhuseleko lwakhe lukhutshwa kuphela ngokuthembeka kwenkampani ekhuphayo.
Ngokubanzi, i-tyke ibonelela ngeendlela ezine zeCCDs. Zimi ngolu hlobo lulandelayo:
1. IiCCD kuQingqo-maxabiso oluZinzileyo
Phantsi kolu hlobo lwesivumelwano, imali-mboleko iguqulwa ngokupheleleyo ibe yizabelo zezabelo zamashishini ezingenanzala emisiweyo xa ikhontrakthi iphelelwa kuqingqo-maxabiso olusisigxina.
Ngexesha lokukhutshwa, umlinganiselo wokuguqulwa kwedebenture ugqitywe. Xa ezi mboleko ziguqulwa zibe zizabelo zezabelo ngomhla obekiweyo, aba banini-mali mboleko ngokuzenzekelayo baba ngabanini-zabelo benkampani.
Izinga lenzala elihlawulwayo kumatyala emboleko ihlawulwa kuphela de iguqulwe ibe yi-equity. Imali ebolekwayo eGuquleka ngokuPheleleyo inexabiso lenzala elisezantsi kunemalimboleko engaguqukiyo.
Xa iinkampani zingenarekhodi zaneleyo okanye iinkcukacha, zikhetha ukuya kwiiCCDs kuqingqo-maxabiso olusisigxina. Le nkqubo ide yonyuse i-equity capital yenkampani. Ngaloo ndlela, ezi ntlobo zezixhobo zithandwa phakathi kwabatyalo-mali.
2. IiCCD ezineDiscount Cap
Xa i-Compulsory Convertible Debenture isayinwe kwisaphulelo sesaphulelo, oko kuthetha ukuba ngexesha lokuguqulwa, umtyali-mali uya kufumana ukulingana kwenkampani ngexabiso elithotyiweyo.
Oku kwenzeka kakhulu xa isiqalo singakwazi ukumisela ixabiso laso kwaye, ngoko, sinikezela ngeCCD kumtyali-mali.
Ngokomzekelo, ukuba umtyalo-mali unika inkampani i-Rs.1,00,000 ngexabiso elithotyiweyo le-20%, ngoko kwinqanaba elilandelayo, ukuba inkampani iphakamisa imali kwixabiso le-1,00,00,000, ngoko umnini-debenture uya ufumana izabelo zakhe ngexabiso le-[R.1,00,00,000-20%] Rs. 80,00,000.
Oku kuthetha ukuba endaweni yokufumana i-1% ye-equity, umtyalo-mali uya kuba ne-1.25% ye-equity ngomhla wokuguqulwa.
3. IiCCD ezinoMgangatho woQingqo-maxabiso/iCap
Umtyali-mali unoxanduva lokufumana i-equity kuqingqo-maxabiso oluphezulu lwenkampani phantsi koqingqo-maxabiso. Ngale nto, nokuba ixabiso lenkampani liyancipha kwixesha elizayo, umtyali-mali uya kufumana isabelo sakhe sobulungisa kuqingqo-maxabiso oluphezulu.
Unokukhetha iiCCD ezinomgangatho woqikelelo. Phantsi koku, umnini-mali ebhankini unelungelo lokufumana i-equity kumgangatho woqingqo-maxabiso oqingqwe kwangaphambili nokuba ixabiso lokuqalisa lehle kangakanani na.
Umgangatho woqingqo-maxabiso wenzelwe ukukhusela abatyali-mali ekufumaneni ilahleko egqithisileyo. Ibonelela ngokuphuma okukhuselekileyo nokuthembekileyo kutyalo-mali lwabo. Olu khetho luqinisekisa ukuba ixabiso lesabelo somjikelo olandelayo wemali libekwe kwelona xabiso liphantsi likhoyo.
4. IiCCD ezineZombini iDiscount Cap & Valuation Cap
Abatyali-mali bade babe nethuba lokukhetha i-Compulsory Convertible Debenture enekephusi yoqingqo-maxabiso kunye nesaphulelo sesaphulelo. Iimpawu zazo zombini ezi caps zidibana etafileni.
Oku kuthetha ukuba umtyali-mali ufumana izabelo zakhe ze-equity kumaxabiso aphezulu enkampani kunye nangexabiso elithotyiweyo.
Olu hlobo lotyalo-mali luthathwa njengoluyinzuzo kwaye lunomngcipheko omncinci kubatyali-mali njengoko befumana zombini iingenelo kutyalo-mali lwabo.
