The trusts, its promoters and directors, which have been barred from accessing the securities markets, or those who are in the 'wilful defaulter' list, would not make any public issue, Securities and Exchange Board of India (Sebi) said in a circular.
In an issue made through the book building process, up to 75 per cent would be allocated to institutional investors and 25 per cent to other investors.
To facilitate growth of REITs, Sebi last month notified revised and easier regulations for raising capital through this instrument.
Spelling out norms for REIT's public issue, Sebi said that such trusts can allocate up to 60 per cent of the portion available for allocation to institutional investors to anchor investors.
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The anchor investor would make an application of a value of at least Rs 10 crore in the public issue. Allocation to such investors would be on a discretionary basis and subject to the minimum of two investors for allocation up to Rs 250 crore and minimum of 5 investors for allocation of over Rs 250 crore.
An issue would be opened after at least five working days from the date of filing the offer document with Sebi. The issue would be kept open for at least three working days but not more than 30 days.
However, in case the price band in a public issue made through the book building process is revised, the bidding period disclosed in the final offer document would be extended for a minimum period of one working day, provided that the total bidding period would not exceed 30 days.
"No REIT shall alter the terms of units which may adversely affect the interests of the holders of that units unless a resolution to that effect is passed at a meeting of the unit holders in accordance with ...REIT Regulations," it added.