Exit option mechanism for dissenting unitholders under SEBI InvIT Regulations: prescribed process, valuation benchmarks and escrow safeguards. Regulation 22(5C) and 22(7) require an acquirer to provide an exit option to dissenting unit holders; the circular prescribes appointment of registered lead manager(s) to prepare and disseminate a Letter of Offer, conduct due diligence and file certificates, use stock-exchange tendering and settlement mechanisms, create escrow by cash and/or bank guarantee, follow specified timelines for notice, voting, tendering and payment, compute the exit price by defined market and valuation benchmarks, and ensure proportional acceptance where public unitholding minima would otherwise be breached.