Mandatory convertible debentures to foreign citizen

Dear Members,

I have below questions pertaining to issue of fully convertible debenture to Foreign Citizen..

1.Is valuation required for issue of mandatory convertible debentures to Foreign Citizen?

2.In Debenture subscritption agreement, can we mentioned that shares will be allotted at a price valued after a fixed say 3 years tenure. or we have to specify the price in agreement itself??

3.After receipt of subscripttion money, ADR needs to file electronically, do we need to file FIRC and KYC of Debenture holder also??

Your advice will be really helpful..

Thanks