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Guidelines for rights issue of units by an unlisted Infrastructure Investment Trust (InvIT) - SEBI - SEBI/HO/DDHS/DDHS/CIR/P/2020/223

Extract

..... holders of the InvIT as on the record date fixed for the said purpose. The guidelines in respect of a rights issue of units by an unlisted InvIT are given below. 1. Conditions for issuance 1.1. No InvIT shall make a rights issue of units unless the following conditions are satisfied: 1.1.1. A resolution of the board of directors of the investment manager approving the rights issue of units and determining the record date has been passed. 1.1.2. Units of the same class, which are proposed to be allotted are already issued by the InvIT. 1.1.3. None of the respective promoters or partners or directors of the sponsor(s) or investment manager or trustee of the InvIT is a fugitive economic offender declared under section 12 of the Fugitive Econom .....

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Guidelines for rights issue of units by an unlisted Infrastructure Investment Trust (InvIT) - SEBI

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..... distribution of the application form along with letter of offer to all unit holders as on the record date at least five days prior to the opening of the issue. 5. Pricing of Units 5.1. The investment manager on behalf of the InvIT shall decide the issue price before determining the record date. 5.2. The issue price shall be disclosed in the letter of offer. 6. Timelines 6.1. The rights issue shall open within three months from the record date. 6.2. The rights issue shall be kept open for at least three working days but not more than fifteen working days. 7. Manner of issuance of units 7.1. The units shall be allotted in the dematerialized form only. 7.2. The rights entitlements shall be credited to the demat account of the unitholders befor .....

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Guidelines for rights issue of units by an unlisted Infrastructure Investment Trust (InvIT) - SEBI

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..... e board of directors of the investment manager, subject to disclosure in the letter of offer as applicable. 9. Restriction on further capital issues 9.1. The InvIT shall not make any further issue of units in any manner during the period between the date of filing the letter of offer with the Board and the allotment of the units offered through the letter of offer. 9.2. The InvIT shall file an allotment report with the Board providing details of the allottees and allotment made within 15 days of the issue closing date. 10. This circular is being issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the InvIT Regulations. 11. This Circular is available on the w .....

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Guidelines for rights issue of units by an unlisted Infrastructure Investment Trust (InvIT) - SEBI

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..... T Regulations. c) If the objects are not being financed solely through the issue proceeds, the details of other financing arrangements for fulfilling the objects of the issue. 4. Related Party Transactions: a) Disclosure as per clause 9 of the Schedule III of the InvIT Regulations, which may be incorporated by reference to disclosures made in any previous placement memorandum or placement document. b) Any disclosures made regarding related party transactions shall also be incorporated by reference to such disclosures. c) Link(s) to document(s) at (a) and (b) above wherever available, including on the website of the InvIT shall be provided. 5. Valuation (latest available): a) Summary of valuation of the assets proposed to be financed through .....

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Guidelines for rights issue of units by an unlisted Infrastructure Investment Trust (InvIT) - SEBI

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..... f calculation of the net distributable cash flows, history of distributions made in the last three financial years or from the date of listing of the InvIT and the policy, if any. 8. Manner of Application and Allotment: a) How to apply, availability of application forms and letter of offer and mode of payment b) Dealing with Fractional Entitlement: Manner of dealing with fractional entitlement, if any, of the fractional rights etc. 9. Other disclosures: a) Unit holding pattern b) Review of credit rating c) Grievance redressal mechanism d) The disclosures in clause (a), (b) and (c) above may be incorporated by reference to any disclosures made under the InvIT Regulations or any circular issued thereunder, along with link(s) to such disclosur .....

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Guidelines for rights issue of units by an unlisted Infrastructure Investment Trust (InvIT) - SEBI

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