RBI Update_Extension of Time Limit for Buyback of FCCB

Dear All,

RBI had vide its circular March 29, 2010 allowed to buy back 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.

However, on a review of the policy and in view of the representations received from the issuers of FCCBs, RBI has vide its circular dated 09.08.2010 allowed 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. 

A copy of the said circular is attached herewith.

Regards,