Conditions for initial offer

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.... the date of issuance of observations by the Board: Provided that if the initial offer is not made within the specified time period, a fresh draft scheme offer document shall be filed. (1C) The minimum subscription amount shall be 90 per cent. of the fresh issue size as specified in the KIS in case of a scheme of SM REIT which opts to utilize leverage in accordance with these Regulations. (1D) The minimum subscription amount shall be 100 per cent. of the fresh issue size as specified in the KIS in case of a scheme of SM REIT which does not opt to utilize leverage in accordance with these Regulations. (1E) The amount for general purposes, including the issue expenses, the legal expenses and other eligible expenses, as the Board may speci....

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....ay issue observations only on the draft KIS; or (ii) if there is any change in the draft KIT vis-à-vis the KIT filed with the Board as part of previous scheme offer document, then the investment manager shall file the draft KIT along with the draft KIS of subsequent schemes with the Board and the Board may issue observations on the draft KIT as well as on the draft KIS.] (3) The minimum price of each unit of the scheme of the SM REIT shall be rupees ten lakhs or such other amount as may be specified by the Board from time to time. 4[(3A) The price of units of the scheme of SM REIT issued by way of public issue shall be determined through the book building process or any other process in accordance with the circulars or guide....

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....om the merchant banker; (c) the date of receipt of clarification or information from any regulator or agency, where the Board has sought any clarification or information from such regulator or agency; or (d) the date of receipt of a copy of in-principle approval letter issued by the designated stock exchange(s). (10) The merchant banker shall ensure that the observations issued by the Board are addressed in the scheme offer document prior to launch of the scheme.] 5[(11) The Board may specify, by issuance of guidelines or circulars, any other requirements, as it deems fit, pertaining to the issue and allotment of units by a scheme of SM REIT. (12) The Board and the designated stock exchanges may specify any o....