Ann: India Project Proceeds to Next Stage, page-370

There appears to be some confusion about Finsncial Close.

Some are saying all funds (including the bond) must be deposited into a nominated bank account before financial close is completed.

This is not exactly the case.

According to my research "Financial Close means the fulfilment of all conditions precedent to the initial availability of funds under the Financing Agreements".

This clearly means that funds (in ECT's case the bond) need to be available after financial close is completed.

So between now and 31 Match ECT just needs to set up the process to ensure the funds will be available when required to make the deposited (which I assume will be required upon commencement of construction works).