End-use of FCEB proceeds :
Issuing Company:
(i) The proceeds of FCEB may be invested by the issuing company overseas by way of direct investment including in Joint Ventures or Wholly Owned Subsidiaries abroad, subject to the existing guidelines on overseas investment in Joint Ventures / Wholly Owned Subsidiaries.
(ii) The proceeds of FCEB may be invested by the issuing company in the promoter group companies. Promoter Group Companies.
Promoter group companies receiving investments out of the FCEB proceeds may utilize the amount in accordance with end-uses prescribed under the ECB policy.