TaxTMI 
TaxTMI 
Issue of units and allotment
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....ed stock exchanges to that effect, where applicable and adequate disclosures in this regard in the ^9[****] offer document or placement memorandum. ^10[(1A) The minimum offer and allotment to public through an offer document/ placement memorandum shall be,- (a) atleast twenty five per cent. of the total outstanding units of the InvIT, if the post issue capital of the InvIT calculated at offer price is less than rupees one thousand six hundred crore: Provided that this requirement shall be complied along with the requirement under Regulation 14(1)(c) of the InvIT Regulations. (b) of the value of atleast Rs. 400 crore, if the post issue capital of the InvIT calculated at offer price is equal to or more than rupees one thousand six hundred crore and less than rupees four thousand crore; (c) atleast ten per cent. of the total outstanding units of the InvIT, if the post issue capital of the InvIT calculated at offer price is equal to or more than rupees four thousand crore: ^73[****] Provided ^74[****] that any listed InvIT which has public holding below twenty five per cent on account of sub-clauses (b) and (c) above, such InvIT shall ....
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.... offer document ^27[along with the fee as specified in Schedule II,] with the designated stock exchange(s) and the Board not less than ^28[thirty] working days before filing the ^29[****] offer document with the designated stock exchange ^30[and SEBI]; (f) the draft offer document filed with the Board shall be made public, for comments, if any, ^31[****] by hosting it on the websites of the Board, designated stock exchanges ^32[, InvIT] and merchant bankers associated with the issue ^33[, for a period of not less than twenty one days]; (g) the Board may communicate its comments to the lead merchant banker and, in the interest of investors, may require the lead merchant banker to carry out such modifications in the draft offer document as it deems fit; (h) the lead merchant banker shall ensure that all comments received from the Board on the draft offer document are suitably addressed prior to the filing of the ^34[****] offer document with the designated stock exchanges; (i) in case no ^35[observations] are ^36[issued] by the Board in the draft offer document within twenty one working days from the date of receipt of satisfactory reply from the l....
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....ss or any other process in accordance with the guidelines issued by the Board and in the manner as may be specified by the Board; (t) the InvIT shall refund money,- (i) to all the applicants in case it fails to collect subscription of atleast ^55[ninety] per cent. of the ^56[fresh] issue size as specified in the ^57[****] offer document; (ii) to applicants to the extent of the over subscription, in case the moneys received is in excess of the extent of over-subscription as specified in the ^58[****] offer document, money shall be refunded to applicants to the extent of the over subscription: Provided that right to retain such over subscription cannot exceed twenty five per cent. of the issue size; ^59[Provided further, that the offer document shall contain adequate disclosures towards the utilisation of such over subscription proceeds, if any, and such proceeds retained on account of over subscription shall not be utilised towards general purposes.] (iii) to all the applicants, in case the number of subscribers to the initial ^60[public] offer forming part of the public is less than twenty; (u) If the investment manager....
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....************** NOTES:- 1 Substituted for the words "the assets held by the InvIT" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 2 Substituted "ruppes" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 3 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 4 Substituted "with after initial offer or first offer of units under private placement" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 5 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 6 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 7 Substituted "of units," by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 8 Inserted by S....
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....structure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017. 21 Omitted "that hold not less than eighty per cent. of its assets in completed and revenue generating infrastructure projects," by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 22 Substituted "initial issue of units shall be by way of initial offer only" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 23 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 24 Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read "the units proposed to be offered to the public is not less than twenty five per cent. of the total of the outstanding units of the InvIT and the units being offered by way of the offer document: Provided that if prior to the initial offer, units of the InvIT are held by the public, the units proposed to be offered to the publi....
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....Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 40 Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 41 Omitted "final" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 42 Omitted "investment manager and" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 43 Omitted "final" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 44 Omitted "and such filing with the Board shall be accompanied by filing fees as specified under Schedule II" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 45 Substituted "make" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 46 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 3....