https://www.taxtmi.com/notifications?id=142056 Regulations allow privately placed subordinate units issued only to sponsors or related entities as consideration on project acquisition, carrying no voting or distribution rights, with distinct ISINs, lock-in and restricted transferability; issuance is limited to ten percent of acquisition price and outstanding subordinate units to ten percent of ordinary units. Reclassification into ordinary units requires auditable performance benchmarks, a minimum three-year entitlement period, statutory auditor certification and trustee approval, with extinguishment if benchmarks are unmet. Extensive term sheet, disclosure, listing, diluted NAV and unitholding-reporting obligations apply, and public issues are prohibited while subordinate units remain outstanding. en-us Mon, 27 May 2024 00:00:00 +0530 Tue, 28 May 2024 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=142056 Regulations allow privately placed subordinate units issued only to sponsors or related entities as consideration on project acquisition, carrying no voting or distribution rights, with distinct ISINs, lock-in and restricted transferability; issuance is limited to ten percent of acquisition price and outstanding subordinate units to ten percent of ordinary units. Reclassification into ordinary units requires auditable performance benchmarks, a minimum three-year entitlement period, statutory auditor certification and trustee approval, with extinguishment if benchmarks are unmet. Extensive term sheet, disclosure, listing, diluted NAV and unitholding-reporting obligations apply, and public issues are prohibited while subordinate units remain outstanding. Notifications SEBI Mon, 27 May 2024 00:00:00 +0530 https://www.taxtmi.com/notifications?id=142056