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REIT IPO - Listing in India

Tuesday, September 30, 2014

Issue and Listing of REIT Units in India - SEBI Rules & Regulations

Atleast 25% of the units outstanding are offered to the public provided that for initial offer greater that Rs5bn, if units are held by the public prior to initial offer, such existing units will be counted in calculation of 25%

Value of all the assets held by REIT greater than Rs5bn

The draft and final offer document shall be accompanied by a due diligence certificate signed by the Manager and lead merchant banker.

Under both the initial offer and follow-on public offer, the REIT shall not accept subscription of an amount less than Rs0.2mn from an applicant.

Units may be offered for sale to public if such units have been held by the existing unitholders for a period of at least one year prior to the filing of draft offer document with the Board (Provided that the holding period for the equity shares or partnership interest in the SPV against which such units have been received shall be considered for the purpose of calculation of one year period)

If the REIT fails to make its initial offer within three years (increased from 18months in draft guidelines) from the date of registration with the Board, it shall surrender its certificate of registration to the Board and cease to operate as a REIT (provided that the Board, if it deems fit, may extend the period by another one year)

The units of REIT will be listed on recognized stock exchange

Any person other than the sponsor(s) holding units of the REIT prior to initial offer shall hold the units for a period of not less than one year from the date of listing of the units subject to circulars or guidelines as may be specified by the Board.

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