Search Result for : Fccbs

The Dollar Business Bureau  The Reserve Bank of India has further opened the gates for more overseas investments into India through a series of steps. These steps have been detailed in its circular no.6 dated 20 October, 2016. This comes in the wake of possible outflows of FCNR-B deposit maturities of $26 billion.   The notification issued yesterday directs in its points the following changes: In all sectors where there is a limit/cap on foreign investment, such limit/cap shall be reckoned in a composite manner. In other words, “sectoral cap”, i.e., the maximum amount which can be invested by foreign investors in an entity will include all types of foreign investments, direct and indirect, regardless of whether the said investments have been made ...

The Dollar Business Bureau On Thursday the Energy company Suzlon Group announced that it has repaid the principal amount in cash with the 8.7% redemption premium. The payment was done through Foreign Currency Convertible Bonds of $28.8 million. The balance $28.8 million of the FCCB series, which were unpaid in April 2016, now stands redeemed in full. The repayment has been completed in accordance with the terms and conditions of the FCCBs. In April 2011, the company had issued a five-year FCCB series of $175 million. “I am pleased to announce that we have redeemed, in cash, $28.8 million FCCBs through internal accruals. Further, most of our remaining debt maturity profile is back ended. This gives us sufficient headroom to meet our operations and ...

Source: PTI India Inc raised $3.16 billion from overseas markets in November 2015, down 9.5% from a year ago, RBI data showed on Monday. Of the total borrowings, by way of external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), $2.11 billion was raised through the approval process while $1.05 billion came through the automatic route. As many as 53 companies raised money from the automatic route and 4 via approval, showed RBI data. In the approval category, ONGC Videsh Limited raised $1.78 billion for refinancing of an earlier ECB and the Rural Electrification Corporation mobilised $300 million for on-lending. In the automatic mode, the major borrowers were Indian Railway Finance Corporation ($400 million) for refinancing of an earlier ECB ...

Source: PTI Sectors like insurance, pension, retail and pharmaceuticals will benefit from introduction of composite cap in the FDI policy which came into effect from today. In all these sectors, foreign portfolio investors can invest up to 49% under automatic route. The government today notified changes in the foreign direct investment (FDI) policy under which there will be a composite cap on overseas investment in various sectors, except in banking and defence segments. The other sectors which will be benefited from this concept include scientific journals, facsimile edition of foreign news papers, tea plantation and mining & mineral separation of titanium. At present, 100% foreign investment under government approval route is permitted in these sectors, except insurance and pension, where the cap ...