has introduced and priced an accelerated offering of Foreign Currency Convertible Bonds
Funds raised through foreign sources like American and global depository receipts ( ADRs/ GDRs), foreign currency convertible bonds
( FCCBs), bonds and syndicated loans added up to ` 1.72 lakh crore.
The improved liquidity scenario and the enhanced cash flows in the near term should partly mitigate the refinancing risks faced from foreign currency convertible bonds
, outstanding on the books of many Indian pharmaceutical companies, the analysts noted.
And in foreign currency, Board sanctioned increasing funds upto USD 9 Million, with the issue of Foreign Currency Convertible Bonds
(FCCBs) convertible into equity shares.
Indian companies have raised ` 5.73 lakh crore during the first six months till September 2010, of which ` 1.07 lakh crore had come from foreign sources, including initial and follow- on public offerings, qualified institutional placements ( QIPs), bonds, external commercial borrowings ( ECBs) and foreign currency convertible bonds
$1.9 billion is raised by the via external commercial borrowing (ECB) and foreign currency convertible bonds
(FCCB) in June to fund modernisation, foreign acquisition, importing of capital goods and refinancing of old loans, compared to $1.99 billion in June 2012.
Domestic sources, such as equities, bonds and syndicated sources cornered over 81 per cent share of overall mop-up or `4.65 lakh crore, while foreign sources like equities, foreign currency convertible bonds
and syndicated loans amounted to `1.08 lakh crore.
Also, sanction was granted to a Mumbai-based pharmaceutical firm njaneya Lifecare Limited to issue Foreign Currency Convertible Bonds
to eligible foreign investors amounting Rs.405 crore.
In February, Istithmar, an anchor investor in SpiceJet, sold its entire equity stake in the airline for Rs 161.5 crore but remained invested through foreign currency convertible bonds
At present, the company s debt amount stands at more than Rs 13,000 crore, which includes Foreign Currency Convertible Bonds
According to the official, of 37 per cent, which Maran is expected to buy, 25 per cent will come from the share- holding of Ross, who holds foreign currency convertible bonds
( FCCBs) in the firm.
It would be paid back through foreign currency convertible bonds
( FCCBs) and warrants.