SEBI guidelines for rights issue of units by listed REIT/ InvIT
January 17, 2020
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 hereand for InvITs, click here.
This is intended for general information purposes only. The views and opinions expressed in this article are those of the author/authors and does not necessarily reflect the views of the firm.
The Bar Council of India does not permit solicitation of work and advertising by legal practitioners and advocates. By accessing the Shardul Amarchand Mangaldas & Co. website (our website), the user acknowledges that:
The user wishes to gain more information about us for his/her information and use. He/She also acknowledges that there has been no attempt by us to advertise or solicit work.
Any information obtained or downloaded by the user from our website does not lead to the creation of the client – attorney relationship between the Firm and the user.
None of the information contained in our website amounts to any form of legal opinion or legal advice.
All information contained in our website is the intellectual property of the Firm.