Kutheni i-CSOP?
Xa isiqalo siphumelela, inzuzo ifunyanwa kakhulu ngabaseki, abatyali-mali kunye nabasebenzi. Ibandla leqela elalimi ngakubo kulo lonke uhambo alifumani mbuyekezo.
Uluntu yeyona nto ibalulekileyo kuyo nayiphi na inkampani. Into eqhelekileyo kuphela kwi-60% ye-unicorns yesizwe, kungakhathaliseki ukuba yiyiphi imimandla yabo, luluntu lwalo. Ukugcina abona basebenzisi baphambili benkampani ngumceli mngeni, kwaye i-CSOP ijongana nale ngxaki kakuhle kakhulu.
I-CSOP ijolise ekuziseni utshintsho oluguquguqukayo kwishishini lokuqala ngokunika uluntu lwenkampani isabelo esilungileyo senzuzo, njengabatyali-mali. Ukubonelela ngokulinganayo kwenkampani kubasebenzisi akwanelisi nje isimilo sabo kodwa kuyabakhulisa ukunceda inkampani ukuba ikhule ngakumbi.
I-CSOP ide incede ekunciphiseni iindleko ezininzi ekuthengiseni ukuqalisa, njengoko abasebenzisi abafumana i-equity bezikhuthaza ukuba bakhulise inkampani ekugqibeleni bafumane imbuyekezo entle ngokwabo.
Kutheni iCCD?
I-CCD luhlobo lwetyala ekufuneka liguqulwe libe yi-equity ngomhla othile okanye xa lifuneka. Ngoko ke, asinakucinga ukuba lityala kanye kanye. Njengoko kunyanzelekile ukuba iCCD iguqulwe, ingabizwa ngokuba sisixhobo esimisiweyo sokulingana.
Abaqalisi bakhetha iCCD njengoko ineenzuzo ezahlukeneyo kubulungisa kwaye ilibazise ukukhutshwa kwayo. Ngokombono womniki, ineenzuzo ezininzi zerhafu. Ikwanamaxabiso angcono kwi-equity, kwaye isekelwe kwixabiso lenkampani kwixesha elizayo.
Umtyali-mali we-PE ufumana iqondo lenzala eliqinisekisiweyo elinokubakho lexabiso elonyukileyo ngexesha loguqulo, ngelixa i-equity ngqo ayithembisi nayiphi na imbuyekezo ezinzileyo. Ngoku, ngembuyekezo esisigxina kunye nokubanakho ukuphakama, iCCD ikhetheke kakhulu kunesabelo esikhethiweyo esineendleko zenkonzo ezibizayo. Oku kungenxa yokuba izabelo azirhafiswa.
Amalungelo oMnini weCSOP
Maninzi amalungelo afunyanwa ngumnini weCSOP kwaye amaninzi angawafumaniyo. Makhe sizijonge ngokufutshane.
1. Akukho theyibhile yeCap
Ii-CSOPs, njengoko sele kuxoxiwe ngazo, zizivumelwano zemali ezikwimo yengeniso. Kungenxa yoko le nto bengekho kwi-cap table.
2. Akukho malungelo okuvota
Ngokungafaniyo nabatyali-mali abaqhelekileyo benkampani, abanini-CSOP abawonwabeli nawaphi na amalungelo okuvota kwiintlanganiso zenkampani. Bangathatha inxaxheba kuphela ukuba umcimbi ubandakanya utyalo-mali lwabo.
3. Utyalo-mali oluRhafu
Olu tyalo-mali lwe-CSOP lungena phantsi kwengeniso yokuqalisa, kwaye ke lurhafiswa ezandleni zenkampani. Isenokuba phantsi kwerhafu ethe ngqo okanye engathanga ngqo.
4. UkuKhetha ukuFowuna okuSinyanzelo
Ukuba inkampani ifikelele kuqingqo-maxabiso lwangaphambili (njengoko besixoxile kule mizekelo ingasentla) apho abanini beCSOP batyale khona, bonke abanini CSOP kufuneka bakwamkele ukuhamba.
5. Utyalo-mali ngokuthe ngqo
Akukho SPV (Special Purpose Vehicle) ebandakanyekayo ekuqhubeleni phambili utyalo-mali. Oku kuthetha ukuba umntu angatyala imali ngokuthe ngqo kwinkampani ngokusayina isivumelwano seCSOP esisayinwe ngumseki wenkampani kunye nomtyali-mali.
