Securities And Exchange Board Of India - Subsection
Section 14(1) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
(1)No initial offer of units by an InvIT shall be made unless, -(a)The InvIT is registered with the Board under these regulations;(b)the value of [InvIT assets] [Substituted 'the assets held by the InvIT' by Notification No. SEBI/LAD-NRO/GN/2018/07, dated 10.4.2018 (w.e.f. 26.9.2014).] is not less than rupees. five hundred crore.Explanation. - Such value shall mean the value of the specific portion of the holding of InvIT in the underlying assets or [holdco or] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] SPVs;(c)the offer size is not less than rupees two hundred fifty crore:Provided that the requirement of ownership of assets under clause (b) and offer size under clause (c) may be complied [at any point of time before allotment of units in accordance with offer document/placement memorandum] [Substituted 'with after initial offer or first offer of units under private placement' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] subject, to a binding agreement with the relevant party(ies) that [such] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] the requirements shall be fulfilled prior to [such] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] allotment of units, [and] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] a declaration to the Board and [to] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).]the designated stock exchanges to that effect, where applicable and adequate disclosures in this regard in the [***] [Omitted 'initial' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] offer document or placement memorandum.
