Conversion of Private Unlisted InvIT into Private Listed InvIT

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..... exchange, subject to it complying with the requirements specified for privately placed and listed InvIT and in the manner specified by the Board from time to time. 2. A Private Unlisted InvIT may list its units and convert into a Private Listed InvIT on making a private placement of units through a fresh issue and/or an offer for sale in terms of Chapter IV of the InvIT Regulations in the manner provided at Annexure A . 3. Post issuance and listing of such units through private placement in accordance with this circular, the Private Unlisted InvIT shall stand transformed and shall be considered a Private Listed InvIT and it shall be required to comply with the provisions of the InvIT Regulations prescribed for Private Listed I .....

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..... unlisted units, as applicable under the terms of the InvIT Regulations, its distribution policy (if any) and other applicable laws since the date of issuance of its unlisted units or preceding three (3) years, whichever is less. d. It has obtained approval from seventy five per cent. of the unit holders by value for such private placement of units. Conditions for offer for sale of units 4. Units held by an existing unit holder in a Private Unlisted InvIT may be offered for sale in the private placement if such units have been held by the sellers for a period of at least one year prior to the filing of the draft placement memorandum with the Board. Provided that such units shall be free from any encumbrance or lock-in on the d .....

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..... the remaining lock-in period is more than one year, the units shall continue to be locked-in for such remaining period. 8. 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 through the private placement. Maximum subscription from investors 9. Maximum subscription from any investor other than sponsor(s), its related parties and its associates, in initial offer shall not be more than 25 percent of the total unit capital on post-issue basis. Disclosures in the draft placement memorandum/placement memorandum 10. In addition to the disclosures mandated in terms of Schedule III of the InvIT Regulations and any circulars issued .....

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