Lock-in requirement for preferential issue clarified: core sponsor holdings remain long-locked, transfers limited to sponsor group with conditions. Amendments align preferential-issue lock-in mechanics with the REIT Regulations by prescribing a core portion of sponsor allotments to be locked for a longer period while remaining allotments face a shorter lock-in, require ongoing compliance with minimum sponsor unitholding, permit intra-group transfer of locked-in units subject to inheriting the remaining lock-in and restrictions on onward transfer, and allow transfer to incoming sponsors or self-sponsored managers conditioned on continued compliance with minimum unitholding. Separately, a comprehensive follow-on offer framework prescribes filing, listing, dematerialization, fee payment, disclosure rules, timelines, minimum public unitholding, restrictions during the offer process, and merchant banker due diligence requirements.
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Provisions expressly mentioned in the judgment/order text.
Lock-in requirement for preferential issue clarified: core sponsor holdings remain long-locked, transfers limited to sponsor group with conditions.
Amendments align preferential-issue lock-in mechanics with the REIT Regulations by prescribing a core portion of sponsor allotments to be locked for a longer period while remaining allotments face a shorter lock-in, require ongoing compliance with minimum sponsor unitholding, permit intra-group transfer of locked-in units subject to inheriting the remaining lock-in and restrictions on onward transfer, and allow transfer to incoming sponsors or self-sponsored managers conditioned on continued compliance with minimum unitholding. Separately, a comprehensive follow-on offer framework prescribes filing, listing, dematerialization, fee payment, disclosure rules, timelines, minimum public unitholding, restrictions during the offer process, and merchant banker due diligence requirements.
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