Updates for the book "REITs & InvITs: What's New in the Indian Stock markets"

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Some significant developments/ updates for REITs and InvITs are listed below:
  • Brookfield REIT (Feb 2021): After Embassy REIT and Mindspace REIT listing in Indian capital markets, the Brookfield India Real Estate Investment Trust (REIT) was listed on both the NSE and the BSE in February 2021. 
  • FPIs and Dividend (Feb 2021, Nov 2021): Budget 2021-22 made suitable modifications to enable FPIs to invest in REITs (in line with exisiting REIT & InvIT SEBI Regulations).  Also dividend payments to REITs and InVITs have been exempt from tax deducted at source (TDS). In Nov 2021, the RBI issued enabling circulars also.
  • Taxation of repayment of capital: Tax is not required to be withheld on repayment of unit capital and the same is subject to the applicable residential status of unitholders. Also, Section 48 of the Income Tax Act does not provide for any adjustment on account of amount received from the business trust as amortization of loan from SPV. In relation to taxability of such receipts, the unitholders should consult their tax consultants. 
  • Powergrid InvIT (April 2021): PowerGrid Infrastructure Investment Trust (InvIT) IPO in end of April 2021. An IPO of  Rs 7700 crore (approx) for a price of Rs99-Rs100 per unit with a lot size of 1100 units for initial subscription. The units can however be traded on the exchanges at lots of 100 shares after the listing was completed in May 2021.
  • Application value and trading lot (June 2021): SEBI Board meeting 29-6-21; For REITs and InvITs, the  revised  minimum  application  value shall be within the range of INR 10,000 - 15,000 and the revised trading lot shall be of one unit. Changes take place with effect from 11-Aug-2021 in accordance with NSE Circular dt 6.8.21 and BSE Notice dt 6.8.21. 
  • Listing of Debt securities (June 2021): SEBI Board meeting 29-6-21; listed  REITs  and  InvITs who  are  in  existence  for less than 3 years, have been facilitated to tap the bond market. Eases rules if they propose to list debt securities purely on private placement basis but who do not have a three year existence history, to list their debt securities issued on private  placement  basis. 


Listing details for InvITs and REITs in India




Distribution history for listed REITs and InvITs in India

a) Distribution history of Embassy REIT




b) Distribution history of IRB InvIT





c) Distribution history of Indigrid InvIT




d) Distribution history of Mindspace REIT



e) Distribution history of Brookfield REIT 





e) Distribution history of PowerGrid InvIT 




Disclaimer: 
Please note that this blog does not and should not be deemed to constitute legal, Financial or tax advice and we request investors to consult their own legal, financial or tax advisors.
Kindly do your own due diligence before relying on the data as errors and omissions are expected


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