Why REITs, InvITs occupy significant mindspace in capital markets
SEBI has introduced a framework for issuance of subordinate units to bridge valuation gap and protect unitholders' interests. Subordinate units can be issued to sponsors with inferior rights and require 75% unitholder approval. Maximum issuance capped at 10% of outstanding units. Uniform voting and distribution rights for all subordinate units. SEBI clarifies computation of net distributable cash flows, requiring distribution of at least 90% to unitholders. C
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