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Hi Kalpesh and Terun,

By definition, Non-Convertible Debenures (NCD) cannot be converted to shares at maturity. Hence refund amount should be in cash only. To answer Terun's question, Face Value of NCD (in this case Rs 1000, should be refunded on matuiry) regardless of price at which you bought NCD from the marker. Interest should also be paid based on face value.

More information could be found at: http://en.wikipedia.org/wiki/Debenture

Hope this helps.

Warmest Regards