Govt says companies can now offer equity against all ECBs
By Our Economy Bureau | 04 Dec 2003
New Delhi: The central government has permitted Indian companies to issue equity shares against all types of external commercial borrowings (ECBs).
The announcement permits Indian companies to "issue equity shares against all ECBs [excluding those deemed as ECBs] received in convertible foreign currency, subject to meeting all tax liabilities and procedures."
The
types of ECBs that are eligible for such conversion
include commercial bank loans, buyers' credit, suppliers'
credit, securitised instruments, credit from official
export credit agencies, commercial borrowings from the
private sector window of multilateral financial institutions,
as well as investment by foreign institutional investors
in dedicated debt funds.
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