6. Ulwazi olulinganiselweyo
Kukho uthintelo ekwabelaneni ngolwazi kunye neenkcukacha zemali zenkampani kunye nabatyali-zimali be-CSOP. Abatyali-mali bafumana ulwazi oluncinci kakhulu ngenkampani, njengoko sele kukhankanyiwe ngokupheleleyo kwisivumelwano.
Amalungelo oMnini weCCD
Umnini weCCD ufanelekile ukuba afumane inzala, kodwa zininzi izinto angafanelanga ukuzenza ngelixa ebambe iwonga lomnini debentula. Makhe sijonge loo malungelo:
1. Akukho malungelo okuvota
Abanini beDebenture abanamalungelo okuvota kwimisebenzi yenkampani, njengoko bengengabo abanini-zabelo kwinkampani. Oku kungenxa yokuba idebenture lukhuseleko oluxutyiweyo hayi ibhondi okanye isitokhwe.
2. Akukho theyibhile yeCap
I-CCD ayithathwa njengenkunzi yesabelo senkampani de iguqulwe ibe yi-equity. Ngaloo ndlela, nawuphi na umthathi-nxaxheba oneCCD akayi kufumana indawo kwitafile ye-cap.
3. UGuqulelo kwi-Equity
Ilungelo elingundoqo lomnini wemali ebolekwayo kukuba aguqulelwe ngokunyanzeliswayo abe yimali eyinkunzi ngomhla ochaziweyo kunye neziphumo ezikhawulezileyo.
4. Irhafu
Imali-mboleko ithathwa njengengeniso yokuzuza njengenkunzi kwaye, ngoko ke, irhafiswa ngumthetho. Umtyali-mali kufuneka akhankanye amatyala abo kwi-ITR yabo kwaye ahlawule isinyanzelo irhafu engenayo.
Izibonelelo zoMphathi weCSOP
Kukho iinzuzo ezininzi ezibandakanyekayo kubanini be-CSOP. Makhe sijonge kubo:
1. UFikelelo oluLula kwii-Start-Ups ezikhulayo
Olu khetho lulawulwa ngokukodwa njengekhontrakthi yezemali esetyenziswa ziinkampani ezikhulayo esele zinyuse imali kwii-VCs eziphezulu kunye namaziko.
2. Umngcipheko ophantsi
Umngcipheko obandakanyekayo ungaphantsi ngokuthelekiswa nabatyali-mali benkampani, njengoko abanini-CSOP benegatya lokuphuma ngendlela yokuthenga ngemali. Oku kwenzelwa abasebenzisi abafuna ukubuyisela ulwelo olukhawulezayo.
3. eyiyo
I-CSOP sisivumelwano esifutshane nesilula esingabandakanyi imigaqo emininzi yothethathethwano. Oku kwenza isivumelwano singabi nangxaki kwaye sikhawuleze.
Iinzuzo zoMnini weCCD
Zininzi izibonelelo zomnini weCCD xa eqalisa. Nazi ezimbalwa zazo:
1. Imbuyekezo eZinzileyo
Enye yeenzuzo eziphambili zabanini-mali ebolekwayo kukuba bafumana imbuyekezo esisigxina kutyalo-mali lwabo ngendlela yomdla. Eli zinga alichatshazelwa kukuphakama nokuhla kwenkampani.
2. Akukho ziNgxaki malunga noLawulo
Njengoko imali yokubolekisana ilukhuseleko oluxutyiweyo kwaye ingeyiyo imali eyinkunzi, ayiphazamisi kulawulo lwenkampani. Baxhalabile nje ngembuyekezo yabo.
3. Umthombo woMvuzo oZinzile
Olu lutyalo-mali apho ufumana ingeniso ezinzileyo ngamaxesha athile. Le yinto enqabileyo kwicandelo lotyalo-mali, kodwa olu luhlobo lweDebentures. Bahlawulwa umlinganiselo omiselweyo wenzala njengoko kuchaziwe ngexesha lesivumelwano.
4. Ezoqoqosho
Kunoqoqosho kakhulu kwabaqalayo njengoko izinga lenzala ephantsi libanika inzuzo ekugcineni iimali zabo ngaphandle kokunikezela ngezabelo ezininzi ngokukhawuleza.
