MUMBAI (Reuters) - The Reserve Bank of India extended the time period for buyback of foreign currency convertible bonds (FCCBs) by companies under the approval route to December 31, 2013 considering global market conditions.
The time period for buyback of FCCBs had expired on March 31.
These buybacks will be discontinued after December 31, the RBI said in a release on Tuesday.
The central bank also extended the scheme of availing external commercial borrowings for working capital needs of the civil aviation sector to December 31, 2013. (Reporting by Suvashree Dey Choudhury; Editing by Subhranshu Sahu)