Regulation 21(2)(i) - Automatic Route for Issue of Foreign Currency Convertible Bonds (FCCBs)

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..... Convertible Bonds (FCCBs) (i) The FCCBs to be issued will have to conform to the Foreign Direct Investment Policy (including Sectoral Cap and Sectors where FDI is permissible) of the Government of India as announced from time to time and the Reserve Bank's Regulations/directions issued from time to time. (ii) The issue of FCCBs shall be subject to a ceiling of 1[USD 750 Million] in any one f .....

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..... on No: FEMA 3/2000-RB dated 3rd May 2000. The "all in cost" shall include coupon rate, redemption premium, default payments, commitment fees, and fronting fees, if any, but shall not include the issue related expenses such as legal fees, lead managers fees, out of pocket expenses. (vii) The FCCB proceeds shall not be used for investment in Stock Market, and may be used for such purposes .....

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..... all not provide guarantee/letter of comfort etc. for the FCCB issue. (xii) The issue related expenses shall not exceed 4% of issue size and in case of private placement, shall not exceed 2% of the issue size. (xiii) The issuing entity shall, within 30 days from the date of completion of the issue, furnish a report to the concerned Regional Office of the Reserve Bank of India through a designated .....

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