FCCBs: Popular tools for investors

By Sanjay Asher and Prerak Ved, Crawford Bayley & Co

The bull run witnessed by the Indian stock markets has seen a number of issuers raise funds through Foreign Currency Convertible Bonds (FCCBs).

Sanjay Asher, Partner, Crawford Bayley & Co Investors
Sanjay Asher
Crawford Bayley & Co

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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Sanjay Asher is a partner with Crawford Bayley & Co, Prerak Ved is an associate.

Sanjay Asher Crawford Bayley & Co Prerak Ved

Crawford Bayley & Co
State Bank Buildings
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Fort, Mumbai – 400023
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