Who is an Anchor Investor in the context of Infrastructure Investment Trusts (InvIT)? How can Anchor Investors participate in the public issue of units of InvITs?

In the context of Infrastructure Investment Trusts (InvITs), 'Anchor Investor' means a qualified institutional buyer who makes an application for a value of at least ₹ 10 crore in a public issue on the SEBI main board made through the book building process or makes an application for a value of at least ₹ 2 crore for an issue made in accordance with SEBI (ICDR) Regulations, 2018. Participation by Anchor Investors in the public issue of units of InvITs A strategic investor may participate in an offer as an anchor investor. The investment manager, on behalf of the InvIT, may allocate up to 60% of the portion available to institutional investors to anchor investors. The anchor investors will have to make an application of a value of at least ₹ 100 million in the public issue. Allocation to anchor investor shall be on a discretionary basis, and subject to the minimum of two investors for allocations of up to ₹ 2.5 billion and minimum five investors for allocations exceeding ₹ 2.5 billion. The bidding for anchor investor before the issue opening date and the allocation must be completed on the same day. The number of units allocated and the allocation price must be disclosed on the websites of the stock exchange(s), sponsor(s), investment manager and merchant banker(s) before opening of the issue. The anchor investor shall have to bring in the deficit between the cut-off price and the allocation price, if any. The lock-in period shall be thirty days for anchor investors other than a strategic investor. However, lock-in should be one year for strategic investors investing as anchor investors, Neither the merchant bankers nor any person related to the merchant bankers in the concerned public issue can apply under the anchor investor category, except mutual funds, insurance companies and pension funds.