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of <h1>RBI Allows Indian Firms to Refinance Foreign Currency Convertible Bonds via Automatic Route to Ease Redemption Woes.</h1> The Reserve Bank of India has issued guidelines allowing Indian companies to refinance outstanding Foreign Currency Convertible Bonds (FCCBs) under the automatic route. This measure aims to assist companies facing challenges in meeting redemption obligations. Companies can raise fresh External Commercial Borrowings (ECBs) or FCCBs, adhering to existing ECB guidelines, with specific conditions regarding maturity, cost, and timing. The refinancing amount cannot exceed the outstanding redemption value, and the purpose must be clearly stated. Restructuring involving changes in conversion price is not allowed, except under the approval route based on proposal merits. The policy is subject to review based on macroeconomic conditions.
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