SEBI issues listing norms for infrastructure investment trusts, in an effort to make it easier for cash-starved developers to raise capital from the public.
According to the guidelines, not more than 75% of the total public has to be allocated to institutional investors while not less than 25% shall be allocated to other investors.
However, the anchor investor will have to make an application of at least Rs 10 crore in the public issue. Besides, allocation to anchor investors shall be on a discretionary basis and subject to the minimum of 2 investors for allocation upto Rs 250 crore and minimum of 5 investors for allocation of more than Rs 250 crore.
The investment manager on behalf of the InvIT will have the option to allocate upto 60% of the portion available for allocation to institutional investors to anchor investors.
The InvIT will have to deposit, before the opening of subscription, and keep deposited with the stock exchange, an amount calculated at the rate of 0.5 per cent of the amount of units offered for subscription to the public.
The issue would need to be opened after atleast three working days from the date of filing the offer document with Sebi.
Though Sebi allowed the launch of InvITs in 2014, no firm has launched any InvIT in the country yet.
