Securities And Exchange Board Of India - Subsection
Section 14(2) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(2)No initial offer of units by the REIT shall be made unless,-(a)the REIT is registered with the Board under these regulations;(b)the value of [the REIT assets] [Substituted 'all the assets owned by REIT' by Notification No. SEBI/LAD-NRO/GN/2018/06, dated 10.4.2018 (w.e.f. 29.9.2014).] is not less than five hundred crore rupees;(ba)[ the minimum number of unit holders other than sponsor(s), its related parties and its associates forming part of public shall be not less than two hundred;] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).]Explanation. - Such value shall mean the value of the specific portion of the holding of REIT in the underlying assets or [holdco and/or] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] SPVs;(c)[ ***] [Omitted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).](d)the offer size is not less than two hundred and fifty crore rupees:Provided that the requirement of ownership of assets under clause (b) and size of REIT under clause (d) may be complied [at any point of time before allotment of units in accordance with offer document/placement memorandum] [Substituted 'with after initial offer' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] subject to a binding agreement with the relevant party(ies) that [such] [Substituted 'the' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] requirements shall be fulfilled prior to [such] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] allotment of units, [and] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] a declaration to the Board and [to] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] the designated stock exchanges to that effect and adequate disclosures in this regard in the [***] [Omitted 'initial' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] offer document.
