On 5-7-2023, the Securities and Exchange of India (‘SEBI') notified amendments to Guidelines for Preferential Issue and Institutional Placement of Units by a listed Real Estate Investment Trusts (‘REIT') and Infrastructure Investment Trusts (‘InvIT'). The provisions came into force on 5-7-2023.

Key Points:

  1. This Circular amends the SEBI Circular dated 27-11-2019, Annexure II Clause 2 relating to “Pricing of Units”.

  2. The institutional placement will be made at a price not less than the average of the weekly high and low of the closing prices of the units of the same class quoted on the stock exchange during the 2 weeks preceding the relevant date.

  3. A discount of not more than 5% on the price can be offered by the InvIT or REIT.

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