Securities And Exchange Board Of India - Subsection
Section 20(2) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(2)If the aggregate consolidated borrowings and deferred payments of the REIT [holdco and/or the SPV(s)] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] net of cash and cash equivalents exceed twenty five per cent of the value of the REIT assets, for any further borrowing,-(a)credit rating shall be obtained from a credit rating agency registered with the Board; and(b)approval of unit holders shall be obtained in the manner as specified in regulation 22.
