SEBI has issued guidelines for rights issue of units by a listed Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (InvIT), under two separate circulars dated 17 January 2020. Amongst other requirements, the REITs and InvIT is required to obtain a board resolution from the manager approving the issue and the record date and an in-principle approval from the stock exchange(s). Further, the REIT and InvIT should be in compliance with the continuous listing and disclosure obligations under their respective Regulations and circulars issued thereunder. The guidelines also provide for the timelines, pricing of units, appointment of merchant banker(s)/intermediaries, subscription, allotment and listing of units, restrictions on further capital issue, application for issue, Draft Letter of Offer and Letter of Offer, etc.

To refer to the guidelines for rights issue by REITs, click here and for InvITs, click here.

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