The Security and Exchange Board of India (SEBI) issued a framework for conversion of Private Listed InvIT into Public InvIT.
The SEBI issued the circular to all Infrastructure Investment Trusts, all parties to InvITs, all recognised Stock Exchanges and all Merchant Bankers.
The circular stated that a Private Listed InvIT may convert into a Public InvIT on making a public issue of units through a fresh issue and/or an offer for sale in terms of the InvIT Regulations in the manner provided in Annexure A.
It added that Post issuance and listing of such units through public issue in accordance with the circular, the Private Listed InvIT shall stand transformed and shall be considered a Public InvIT and it shall be required to comply with all provisions of the InvIT Regulations prescribed for Public InvITs.
The deputy general manager, department of Debt and Hybrid Securities, Deena Venu Sarangadharan issued the circular in exercise of powers conferred under Section 11(1) of Securities and Exchange Board of India Act, 1992 read with Regulation 33 and Regulation 34 of InvIT Regulations.