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of <h1>Foreign Currency Exchangeable Bonds allow Indian companies to issue foreign currency bonds exchangeable for equity shares</h1> The Foreign Exchange Management Act establishes definitions for the Foreign Currency Exchangeable Bonds Scheme of 2008. Foreign Currency Exchangeable Bonds are foreign currency-denominated bonds issued by Indian companies to non-resident subscribers, exchangeable for equity shares of another Indian company. The scheme defines three key entities: the Issuing Company that issues the bonds, the Offered Company whose shares are exchangeable for the bonds, and Promoter Groups as defined under securities regulations. Both issuing and offered companies must be Indian companies under the Companies Act 1956, while bonds are subscribed by foreign residents and may be wholly or partially exchangeable based on attached equity warrants.
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