Real Estate Investment Trusts and Infrastructure Investment Trusts can now issue foreign-currency depository receipts via newly created or transferred existing units. These instruments will be eligible for listing on the India International Exchange and NSE International Exchange. Issuances generally mandate a 75 percent unitholder approval vote, and trust managers must engage a merchant banker to guarantee full regulatory adherence.
Key points
Trusts must designate a merchant banker to verify compliance across all depository receip…: Trusts must designate a merchant banker to verify compliance across all depository receipt issuance regulations.
Unitholder voting requirements are waived if a simultaneous international listing is cond…: Unitholder voting requirements are waived if a simultaneous international listing is conducted alongside an initial public offering.
Entities, directors, and unitholders transferring units must not be wilful defaulters, fu…: Entities, directors, and unitholders transferring units must not be wilful defaulters, fugitive economic offenders, or debarred market participants.
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The regulator said REITs and InvITs can issue fresh units or facilitate the transfer of existing units held by investors for issuing DRs.
The receipts, denominated in foreign currency, can be listed on India International Exchange and NSE International Exchange in the International Financial Services Centre (IFSC).
The move provides the trusts with an additional avenue to access foreign capital and gives overseas investors another route to gain exposure to India's real estate and infrastructure assets.
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Sebi said any fresh issue of DRs would require approval from unitholders, with at least 75% of the votes cast in favour.
The requirement will not apply where a trust undertakes an initial public offering alongside a simultaneous DR issuance and listing on an international exchange. Subsequent offerings within the overall limit approved by unitholders will also not require fresh approval, it said.
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