SEBI: ISSUES RATIONALISED GUIDELINES FOR PUBLIC ISSUE OF REITS AND INVITS UNITS
SEBI modifies Guidelines for public issue of – (i) Real Estate Investment Trusts (‘REITs’), and (ii) Infrastructure Investment Trusts (‘InvITs’) units, in order to further rationalise and ease the process of public issue; Inserts a proviso, laying down allocation to Anchor Investors in public issue w.r.t. application value for a strategic investor, making it subject to certain conditions; Excludes issue opening period in the event of force majeure or banking strike while adding that REIT / InvIT may extend the bidding (issue) period disclosed in the offer document for a minimum period of 3 working days, subject to total period of 30 days; Revises the period for announcement of floor price or price band (on specified websites and newspapers) by the manager to at least 2 working days, before the opening of the bid in case of IPO, as against the earlier period of 5 days; Mandates an investor, intending to subscribe to a public issue to submit a completed bid-cum-application Form to self-certified syndicate Banks or other specified intermediaries, also explains the role of intermediaries and stock exchanges thereunder: