End-use restrictions for bond proceeds: limited to promoter group or approved overseas direct investments; capital market and real estate barred. Proceeds of Foreign Currency Exchangeable Bonds may be invested in promoter group companies provided the promoter group company uses the proceeds in accordance with External Commercial Borrowings end-use requirements and is prohibited from investing those proceeds in the capital market or in real estate in India. Alternatively, the issuing company may invest proceeds overseas by way of direct investment, including in joint ventures or wholly owned subsidiaries, subject to existing guidelines on Indian direct investment abroad.