RBI/2010-11/158
A.P. (DIR Series) Circular No.07
August 09, 2010
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Buyback / Prepayment 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. 44 dated March 29, 2010 in terms
of which Indian companies were allowed to buyback their Foreign Currency
Convertible Bonds (FCCBs) under the approval route, up to June 30, 2010, subject
to the issuers complying with all the terms and conditions of buyback/
prepayment of FCCBs.
- 2. On a review of the policy and in view of the representations received
from the issuers of FCCBs, it has been decided to consider applications,
under the approval route, for buyback of FCCBs until June 30, 2011, subject
to the issuers complying with all the terms and conditions of buyback/
prepayment of FCCBs, as mentioned in the
A.P. (DIR Series) Circular No.39
dated December 08, 2008 and
A.P. (DIR Series) Circular No.65 dated April 28,
2009. Accordingly, the applications, complying with the 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, External Commercial Borrowings Division,
Central Office, 11th Floor, Central Office Building, Shahid Bhagat Singh
Road, Mumbai-400 001.
- 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