Understanding NCDs (Non-Convertible Debentures): Types and Key Information Understanding NCDs (Non-Convertible Debentures): Types and Key Information Non-Convertible Debentures (NCDs) are a type of debt instrument issued by companies to raise capital. Kiran Shroff / Monday, January 20, 2025 0 292 Article rating: 2.5 When a company issues an NCD, it is borrowing money from investors with a promise to pay back the principal along with interest at a later date. NCDs cannot be converted into equity shares of the company, hence the name "non-convertible." Read more