The finance minister, during his budget speech of 2007-08, promised to introduce a new financing option for corporate India – the foreign currency exchangeable bond (FCEB).
The FCEB was conceived as an innovative structured finance product that would enable Indian companies to leverage the value of their holdings in group companies and use them to raise relatively cheap funds in a foreign currency.
Partner
Trilegal
Nearly a year later, the Finance Ministry has notified a scheme that provides for the issuance of the promised FCEBs.
Sawant Singh is a partner and Akanksha Midha is an associate at Trilegal in Mumbai. Trilegal is a full service law firm that advises on corporate and commercial law in India and provides commercially oriented legal advice and services in relation to all sectors of the economy. The firm has offices in Delhi, Mumbai, Bangalore and Hyderabad and has over 80 lawyers, some of whom have experience with law firms in the United States, the United Kingdom and Japan.
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