Issuance of Subordinate Units

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....ubordinate units shall be issued only to the sponsor, its associates and the sponsor group and shall be deemed to be a part of the consideration for acquisition of the infrastructure project from such sponsor, its associates and the sponsor group. (3) The subordinate units shall not carry any voting rights or distribution rights. (4) The subordinate units shall be issued in a dematerialized ....

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....e acquisition of the infrastructure project including the sponsor, its associates and sponsor group, shall not be entitled to vote. (8) The price of subordinate units shall be determined according to the pricing guidelines applicable for issuance of ordinary units. (9) Prior to issuance of subordinate units, the investment manager shall obtain in-principle approval from the recognised stock ....

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....o disclose the Term Sheet, the placement memorandum and the notice for unitholders meeting including the explanatory statement on its website and shall file the same with the recognised stock exchange. (15) The amount of subordinate units issued at the time of acquisition of an infrastructure project by the InvIT shall not exceed ten percent of the acquisition price of the infrastructure projec....