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Part C : RBI/FEMA
Given below are the highlights of certain RBI Circulars
A. P. (DIR Series) Circular No. 65, dated April 28, 2009
Buyback/Prepayment of Foreign Currency Convertible Bonds
(FCCBs)
Presently, buyback of FCCB up to US $ 50 million is
permitted, subject to certain terms and conditions, under the approval route.This Circular has raised this limit for buyback out of
internal accruals from US $ 50 million to US $ 100 million, subject to the
following :
i) Minimum discount of 25 per cent of book value for
redemption value up to USD 50 million;ii) Minimum discount of 35 per cent of book value for the
redemption value over USD 50 million and up to USD 75 million; andiii) Minimum discount of 50 per cent of book value for
the redemption value of USD 75 million and up to USD 100 million.
