Companies seeking to take the buyback route for FCCBs (foreign currency convertible bonds) amid sharp fall in the bond prices are approaching private equity investors to fund buy, an investment banker said. The Reserve Bank had recently relaxed norms for companies opting for buyback of FCCBs. Over a dozen listed Indian entities have already approached the RBI for approving the buyback and many more are finalising their plans. Jefferies India, a subsidiary of the US-based Jefferies Group, Managing Director and Country Head Sidharth Punshi said that over 200 companies have raised $20 billion in FCCBs over the last few years. After the recent meltdown, majority of the FCCBs have been trading at a discount of 30-70 per cent to the issue price, he said. […]