Refinancing under automatic route allowed for FCCB redemption subject to ECB terms, monitoring and prior registration. Indian companies may raise fresh ECBs/FCCBs under the automatic route to refinance outstanding FCCBs, provided the fresh borrowing meets extant ECB maturity and cost norms, does not exceed the outstanding redemption value, is not raised within six months before maturity, and is declared in Form 83 as for 'Redemption of outstanding FCCBs'. Designated AD Category I banks must monitor end use; all other automatic route ECB conditions apply and amounts count toward the automatic route limit. Restructuring that changes the conversion price is not permitted; other restructurings require approval route consideration.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Refinancing under automatic route allowed for FCCB redemption subject to ECB terms, monitoring and prior registration.
Indian companies may raise fresh ECBs/FCCBs under the automatic route to refinance outstanding FCCBs, provided the fresh borrowing meets extant ECB maturity and cost norms, does not exceed the outstanding redemption value, is not raised within six months before maturity, and is declared in Form 83 as for 'Redemption of outstanding FCCBs'. Designated AD Category I banks must monitor end use; all other automatic route ECB conditions apply and amounts count toward the automatic route limit. Restructuring that changes the conversion price is not permitted; other restructurings require approval route consideration.
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