 "SEBI")
Sebi on Wednesday amended the guidelines for preferential issue and institutional placement of units by Infrastructure Investment Trusts and Real Estate Investment Trusts.
The changes have been made after receiving feedback from stakeholders.
In two separate but similarly-worded circulars issued for InvITs and REITs, Sebi has mentioned about pricing for institutional placement of units.
"The institutional placement should 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 two weeks preceding the relevant date," Sebi said.
According to the regulator, InvITs and REITs may offer a discount of not more than five per cent on the price, subject to approval of the unitholders concerned.
The relevant date for deciding the price would be the "date of the meeting in which the board of directors of the manager decides to open the issue".
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
