Amendments to the Guidelines Governing Euro Issues

Indian companies have been permitted to issue equity and equity related instruments to international investors by virtue of the Government of India’s ‘Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993’ (the “Scheme”). Such instruments are usually in the form of American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”) or Foreign Currency Convertible Bonds (“FCCBs”).