TMI BlogRegulation 21(2) - Foreign Currency Exchangeable Bonds (FCEBs)X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy :- The FCEB may be denominated in any freely convertible foreign currency. 2. Eligible Issuer. - The issuing company shall be part of the promoter group of the offered company and shall hold the equity shares being offered at the time of issuance of FCEB. 3. The Offered Company. - The Offered Company shall be a listed company which is engaged in a sector eligible to receive Foreign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd-use of FCEB proceeds: Issuing Company: (i) The proceeds of FCEB may be invested by the issuing company outside India by way of direct investment including in Joint Ventures or Wholly Owned Subsidiaries abroad. Subject to the existing guidelines on Overseas Investment in Joint Ventures or Wholly Owned Subsidiaries (abroad). (ii) The proceeds on FCEB may be invested by the issuing company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve Bank of India. 11. Pricing of FCEB. - At the time of issuance of FCEB, the exchange price of the offered listed equity shares shall not be less than the higher of the following two: (i) The average of the weekly high and low of the closing prices of the shares of the offered company quoted on the stock exchange during the six months preceding the relevant date; and (ii) The average o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng or Lending in Foreign Exchange) Regulations, 2000, (FEMA 3/2000-RB, dated May 3, 2000) and the directions issued in that behalf by the Reserve Bank from time to time. 12. Parking of FCEB proceeds abroad. - The proceeds of FCEB shall be retained and/or deployed overseas by the issuing/promoter group companies in accordance with the policy for the ECB. It shall be the responsibility of the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3/2000-RB, dated May 3, 2000) 'with regard to reporting of external commercial borrowings shall apply to FCEB. **************** Notes: 1. Scheme IV inserted vide notification no. 188/2009 dated 3/2/2009 with effect from 23/9/2009. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
