What do you mean by ECB ? Under what circumstances conversion of ECB's into equity is possible ?

ECBs are commercial loans raised by eligible resident entities from recognised non-resident entities and should confirm to parameters such as minimum maturity, permitted and non-permitted end-uses, maximum all-in-cost ceiling, etc. The parameters apply in totality and not on a standalone basis. Conversion of ECBs into equity is permitted (including those which are matured but unpaid) subject to the following conditions: The activity of the borrowing company is covered under the automatic route for FDI or approval route from the Foreign Investment Promotion Board (FIPB), wherever applicable, for foreign equity participation has been obtained as per the extant FDI policy. The conversion, which should be with the lender's consent and without any additional cost, will not result in breach of applicable sector cap on the foreign equity holding. Reporting requirements should be fulfilled; Applicable pricing guidelines for shares are complied with. Consent of other lenders, if any. If the borrower concerned has availed of other credit facilities from the Indian banking system the applicable prudential guidelines issued by RBI are complied with.