Preferential issue of InvIT units: rules for eligibility, placement document disclosures, pricing floor, allotment and transfer limits. Guidelines require a listed InvIT to obtain unitholder approval, comply with listing and minimum public unitholding requirements, and avoid another preferential issue within six months; allotments must be completed within a prescribed short period, units issued in dematerialized form and of the same class as listed units, offered to a minimum of two institutional investors, and priced at not less than the average recent market price on the principal exchange. The preferential issue must be effected through a serially numbered placement document with specific market, valuation, financial and disclosure requirements and accompanied by a compliance certificate when seeking exchange approval.
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Provisions expressly mentioned in the judgment/order text.
Preferential issue of InvIT units: rules for eligibility, placement document disclosures, pricing floor, allotment and transfer limits.
Guidelines require a listed InvIT to obtain unitholder approval, comply with listing and minimum public unitholding requirements, and avoid another preferential issue within six months; allotments must be completed within a prescribed short period, units issued in dematerialized form and of the same class as listed units, offered to a minimum of two institutional investors, and priced at not less than the average recent market price on the principal exchange. The preferential issue must be effected through a serially numbered placement document with specific market, valuation, financial and disclosure requirements and accompanied by a compliance certificate when seeking exchange approval.
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