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TMI BlogIssue and allotment of unitsX X X X Extracts X X X X X X X X Extracts X X X X ..... ts under clause (b) and size of REIT under clause (d) may be complied 5 [at any point of time before allotment of units in accordance with offer document/placement memorandum] subject to a binding agreement with the relevant party(ies) that 6 [such] requirements shall be fulfilled prior to 7 [such] allotment of units 8 [and], a declaration to the Board and 9 [to] the designated stock exchanges to that effect and adequate disclosures in this regard in the 10 [***] offer document. 11 [(2A) For an REIT raising funds through an initial offer, the units proposed to be offered to the public through such initial offer (a) shall be not less than twenty five per cent. of the total of the outstanding units of the REIT and the units being offered by way of the offer document, if the post issue capital of the REIT calculated at offer price is less than rupees one thousand six hundred crore: Provided that the requirement at sub-clause (a) shall be complied along with the requirement under Regulation 14 (2)(d) of the REIT Regulations. (b) shall be of the value of at least ₹ 400 crore, if the post issue capital of the REIT calculated at offer price is equal to or more than rupees one thousa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tory reply from the lead merchant bankers or manager, the REIT may 24 [file] the 25 [***] offer document or follow-on offer document 26 [with the Board and the exchange(s)]: 27 [***] (10) The 28 [***] offer document shall be filed with the designated stock exchanges and the Board not less than five working days before opening of the offer 29 [***]. (11) The initial offer or follow-on offer 30 [or rights issue] shall be made by the REIT within a period of not more than 31 [one year] from the date of 32 [***] issuance of observations by the Board 33 [***]: Provided that if the initial offer or follow-on offer 34 [or rights issue] is not made within the specified time period, a fresh 35 [draft] offer document shall be filed. 47 [ Provided further that the REIT shall not be required to file draft offer document with the Board in case of a fast track rights issue, subject to the fulfillment of the conditions as specified by the Board from time to time. ] (12) The REIT may invite for subscriptions and allot units to any person, whether resident or foreign: Provided that in case of foreign investors, such investment shall be subject to guidelines as may be specified by Reserve Bank of Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the form of fees or any other form payable to the manager by the REIT. (22) Units may be offered for sale to public,- (a) if such units have been held by the existing unitholders for a period of at least one year prior to the filing of draft offer document with the Board: Provided that the holding period for the equity shares 42 [, compulsorily convertible securities (from the date such securities are fully paid-up)] or partnership interest in the 43 [holdco and/or] SPV against which such units have been received shall be considered for the purpose of calculation of one year period referred in this sub-regulation: 44 [Provided further that the compulsorily convertible securities, whose holding period has been included for the purpose of calculation for offer for sale, shall be converted to equity shares of the holdco or SPV, prior to filing of offer document.] (b) subject to other circulars or guidelines as may be specified by the Board in this regard. 45 [(22A) The amount for general purposes, as mentioned in objects of the issue in the draft offer document filed with the Board, shall not exceed Ten per cent of the amount raised by the REIT by issuance of units.] (23) If the RE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 13 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 14 Substituted for twenty one by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 15 Omitted final by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 16 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 17 Omitted to be submitted to the Board, within a period of at least ten days, by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 18 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 19 Substituted for draft and final offer document by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 20 Omitted Manager and by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 21 Substituted for modifications by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amendment) Regulations, 2016, w.e.f. 30.11.2016 40 Omitted initial offer document or follow-on by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 41 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 42 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017 43 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 44 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017 45 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 46 Substituted vide Notification No. SEBI/LAD-NRO/GN/2019/09.- dated 22-04-2019 before it was read as, (14) Under both the initial offer and follow-on public offer, the REIT shall not accept subscription of an amount less than two lakh rupees from an applicant. 47. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/06 dated 02-03-2020 48. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/16 dated 16-06-2020 49. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/28 dated 30-07-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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