TMI BlogAmendments to guidelines for rights issue, preferential issue and institutional placement of units by a listed InvITX X X X Extracts X X X X X X X X Extracts X X X X ..... s by a listed InvIT. The circular stands modified as under: 1.1. The existing clause 11 and 12 shall be re-numbered as 13 and 14 respectively and the following shall be inserted as clause 11 and 12 before the re-numbered clauses: 11. An InvIT satisfying the conditions mentioned below and desirous of issuing units under fast track rights issue shall, for such an issue, follow guidelines specified in this circular except those under sub-clauses 3.1, 3.2, 3.7 and 3.8: 11.1 the units of the InvIT have been listed on any stock exchange for a period of at least three years immediately precfeding the record date; 11.2 all the units of the InvIT are held in demat form on the record date; 11.3 the average market capitalisation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble regulations; 11.11 The sponsor(s) shall mandatorily subscribe to their rights entitlement and shall not renounce their rights, except for the purpose of complying with minimum public shareholding norms prescribed under the InvIT Regulations, 2014; 11.12 there are no audit qualifications on the audited accounts of the InvIT in respect of those financial years for which such accounts are disclosed in the letter of offer; Explanation : For the purpose of this circular, audit qualifications shall be those disclosed under applicable accounting standard relating to modification to the opinion in the independent auditor s report and requires a qualified opinion, adverse opinion or disclaimer of opinion for material misstate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oval. 2.2. The proviso to the paragraph 7(a) of Annexure III is modified as under: Provided that if the InvIT has undertaken any acquisition or disposal of any material assets after the latest period for which the financial information is disclosed in the placement document but before the date of placement document, the pro forma financial statements shall be prepared and certified by statutory auditors for the last completed financial year and the stub period (if any). 2.3. The existing paragraph (b) under clause 7 of Annexure III shall be re-numbered as (c) and the following shall be inserted before the re-numbered (c): b) Summary of the audited standalone financial statements of the assets proposed to be acquired for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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