New Delhi : To provide new avenues for raising funds, capital markets regulator Sebi proposed fresh norms for the public issue of Real Estate Investment Trusts (REITs), including cap of 75% allocation to institutional buyers.
The Securities and Exchange Board of India (Sebi) said the proposed norms for the public issuance of REITs relate to appointment of merchant bankers, disclosures in the offer documents and filing of draft papers, keeping them in the public domain for at least 21 days. For an issue made through the book building process or otherwise, the allocation in the public issue should be maximum 75% to qualified institutional buyers (QIBs) and at least 25% to other investors, Sebi said.
