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Sebi permits unlisted InvITs to lift funds via rights concern

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MUMBAI: The Securities and Exchange Board of India has allowed unlisted infrastructure funding trusts (InvITs) to lift funds via rights concern of their items.

The regulator has come out with detailed pointers on circumstances for issuance of items, pricing, timelines and allotments. Sebi stated InvITs could make a rights concern of items offered it fulfil the circumstances, together with not one of the respective promoters or companions or administrators of the sponsor or funding supervisor or trustee is a fugitive financial offender nor are they barred from the accessing the securities market.

If the InvIT desires to have the problem underwritten, it may well appoint underwriters, Sebi stated.

The regulator stated the minimal allotment to any investor might be Rs 1 crore. Besides, the rights concern ought to open inside three months from the report date and saved open for no less than three working days however no more than 15 days.

“The InvIT shall not make any further issue of units in any manner during the period between the date of filing the letter of offer with the Board and the allotment of the units offered through the letter of offer. The InvIT shall file an allotment report with the Board providing details of the allottees and allotment made within 15 days of the issue closing date,” Sebi stated in a round on Wednesday.




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