NEW DELHI: Sebi on Tuesday put in place a detailed framework for listed Infrastructure Investment Trusts (InvITs) to make preferential issue of units to institutional investors. Sebi said preferential issues need to be completed within 12 months from the date of passing of the resolution by InvIT’s unit holders. The units in a preferential issue would be offered and allotted to a minimum of two investors and a maximum of 1,000 investors in a financial year.
The gap between preferential issue of units by InvITs should be six months, and allotment needs to be completed within 12 days.
“The units to be issued in preferential issue shall be of same class or kind as the units issued in the initial offer by the InvIT. Such units have been listed on a recognised stock exchange, having nationwide trading terminal for a period of at least six months prior to the date of issuance of notice to its unit holders for convening the meeting to approve the preferential issue, Sebi said.