Rights issue procedure for REITs mandates eligibility, merchant banker oversight, disclosures, ASBA payment and allotment rules. Guidelines prescribe conditions for REIT rights issues including board resolution, pre-existing listing of same class units, in principle exchange approval, and absence of disqualifying statuses; require appointment of lead merchant banker and intermediaries with mandated due diligence; mandate filing and public posting of a draft letter of offer with prescribed disclosures and Board observations; set pricing, record date announcement, ASBA payment, dematerialised allotment and specified subscription, allotment and listing procedures; and impose restrictions on further capital issues until listing or refund, with required post-issue allotment reporting.
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Provisions expressly mentioned in the judgment/order text.
Rights issue procedure for REITs mandates eligibility, merchant banker oversight, disclosures, ASBA payment and allotment rules.
Guidelines prescribe conditions for REIT rights issues including board resolution, pre-existing listing of same class units, in principle exchange approval, and absence of disqualifying statuses; require appointment of lead merchant banker and intermediaries with mandated due diligence; mandate filing and public posting of a draft letter of offer with prescribed disclosures and Board observations; set pricing, record date announcement, ASBA payment, dematerialised allotment and specified subscription, allotment and listing procedures; and impose restrictions on further capital issues until listing or refund, with required post-issue allotment reporting.
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