Securities And Exchange Board Of India - Subsection
Section 14(2) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
(2)If the InvIT [raises funds by way of private placement] [Substituted 'invests or proposes to invest in under-construction projects, value of which is more than ten per cent. of the value of the InvIT assets, it shall raise funds' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).],-(a)[it shall do it] [Substituted 'by way of private placement only' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] through a placement memorandum;(b)from [institutional investors] [Substituted 'qualified institutional buyers' by Notification No. SEBI/LAD-NRO/GN/2018/07, dated 10.4.2018 (w.e.f. 26.9.2014).] and body corporate only, whether Indian or foreign:Provided that in case of foreign investors, such investment shall be subject to guidelines as may be specified by Reserve Bank of India and the government from time to time;(c)with minimum investment from any investor of rupees one crore;[Notwithstanding the above, if such an privately placed InvIT invests or proposes to invest not less than eighty per cent of the value of the InvIT assets, [in completed and revenue generating assets] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] the minimum investment from an investor shall be rupees twenty five crore;](d)from not less than five and not more than one thousand investors.(e)[ shall file a placement memorandum with the Board alongwith the fee as specified in Schedule II, atleast 5 days prior to opening of the issue: [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).]Provided that such opening of the issue shall not be at a date later than 3 months from the receipt of in-principle approval for listing, from exchange(s).](f)[ it shall file the final placement memorandum with the Board within a period of ten working days from the date of listing of the units issued therein.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/07, dated 10.4.2018 (w.e.f. 26.9.2014).]
