Amendments to guidelines for rights issue, preferential issue and institutional placement of units by a listed REIT

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....e of units by a listed REIT. The circular stands modified as under: 1.1. The existing clause 11 and 12 shall be re-numbered as 13 and 14 respectively and the following shall be inserted as clause 11 and 12 before the re-numbered clauses: "11. A REIT satisfying the conditions mentioned below and desirous of issuing units under fast track rights issue shall, for such an issue, follow guidelines specified in this circular except those under sub-clauses 3.1, 3.2, 3.7 and 3.8: 11.1 the units of the REIT have been listed on a stock exchange for a period of at least three years immediately preceding the record date; 11.2 all the units of the REIT are held in demat form on the record date; 11.3 the average mar....

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.... to the REIT in accordance with the applicable regulations; 11.11 The sponsor and sponsor group shall mandatorily subscribe to their rights entitlement and shall not renounce their rights, except to the extent of renunciation within the respective sponsor group or for the purpose of complying with minimum public shareholding norms prescribed under the REIT Regulations, 2014; 11.12 there are no audit qualifications on the audited accounts of the REIT in respect of those financial years for which such accounts are disclosed in the letter of offer; Explanation: For the purpose of this circular, "audit qualifications" shall be those disclosed under applicable accounting standard relating to modification to the ....

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....e date of trading approval: Provided further that units allotted in excess of twenty-five percent of the total unit capital of the REIT shall be locked-in for one year from the date of trading approval." 2.2. The proviso to the paragraph 7(a) of Annexure III is modified as under: "Provided that if the REIT has undertaken any acquisition or disposal of any material assets after the latest period for which the financial information is disclosed in the placement document but before the date of placement document, the pro forma financial statements shall be prepared and certified by statutory auditors for the last completed financial year and the stub period (if any)." 2.3. The existing paragraph (b) under clause 7 shall....