Issuance of subordinate units limited to sponsors as acquisition consideration; non voting, non distributable and reclassifiable for exchange listing.

Subordinate units may be issued only by a privately placed InvIT upon acquisition of an infrastructure project to the sponsor, its associates or sponsor group as part of consideration; they carry no voting or distribution rights, must be dematerialised with a distinct ISIN and are to be reclassified into ordinary units for listing. Pricing follows ordinary unit guidelines, issuance requires specified disclosures and in principle exchange approval, and issuance and outstanding amounts are subject to quantitative limits with limited post issuance variation.

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