Regulation 2(1)(zo) of the SEBI (Infrastructure Investment Trusts) Regulations, 2014 defines a preferential issue.
Regulation 14(4)(b) read with Regulation 2(1)(zo) provides that for any subsequent issue of units after an initial offer, the Securities and Exchange Board of India (SEBI) shall provide the manner of the issue from time to time. Accordingly, the detailed guidelines for preferential issue by an Investment Trusts (InvIT) are provided by the SEBI on the following topics:
· Conditions for preferential issue
· Placement Document
· Restriction on allotment
· Transferability of Units