TaxTMI 
TaxTMI 
Regulation 21(2) - Foreign Currency Exchangeable Bonds (FCEBs)
X X X X Extracts X X X X
X X X X Extracts X X X X
....ay be denominated in any freely convertible foreign currency. 2. Eligible Issuer. - The issuing company shall be part of the promoter group of the offered company and shall hold the equity shares being offered at the time of issuance of FCEB. 3. The Offered Company. - The Offered Company shall be a listed company which is engaged in a sector eligible to receive Foreign Direct Investment and elig....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (i) The proceeds of FCEB may be invested by the issuing company outside India by way of direct investment including in Joint Ventures or Wholly Owned Subsidiaries abroad. Subject to the existing guidelines on Overseas Investment in Joint Ventures or Wholly Owned Subsidiaries (abroad). (ii) The proceeds on FCEB may be invested by the issuing company in the promoter group companies. 8. Promoter G....
X X X X Extracts X X X X
X X X X Extracts X X X X
....suance of FCEB, the exchange price of the offered listed equity shares shall not be less than the higher of the following two: (i) The average of the weekly high and low of the closing prices of the shares of the offered company quoted on the stock exchange during the six months preceding the relevant date; and (ii) The average of the weekly high and low of the closing prices of the shares of th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....0-RB, dated May 3, 2000) and the directions issued in that behalf by the Reserve Bank from time to time. 12. Parking of FCEB proceeds abroad. - The proceeds of FCEB shall be retained and/or deployed overseas by the issuing/promoter group companies in accordance with the policy for the ECB. It shall be the responsibility of the issuing company to ensure that the proceeds of FCEB are used by the pr....