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TMI BlogAmendments to manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(6A) and Regulation 22(8) of SEBI (Real Estate Investment Trusts) Regulations, 2014 (“SEBI (REIT) Regulations”)X X X X Extracts X X X X X X X X Extracts X X X X ..... (REIT) Regulations ) 1. SEBI issued circular SEBI/HO/DDHS/DDHS/CIR/P/2020/123 dated July 17, 2020 providing the manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(6A) and Regulation 22(8) of SEBI (Real Estate 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(6A) or Regulation 22(8) of the SEBI (REIT) Regulations. Provided that in case an acquisition described under Regulation 22(6A) or change in sponsor or inducted sponsor or change in control of sponsor or inducted sponsor under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions, 2011 On receipt of notice, Manager shall intimate to stock exchange(s) Immediately but not later than twenty four hours from the receipt of such notice Acquirer shall give second notice to the Manager for the purpose of obtaining approval of the unit holders under Regulation 22(6A) or Regulation 22(8) of SEBI (REIT) Regulations. The acquirer shall also confirm to the Manager that it shall give exit option to dissenting unit holders in case approval of the requisite majority i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y its compliance officer. Manager shall provide the list of dissenting unit holders to the Lead Manager(s). The day of aforesaid intimation by Manager shall be construed as Date of Intimation . Within forty-eight hours of the last day of voting Acquirer through the Lead Manager(s) shall send the Letter of Offer (LoF) to all dissenting unit holders and file a copy of the same with the stock exchange(s). Lead Manager(s) shall exercise due diligence with regard to all information and disclosures contained in the LoF. The stock exchange(s) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll the dissenting unit holders whose units have been accepted in the exit option. Based on the information received from Lead Manager, Manager shall update aggregate number of units tendered, accepted, payment of the consideration and the post-exit option unit holding pattern of the REIT with stock exchange(s). Within two working days from the date of payment of consideration c. Clause 3.4 is added after Clause 3.3 of Annexure-I of the circular to read as under: In case an acquisition described under Regulation 22(6A) or change in sponsor or inducted sponsor or change in control of sponsor or ind ..... X X X X Extracts X X X X X X X X Extracts X X X X
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