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TMI BlogMandatory Disclosures in Initial Offer Document/Follow On Offer DocumentX X X X Extracts X X X X X X X X Extracts X X X X ..... of the sponsor including activities being undertaken by the sponsor with respect to real estate b. Manager i. Background of the manager including past experience in management/advisory services in real estate ii. Brief functions, duties and responsibilities of the manager iii. Brief profiles of the directors of the manager and units held by them in the REIT, if any c. Trustee i. Background of the trustee including details of registration with SEBI ii. Names and profiles of the Directors iii. Functions, duties and responsibilities of the Trustee d. Valuer i. Background of the valuer including past experience in valuation in real estate, especially in valuation of similar assets by nature and location ii. Policy of appoi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /proposed breakup of REIT assets in terms of Regulation 18 b. Description of real estate assets of the REIT including the general character and competitive conditions of all the properties held or intended to be acquired by the REIT and pictures of the properties. c. Key statistics of the properties (area, occupancy, location, etc.) d. Special features of the properties, if any e. Details of the 2[holdco and/or] SPVs through which the properties are held/proposed to be held including holding pattern, holding of REIT in the 3[holdco and/or] SPV, rights of REIT in the 4[holdco and/or] SPV, etc. f. In case the properties are held directly by the REIT, details of holding of all the owners of the properties including percentage of owne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iii. Expected completion iv. Status of approval/assessment from various authorities including statutory assessment & environment considerations with respect to development regulations and planning norms 7. Business Details and Strategy a. Investment strategy * Description of investment strategy including category, type, location, allocation to each type, co-investment in properties, etc. * Description of ROFR with respect to any properties * Capital and risk management strategy b. Use of proceeds: * purpose of the issue * Issue Expenses c. 5[***] 8. Leverage a. Capital structure of the REIT assets including any borrowings/deferred payments with respect to the REIT assets prior to the issue and post-issue (Standalone an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le disclosure of the properties including any material litigations pertaining to the properties b. Brief description of the material litigations and regulatory actions 10[which are] pending, against the REIT, sponsor 11[(s)], manager, 12[or any of their associates and sponsor group(s), the trustee and valuer,] if any 13[***] 14. Risk factors 15. Brief details on taxation and regulatory aspects to enable the investors to make an informed decision 16. Other general information a. Key terms of material agreements relating to the REIT including but not limited to the investment management agreement b. Policy of appointment of auditor and auditing standards to be followed c. Policy and timelines for redressal of complaints by the inve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prior to the offer" by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. 8 Omitted "(consolidated and stand alone)" by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. 9 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. 10 Substituted ", whether completed or" by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. 11 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. 12 Substituted "trustee, valuer or any of their associates," by the SEBI (Real Estate 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
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