SEBI Updates 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 (“SEBI (REIT) Regulations”)

1. Regulation 22 (6A) and Regulation 22 (8) of SEBI (REIT) Regulations provide for exit option to be given to dissenting unit holders.
2. This circular details the guidelines in respect of conditions, manner and mechanism of exit option to be provided to dissenting unit holders. 
3. An acquirer providing exit option to dissenting unitholders in terms of this circular shall appoint one or more merchant bankers, registered with the Board, as lead manager(s) for the exit option/offer, who shall ensure compliance with the provisions of SEBI (REIT) Regulations and this circular. Lead manager(s) shall send the Letter of Offer (LoF) to all dissenting unit holders and shall also file the same along with the due diligence certificate, in line with format specified in Form A in Annexure-I of SEBI circular dated December 19, 2016, with the Exchange(s). 
4. Upon completion of exit option process, a due diligence certificate in line with format specified in the Form D in Annexure-I of SEBI circular dated December 19, 2016, shall be filed by the lead manager(s) with the Board within two working days of payment of consideration by the acquirer.
For further: https://www.sebi.gov.in/legal/circulars/jul-2020/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_47084.html