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[Cites 0, Cited by 0] [Section 20(3)] [Section 20] [Entire Act]

Securities And Exchange Board Of India - Subsection

Section 20(3)(b) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014

(b)above forty nine percent, an InvIT shall -
(i)obtain a credit rating of "AAA" or equivalent for its consolidated borrowing and the proposed borrowing, from a credit rating agency registered with the Board;
(ii)utilize the funds only for acquisition or development of infrastructure projects;
(iii)have a track record of atleast six distributions, in terms of sub-regulation (6) of regulation 18, on a continuous basis, post listing, in the years preceding the financial year in which the enhanced borrowings are proposed to be made;
(iv)obtain the approval of unitholders in the manner specified in sub-regulation (5A) of regulation 22.]