Amendments to guidelines for preferential issue and institutional placement of units by a listed REIT

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..... All Merchant Bankers Madam/Sir Sub: Amendments to guidelines for preferential issue and institutional placement of units by a listed REIT 1. SEBI issued circular SEBI/HO/DDHS/DDHS/CIR/P/2019/142 dated November 27, 2019 providing guidelines for preferential issue and institutional placement of units by listed REITs ( Guidelines ). The guidelines were subsequently revised vide circul .....

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..... e after the issuer becomes liable to repay it, the REIT, the manager of the REIT and its director or partner who is an officer in default shall, on and from the expiry of the fourth working day, be jointly and severally liable to repay that money with interest at the rate of fifteen percent per annum. II. Sub-paragraph (A) of paragraph 2 of Annexure-I of the SEBI circular dated November 27, 2 .....

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..... ised stock exchange preceding the relevant date. Explanation: a) Relevant date for the purpose of clauses related to preferential issue of units shall be the date thirty days prior to the date on which the meeting of unitholders is held to consider the preferential issue. Where the relevant date falls on a weekend or a holiday, the day preceding the weekend or the holiday will be recko .....

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..... ghted average number of total units of such class of the issuer shall represent the total number of units. III. Clause 4.1 of paragraph 4 of the SEBI circular dated November 27, 2019 (as amended), is modified as under and the explanation stands deleted: 4.1 Preferential issue of units shall not be made to any person who has sold or transferred any units of the issuer during the 90 trad .....

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..... (1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the REIT Regulations . This circular is issued with the approval of the competent authority. 4. This Circular is available on the website of the Securities and Exchange Board of India at www.sebi.gov.in under the category Legal and under the drop down Circulars . Yours faithfully, Deena Venu Saran .....

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