Secondary acquisition

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....by the employee benefit trust shall not exceed two per cent of the total outstanding units of the REIT as at the end of the previous financial year. Explanation. - "secondary acquisition" means acquisition of existing units of the REIT by the employee benefit trust on the platform of a recognised stock exchange for cash consideration for the purpose of unit based employee benefit scheme. (3)....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....shall disclose the period during which it plans to undertake secondary acquisition, in advance of at least seven working days (excluding the date of intimation and the date of start of such period), to the recognised stock exchanges and the depositories.  (7) The employees of the manager shall not sell units of the REIT held by them during the period referred in sub-regulation (6). (8) ....