RBI EXTENDS FCCB BUYBACK DEADLINE

RBI decided to extend the time limit for corporate to buyback FCCBS upto march 31st,2012,a step that will allow entities to retire expensive debts. According to the crisil report, FCCBs worth around Rs 31,500 crore, issued by indian corporates are nearing their maturities by march 2013. Of these, FCCBs worth Rs 22000- 24000 crore may not get converted into equity shares, as the current stock prices of issuing companies are significantly below their conversion prices.