6th June, 2018




Sub: Guidelines for Preferential Issue of Units by Infrastructure Investment Trusts



To all Listed Companies


Attention of such aforesaid listed companies are drawn to SEBI Circular Ref. No. SEBI/HO/DDHS/DDHS/CIR/P/2018/89 dated June 05, 2018 (copy available at CSE web-site at www.cse-india.com and SEBI web-site at www.sebi.com) wherein


Regulation 2(1)(zo) of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (“InvIT Regulations”) defines a preferential issue. Regulation 14(4)(b) read with Regulation 2(1)(zo) provides for any subsequent issue of units after an initial offer in a manner specified by Board from time to time. Accordingly, the detailed guidelines for preferential issue by an InvIT are provided herein. 


This SEBI Circular deals with the following issues:   

1.    Conditions for preferential issue

2.    Placement Document

3.    Pricing

4.    Restriction on allotment

5.    Transferability of Units


This Circular is available on the website of the Securities and Exchange Board of India (“SEBI”) at www.sebi.gov.in under the category “Legal” and under the drop down “Circulars”. 


This is for information and necessary action.




CS Chandrani Datta