Foreign Currency Exchangeable Bonds: issuance conditions, pricing and overseas deployment required, with Reserve Bank approval and reporting. FCEBs must be issued by a promoter group company holding the offered listed equity, denominated in freely convertible currency, with subscribers complying with FDI policy. Interest and foreign currency issue expenses must respect the all in cost ceiling for external borrowings. Minimum maturity and mandatory delivery of offered shares on exchange are required; cash net settlement is prohibited. Proceeds must be retained or deployed overseas per ECB/overseas investment guidelines, promoter group recipients may not use proceeds for Indian capital markets or real estate, and issuance requires prior Reserve Bank approval with applicable ECB reporting and audited end use verification via the authorised dealer bank.