Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT

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....dam/Sir Sub: Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT 1. SEBI issued circular SEBI/HO/DDHS/DDHS/CIR/P/2019/143 dated November 27, 2019 providing guidelines for preferential issue and institutional placement of units by listed InvITs ("Guidelines"). The guidelines were subsequently revised vide circulars SEBI/HO/DDHS/DDHS/CIR/P/2020/36....

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....time after the issuer becomes liable to repay it, the InvIT, investment manager of the InvIT and its director or partner who is an officer in default shall, on and from the expiry of the fourth working day, be jointly and severally liable to repay that money with interest at the rate of fifteen percent per annum" II. Sub-paragraph (A) of paragraph 2 of Annexure-I of SEBI circular dated November ....

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....exchange preceding the relevant date. Explanation: a) "Relevant date" for the purpose of clauses related to preferential issue of units shall be the date thirty days prior to the date on which the meeting of unitholders is held to consider the preferential issue. Where the relevant date falls on a weekend or a holiday, the day preceding the weekend or the holiday will be reckoned to be the rel....

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.... total units of such class of the issuer shall represent the total number of units." III. Clause 4.1 of Annexure-I of SEBI circular dated November 27, 2019 (as amended), is modified as under and the explanation stands deleted:: "4.1 Preferential issue of units shall not be made to any person who has sold or transferred any units of the issuer during the 90 trading days preceding the relevant d....