RBI/2008-09/411
A. P. (DIR Series) Circular No. 58
March 13, 2009
To,
All Category - I Authorised Dealer Banks
Madam / Sir,
Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs)
Attention of Authorized Dealer Category - I (AD Category - I) banks is invited
to the
A. P. (DIR Series) Circular No.39 dated December 8, 2009 on the captioned
subject. In terms of Para 7 of the above circular, the entire procedure of
buyback should be completed by the Indian Companies by March 31, 2009.
- It has been decided to extend the date for completing the entire procedure
for buyback of FCCBs from March 31, 2009 to December 31, 2009. Accordingly, the
entire procedure of buyback should be completed by December 31, 2009.
- All the other terms and conditions of buyback / prepayment of FCCBs as
mentioned in A. P. (DIR Series) Circular No.39 dated December 8, 2009, shall
remain unchanged.
- AD Category - I banks may bring the contents of this circular to the notice
of their constituents and customers concerned.
- The directions contained in this circular have been issued under sections 10
(4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is
without prejudice to permissions / approvals, if any, required under any other
law.
Yours faithfully,
(Salim Gangadharan)
Chief General Manager-in-Charge