Conversion framework for private listed InvITs aligned with follow-on offer requirements and sponsor unitholding and lock-in obligations. The circular revises the conversion framework so sponsor(s) and sponsor group(s) must maintain the minimum unitholding specified in Regulation 12(3) and 12(3A) at all times and the lock-in shall follow Regulation 12(5). It also aligns procedure and disclosure for the public issue converting a private listed InvIT with follow-on offer requirements under the InvIT Regulations, substituting terminology and requiring compliance with follow-on offer disclosures and procedures.
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Provisions expressly mentioned in the judgment/order text.
Conversion framework for private listed InvITs aligned with follow-on offer requirements and sponsor unitholding and lock-in obligations.
The circular revises the conversion framework so sponsor(s) and sponsor group(s) must maintain the minimum unitholding specified in Regulation 12(3) and 12(3A) at all times and the lock-in shall follow Regulation 12(5). It also aligns procedure and disclosure for the public issue converting a private listed InvIT with follow-on offer requirements under the InvIT Regulations, substituting terminology and requiring compliance with follow-on offer disclosures and procedures.
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