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As in the case of initial public offerings, qualified institutional buyers can invest only up to 75 per cent in Infrastructure Investment Trusts (InvITs), SEBI has said.
60% of QIB to anchorsThe market regulator unveiled procedural guidelines for InvITs on Friday. Accordingly, investment managers can allocate only up to 60 per cent of the qualified institutional buyer (QIB) portion to anchor investors.
At least two anchor investors should be allowed on a discretionary basis for allocation of up to ₹250 crore in InvITs and should have at least five anchor investors in case the amount exceeds ₹250 crore.
The investment manager should appoint one or more merchant bankers with one being a lead merchant banker. The investment manager should also appoint other intermediaries in consultation with the lead merchant banker to carry out the obligations relating to the issue, the draft paper said.
Deposit of unitsBefore the opening of subscription, the InvIT should deposit an amount calculated at the rate of 0.5 per cent of the amount of units offered for subscription to the public. This amount should be kept deposited with the stock exchanges.
SEBI has fixed January 5 as the date for receiving stakeholders’ views and public comments for the proposed norms.
SEBI had originally come out with regulations for public issue of InvITs on September 26, 2014. Among others, it specified that the minimum initial offer size of InvITs should be ₹250 crore with a public float of at least 25 per cent. The minimum asset base for these trusts to get listed had been fixed as ₹500 crore.
InvITs are required to make investments either directly or through special purpose vehicles. In case of public-private partnership (PPP) projects, money can be put in only through SPVs.
InvITs, the regulator said, should put in at least 80 per cent of the value of the assets in completed and revenue-generating infrastructure assets and should, among others, raise funds only through public issue of units. In this case, minimum subscription from any investor in initial and follow-on offers would have to be ₹10 lakh.
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