SEBI is slowly re-defining InvITs: What’s at risk for the product and its institutional audience?

  • Strong minority unitholder protections introduced – for both public and private InvITs
  • Private InvITs originally designed to attract large institutional capital – light touch re- gulations allowed flexibility to parties to manage their arrangements…

    Investing into Infrastructure Holding Companies: What if you become a core investment company?

    • Infrastructure companies are mandated to execute concessions through SPVs, which often results in qualification of the holding company as a core investment company (CIC)
    • CIC risk is often avoided by structuring EPC and O&M revenues through the hol- ding company and swelling …

      Blurring lines between FPI and FDI: Can foreign investors really acquire less than 10% listed stake off market?

      • Investors face roadblocks in picking up less than 10% listed stake off the market under the FDI route
      • The shift from an investor-centric to investment-centric regime has been rather mismanaged, leading to divergent market practices…

        EduInfra – Emergence of a new asset class

        • EduInfra offers a promising 10 – 11% entry cap rate for annuity investors with rental escalations in the region of 3
          – 5%

        • Infrastructure classification allows for tax optimal exit through InvITs
        • Seller awareness needed – operators slowly moving towards asset light models; depth, but potential…

          Investor or developer? Real estate regulator (RERA) classifies real estate fund as a promoter

          • The term ‘causes to construct’ in the definition of ‘promoter’ under RERA has been interpreted to include private funds exercising rights typical to such investments

          • Protective rights of investors have been interpreted as being secondary to the rights of the homebuyers – in a conflict, the latter should be protected, notwithstanding inter-se contractual relationship between developer and fund…

            Revamped Overseas Investment Regime (Part I) – A Rational Overhaul

            • Round tripping no longer illegitimate – doors open for externalisation and de-SPAC transactions
            • Definitional clarity on direct investments and portfolio investments
            • Indian GPs get a glidepath to setup offshore pooling structures…

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