Warrants and partly paid shares can be used for FDI

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A Reserve Bank of India (RBI) circular issued on 14 July provides that warrants and partly paid equity shares issued by an Indian company are now eligible instruments for the purpose of foreign direct investment (FDI) and foreign portfolio investment (FPI) by foreign institutional investors (FIIs) and registered foreign portfolio investors (FPIs) subject to compliance with the FDI and FPI schemes. The instruments must comply with the provisions of the Companies Act, 2013, and Securities and Exchange Board of India guidelines, as applicable.

The circular contains the following additional points:

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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.

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