October 05, 2021<\/p>\n
To<\/p>\n
All Real Estate Investment Trusts (\u201cREITs\u201d)
\nAll Parties to REITs
\nAll Recognised Stock Exchanges
\nAll Merchant Bankers<\/p>\n
Madam\/Sir<\/p>\n
1.SEBI issued circular SEBI\/HO\/DDHS\/DDHS\/CIR\/P\/2020\/123dated July 17, 2020 providing the manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(6A) and Regulation 22(8) of SEBI (Real Estate Investment Trusts) Regulations, 2014.<\/p>\n
2.The said circular stands modified as under :<\/p>\n
Page 1of 4CIRCULARSEBI\/HO\/DDHS\/DDHS_Div3\/P\/CIR\/2021\/640October 05, 2021ToAll Real Estate Investment Trusts (\u201cREITs\u201d) All Parties to REITs All Recognised Stock Exchanges All Merchant Bankers Madam\/Sir Sub: Amendments to manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(6A) and Regulation 22(8) of SEBI (Real Estate Investment Trusts) Regulations, 2014 (\u201cSEBI (REIT) Regulations\u201d)1.SEBI issued circular SEBI\/HO\/DDHS\/DDHS\/CIR\/P\/2020\/123dated July 17, 2020 providing the manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(6A) and Regulation 22(8) of SEBI (Real Estate Investment Trusts) Regulations, 2014.2.The said circular stands modified as under:a.Clause 1.6 of Annexure \u2013I of the circular is modified to read as under:1.6 \u201cRelevant date\u201d means the last day of voting for resolution under Regulation 22(6A) or Regulation 22(8) of the SEBI (REIT) Regulations.Provided that in case an acquisition described under Regulation 22(6A) or change in sponsor or inducted sponsor or change in control of sponsor or inducted sponsor under regulation 22(8) of SEBI (REIT) Regulations is triggered pursuant to an open offer under the provisions of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011, the relevant date shall mean the date of public announcement made for the acquisition in terms of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.<\/p>\n
b.Clause 2.5A is added after Clause 2.5 of Annexure-I of the circular to read as under:<\/p>\n
However, in case an acquisition described under Regulation 22(6A) or change in sponsor or change in control of sponsor or inducted sponsor under Regulation 22(8) of SEBI (REIT) Regulations is triggered pursuant to an open offer under the provisions of SEBI (Substantial Acquisition of
\nShares and Takeover) Regulations, 2011, the summary of activities pertaining to exit option\/offer is indicated below along with the prescribed timelines:<\/p>\n