The bull run witnessed by the Indian stock markets has seen a number of issuers raise funds through Foreign Currency Convertible Bonds (FCCBs).
The term FCCBs has been defined in the FCCB Scheme to mean bonds issued in accordance with the Scheme and subscribed by a non-resident in a foreign currency and convertible into ordinary shares of the issuing company, either in whole or in part, on the basis of any equity-related warrants attached to debt instruments.
FCCBs are hybrid instruments, essentially a debt, that is (optionally) convertible into equity.
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