SEBI issues guidelines for preferential issue by listed REITs
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The Securities and Exchange Board of India (Sebi) on Wednesday issued guidelines for preferential issue of units and institutional placement of units by a listed Real Estate Investment Trust (REITs).
The regulator said a listed REIT may make a preferential issue of units or an institutional placement of units under these guidelines, if it has been listed for a minimum of 12 months.
The REIT has obtained in-principle approval of the stock exchanges for listing of units proposed to be issued under these guidelines, and the REIT is in compliance with all the conditions for continuous listing.
The regulator prescribed that none of the respective promoters or partners or directors of the sponsor or manager or trustee of the REIT should be a fugitive economic offender.
It also said the REIT will not make any subsequent institutional placement until the expiry of six months from the date of the prior institutional placement made pursuant to one or more special resolutions.
Any offer or allotment through private placement shall not be made to more than 200 investors, excluding institutional investors, in a financial year, it said. #casansaar (Source - Economic Times)
The regulator said a listed REIT may make a preferential issue of units or an institutional placement of units under these guidelines, if it has been listed for a minimum of 12 months.
The REIT has obtained in-principle approval of the stock exchanges for listing of units proposed to be issued under these guidelines, and the REIT is in compliance with all the conditions for continuous listing.
The regulator prescribed that none of the respective promoters or partners or directors of the sponsor or manager or trustee of the REIT should be a fugitive economic offender.
It also said the REIT will not make any subsequent institutional placement until the expiry of six months from the date of the prior institutional placement made pursuant to one or more special resolutions.
Any offer or allotment through private placement shall not be made to more than 200 investors, excluding institutional investors, in a financial year, it said. #casansaar (Source - Economic Times)
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