Public issue guidelines for REITs impose detailed procedural, disclosure and post-issue compliance obligations for issuers and merchant bankers. The guidelines establish a detailed framework for the public issue of REIT units, mandating appointment of a lead merchant banker and intermediaries, sequential filing of draft, offer and final offer documents with public hosting and Board observation timelines, prescribed due diligence certifications at multiple stages, allocation rules including anchor investor provisions and lock-in, pricing and book-building procedures with pre-announcements and final cut-off allotment, electronic bidding and ASBA requirements, strict public communication controls, post-issue reporting and lock-in compliance, and continuing merchant banker obligations and record maintenance.
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Public issue guidelines for REITs impose detailed procedural, disclosure and post-issue compliance obligations for issuers and merchant bankers.
The guidelines establish a detailed framework for the public issue of REIT units, mandating appointment of a lead merchant banker and intermediaries, sequential filing of draft, offer and final offer documents with public hosting and Board observation timelines, prescribed due diligence certifications at multiple stages, allocation rules including anchor investor provisions and lock-in, pricing and book-building procedures with pre-announcements and final cut-off allotment, electronic bidding and ASBA requirements, strict public communication controls, post-issue reporting and lock-in compliance, and continuing merchant banker obligations and record maintenance.
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