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External Commercial Borrowings (ECB) Policy - Issuance of Rupee denominated bonds overseas

FEMA - 17 - Dated:- 29-9-2015 - RBI/2015-16/193 A.P. (DIR Series) Circular No.17 September 29, 2015 To, All Authorised Dealer Category - I Banks Madam/ Sir Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to the provisio .....

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amework for issuance of Rupee denominated bonds overseas within the overarching ECB policy. The broad contours of the framework are as follows: i. Eligible borrowers: Any corporate or body corporate as well as Real Estate Investment Trusts (REITs) an .....

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te with prevailing market conditions. v. Amount: As per extant ECB policy. vi. End-uses: No end-use restrictions except for a negative list. 3. The detailed guidelines for issuance of Rupee denominated bonds overseas are set out in the Annex. 4. All .....

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minated bonds overseas), parking of bond proceeds, security / guarantee for the borrowings, conversion into equity, corporates under investigation, etc., not appearing in the Annex will be applicable for borrowing by issuance of Rupee denominated bon .....

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ent Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully (B. P. Kanungo) Principal Chief General Manager Annex Issuance of Rupee denominated bonds overseas Sr. No. ECB par .....

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iction of the Securities and Exchange Board of India are also eligible. 2. Type of instrument Only plain vanilla bonds issued in a Financial Action Task Force (FATF) compliant financial centres; either placed privately or listed on exchanges as per h .....

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case of underwriting, holding of Indian banks cannot be more than 5 per cent of the issue size after 6 months of issue. Further, such holding shall be subject to applicable prudential norms. 4. Maturity Minimum maturity period of 5 years. The call a .....

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e gained. 6. End-uses The proceeds can be used for all purposes except for the following: Real estate activities other than for development of integrated township / affordable housing projects; Investing in capital market and using the proceeds for e .....

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