5. Utyalo-mali oluKhuselekileyo
Ngokungafaniyo notyalo-mali oluthe ngqo, iiCCDs ziyindlela yotyalo-mali ekhuselekileyo. Ngomlinganiselo omiselweyo wembuyekezo kunye nentlawulo ephambili kwimeko apho inkampani iphelile, banikezela ngomngcipheko ophantsi kakhulu. Ngoko ke, abantu abangakuthandiyo ukuthatha umngcipheko omkhulu banokukhetha iCCD.
Zombini utyalo-mali lweCSOP kunye neCCD lukho ngokufanelekileyo kwiinkampani ezikhulayo kunye nabaqalayo. I-Tyke inikezela ngezi zixhobo zemali ngokusebenzisa amaqonga ayo kubo bonke abasebenzisi bayo. Nangona kunjalo, ukukhetha nawuphi na omnye wabo njengophumeleleyo wokugqibela sisihloko esahlukileyo esixhomekeke kusetyenziso kunye namandla otyalo-mali.
Ungaya kwi-CSOP ukuba uyathanda ukutsiba ukholo kwaye ube nentembelo epheleleyo kwinkampani. Nangona, ukuba ufuna ukuya kwicala elikhuselekileyo, ungakhetha ukuya kwiCCD.
I-CSOP inamandla okunika imbuyekezo enkulu kwixesha elizayo ukuba inkampani iyaphumelela, njengoko ibonelela ngokulingana ngqo kwinkampani kuqingqo-maxabiso. Ukuthetha ngeCCD, ufumana umthombo ozinzileyo wengeniso ngendlela yomdla, eyona nto idibanisa abantu abafuna ukwenza imali rhoqo.
Xa sithetha ngabalawuli, akufanelanga ukuba uvote kwiintlanganiso zenkampani okanye kwiinkqubo zotyalo-mali lwe-CSOP neCCD. Nangona kunjalo, njengokuba iCCD yakho iguqulelwa kwizabelo zezabelo kwixa elizayo, uba ngumnini wenkampani kwaye ube nelungelo lokuvota.
Ngokubanzi, zombini ezi zixhobo zinenzuzo kakhulu kwi-start-ups njengoko kutsala abatyali-mali abathengisayo belizwe ukuba batyale imali kubo ngaphandle kokuthatha nayiphi na i-equity enkulu kwinkampani. Ngembuyekezo entle kunye nokusebenza kakuhle kwenkampani, inokuba yimeko yokuphumelela kubasebenzisi abatyala imali nge-CSOP okanye iCCD.
Ucinga ntoni ngezi zimbini iindlela zotyalo-mali eziveliswe nguTykeInvest?
D o undazise iingcinga zakho kwicandelo lokuphawula elingezantsi.
Vishal Z
Ungacacisa “4. UkuKhetha ukuFowuna okuSinyanzelo” kwicandelo ngeenkcukacha ezithe kratya apho umntu ongeyomali unokuyiqonda lula (mhlawumbi ngomzekelo)?
Kuya kuba luncedo olukhulu. Enkosi.
Pawan
Ngokuqinisekileyo iVishal. Makhe ndinike umzekelo olula ukukucalula.
Makhe sicinge ukuba umtyali-mali uthengisa ukhetho lokufowuna ngexabiso logwayimbo lwe-$15 oluphelelwa kwiveki ezayo ngedola kwaye inkampani ngoku irhweba nge-$13, ukhetho luxabisa idola. Kule meko, umbhali ufumana i-premium ye-$ 100 ekubeni ukhetho lwe-equity lubandakanya iinketho ze-100 ngekhontrakthi nganye. Oku kubonisa ukuba umtyalo-mali une-bearish kwi-stock kwaye ukholelwa ukuba ixabiso liya kuwa. Umtyali-mali ulindele ukuba umnxeba uphelelwe lilize.
Nangona kunjalo, masithi ngosuku olungaphambi kokuphelelwa kwenketho, i-firm ibhengeza ukuba ifumana enye inkampani kwaye ixabiso lesitokhwe likhuphukela kwi-20 yeedola. Ngenxa yoko, abaninzi abanini beenketho zokufowuna benza ukhetho lwabo lokuthenga. Oku kubonisa ukuba umthengisi wenketho yokufowuna kufuneka ahambise izabelo ezili-100 zesitokhwe senkampani nge-$15 ngesabelo ngasinye okukhokelela “kuKhetho lokuFowuna oluSinyanzelo.”
Akshay Shah
Ngaba i-CSOP ivumelekile eIndiya?