TMI BlogAmendments to manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(5C) and Regulation 22(7) of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (“SEBI (InvIT) Regulations”)X X X X Extracts X X X X X X X X Extracts X X X X ..... 2014 ( SEBI (InvIT) Regulations ) 1. SEBI issued circular SEBI/HO/DDHS/DDHS/CIR/P/2020/122 dated July 17, 2020 providing the manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(5C) and Regulation 22(7) of SEBI (Infrastructure Investment Trusts) Regulations, 2014. 2. The said circular stands modified as under: a. Clause 1.6 of Annexure I of the circular is modified to read as under: 1.6 Relevant date means the last day of voting for resolution under Regulation 22(5C) or Regulation 22(7) of the SEBI (InvIT) Regulations. Provided that in case an acquisition described under Regulation 22(5C) or change in sponsor or inducted sponsor or change in control of sponsor or induct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such notice Acquirer shall give second notice to the IM for the purpose of obtaining approval of the unit holders under Regulation 22(5C) or Regulation 22(7) of SEBI (InvIT) Regulations. The acquirer shall also confirm to the IM that it shall give exit option to dissenting unit holders in case approval of the requisite majority is not received. Further, a person being inducted as a sponsor shall give declaration to IM with regard to satisfying the eligibility conditions prescribed for a sponsor under SEBI (InvIT) Regulations. Not later than two working days from the completion of the acquisition which triggered the provisions of Regulation 22(5C) or Regulation 22(7) of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mation Acquirer shall create an escrow account wherein the aggregate amount of consideration based on the list of dissenting unit holders provided by the IM to Lead Manager would be deposited in the manner specified at para 2.6 below. At least two working days prior to opening of the tendering period. Tender date and tender period for tendering units in exit option Seventh working day from the Date of Intimation Tender period shall be five working days. Payment of consideration to dissenting unit holders by the Acquirer Within a period of three working days from the last date of the ten ..... X X X X Extracts X X X X X X X X Extracts X X X X
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