for Issue of.Convertible Bonds or Ordinary Shares of Issuing Company
company desirous of raising funds by issuing FCCBs or ordinary shares for equity issues GDR ADR is required to Obtain the prior permission’ of the Department of Economic Ministry of Finance, Government of India. It may sponsor an issue of ADRS GDRS.o; with n depository against shares held by its shareholders, at a price .dfl mined by the lead ‘with’respect to disinvestment of their holdings by. shareholders of Indian companies that ed in India, (in not listed in India, but listed overseas, Such a facility would be available to all categories of shareholders of the company whose shares are being sold in the market overseas, An approved intermediary under he scheme would be an investment” registered with the Securities ‘and Exchange Commission in the US, or under the Financial Authority n UK, or ,the appropriate regulatory authority in Germany,
. France, Singapore or such issues would need to conform to the foreign direct Investment policy and other The issuing company seeking Permission from the Government should have a consistent track record of good performance (financial or otherwise) for a minimum period of three years, on the basis of which an approval for finalising the issue structure could be issued to the company. On finalising the issue structure in consultation with the lead manager to the issue, the issuing company should obtain the final approval from the Government for proceeding ahead with the issue. The requirements included in the issue structure re discussed below.