Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs)

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....ent of Foreign Currency Convertible Bonds (FCCBs) Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to the A.P. (DIR Series) Circular No. 39 dated December 08, 2008, A.P. (DIR Series) Circular No. 65 dated April 28, 2009 and A.P. (DIR Series) Circular No.07 dated August 09, 2010 on the captioned subject. 2. The Reserve Bank is presently considering applications u....

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....: i) the buyback value of the FCCB shall be at a minimum discount of 8 per cent on the book value; ii) the funds used for the buyback shall be out of existing foreign currency funds held either in India (including funds held in the EEFC account) or abroad and / or out of fresh ECB raised in conformity with the current ECB norms; and iii) where the fresh ECB is co-terminus with the outstan....

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....f 20 per cent of book value for the redemption value of over USD 75 million and up to USD 100 million. 4. Applications complying with the above conditions may be submitted, together with the supporting documents, through the designated AD Category - I bank, to the Chief General Manager-in-Charge, Reserve Bank of India, Foreign Exchange Department, ECB Division, Central Office, 11th Floor, Centr....