Framework for conversion of Private Listed InvIT into Public InvIT

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..... ther by way of public issue or private placement. 2. Regulation 16(11) of the InvIT Regulations The Board and designated stock exchanges may specify any other requirements pertaining to listing and trading of units of the InvIT by issuance of guidelines or circulars. 3. A Private Listed InvIT may convert into a Public InvIT on making a public issue of units through a fresh issue and/or an offer for sale in terms of the InvIT Regulations in the manner provided at Annexure A. 4. Post issuance and listing of such units through public issue in accordance with this circular, the Private Listed InvIT shall stand transformed and shall be considered a Public InvIT and it shall be required to comply with all provisions of t .....

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..... er is less. Provided that imposition of only monetary fines by stock exchanges on it or its Investment Manager shall not be a ground for ineligibility for issuance. c. It has not defaulted in making any distribution since listing, as applicable under the terms of the InvIT Regulations, its distribution policy (if any) and other applicable laws since the date of its listing or preceding three (3) years, whichever is less. d. It is compliant with Regulation 16(6) and Regulation 16(7) of the InvIT Regulations as applicable to Private Listed InvIT. e. It has obtained approval from seventy five per cent. of the unit holders by value for such public issue of units. Conditions for offer for sale of units 4. Units held by an exi .....

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..... ready locked-in and the remaining lock-in period is more than eighteen months, the units shall continue to be locked-in for such remaining period. Restrictions on transferability of units 8. Units held by the sponsor(s) in excess of minimum sponsor(s) contribution, shall be locked-in for a period of one year from the date of listing of units allotted in the public issue. Provided that if any units are already locked-in and the remaining lock-in period is more than one year, the units shall continue to be locked-in for such remaining period. 9. Units held prior to the issue, by persons other than the sponsor(s), shall be locked in for a period one year from the date of listing of units allotted in the public issue. Maximum .....

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