TMI BlogIssue of units and allotmentX X X X Extracts X X X X X X X X Extracts X X X X ..... stock exchanges to that effect, where applicable and adequate disclosures in this regard in the 9 [***] offer document or placement memorandum. 10 [(1A) The minimum offer and allotment to public through an offer document/ placement memorandum shall be,- (a) atleast twenty five per cent. of the total outstanding units of the InvIT, if the post issue capital of the InvIT calculated at offer price is less than rupees one thousand six hundred crore: Provided that this requirement shall be complied along with the requirement under Regulation 14(1)(c) of the InvIT Regulations. (b) of the value of atleast ₹ 400 crore, if the post issue capital of the InvIT calculated at offer price is equal to or more than rupees one thousand six hundred crore and less than rupees four thousand crore; (c) atleast ten per cent. of the total outstanding units of the InvIT, if the post issue capital of the InvIT calculated at offer price is equal to or more than rupees four thousand crore: Provided that any units offered to sponsor or the investment manager or the project manager or their related parties or their associates shall not be counted towards units offered to the public ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thousand rupees to fifteen thousand rupees ] ; 68 [ (ca) maximum subscription from any investor other than sponsor(s), its related parties and its associates, in initial offer shall not be more than 25 percent of the total unit capital; ] (d) 24 [***] (e) prior to initial 25 [public] offer and follow-on offer, the 26 [merchant banker] shall file the draft offer document 27 [ along with the fee as specified in Schedule II,] with the designated stock exchange(s) and the Board not less than 28 [thirty] working days before filing the 29 [***] offer document with the designated stock exchange 30 [and SEBI]; (f) the draft offer document filed with the Board shall be made public, for comments, if any, 31 [***] by hosting it on the websites of the Board, designated stock exchanges 32 [, InvIT] and merchant bankers associated with the issue 33 [, for a period of not less than twenty one days]; (g) the Board may communicate its comments to the lead merchant banker and, in the interest of investors, may require the lead merchant banker to carry out such modifications in the draft offer document as it deems fit; (h) the lead merchant banker ..... 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(q) the InvIT shall allot units or refund application money, as the case may be, within twelve working days from the date of closing of the issue; (r) the InvIT shall issue units in only in dematerialized form to all the applicants; (s) the price of InvIT units issued by way of public issue shall be determined through the book building process or any other process in accordance with the guidelines issued by the Board and in the manner as may be specified by the Board; (t) the InvIT shall refund money,- (i) to all the applicants in case it fails to collect subscription of atleast 55 [ninety] per cent. of the 56 [fresh] issue size as specified in the 57 [***] offer document; (ii) to applicants to the extent of the over subscription, in case the moneys received is in excess of the extent of over-subscription as specified in the 58 [***] offer document, money shall be refunded to applicants to the extent of the over subscription: Provided that right to retain such over subscription cannot exceed twenty five per cent. of the issue size; 59 [Provided further, that the offer document shall contain adequate disclosures towards the utilisation of such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r requirements, as it deems fit, pertaining to issue and allotment of units by an InvIT, whether by way of public issue or private placement. ******** 1 Substituted for the words the assets held by the InvIT by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 2 Substituted ruppes by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 3 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 4 Substituted with after initial offer or first offer of units under private placement by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 5 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 6 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 7 Substituted of units, by Securities and Exchange Board o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , w.e.f. 30.11.2016 20 The word InvITs is omitted by the SEBI (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017. 21 Omitted that hold not less than eighty per cent. of its assets in completed and revenue generating infrastructure projects, by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 22 Substituted initial issue of units shall be by way of initial offer only by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 23 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 24 Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read the units proposed to be offered to the public is not less than twenty five per cent. of the total of the outstanding units of the InvIT and the units being offered by way of the offer document: Provided that if prior to the initial offer, units of the InvIT are held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... structure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 40 Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 41 Omitted final by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 42 Omitted investment manager and by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 43 Omitted final by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 44 Omitted and such filing with the Board shall be accompanied by filing fees as specified under Schedule II by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 45 Substituted make by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 46 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... astructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 63 Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017 64 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 65 Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/10 d-ated 22-04-2019 before it was read as ten 66. Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2020/05 dated 02-03-2020 67. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/15 dated 16-6-2020 68. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/15 dated 16-6-2020 69. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/27 dated 30-07-2021 70. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/27 dated 30-07-2021 before it was read as be 65 [ one ] lakh rupees 71. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/101 dated 09-11-2022 w.e.f. 01-01-2023 - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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