Explain guidelines issued by SEBI on participation by the strategic investors in InvITs and REITs vide its circular dated 18th January, 2018.

Participation by the 'strategic investors' in the public issue of the REITs (i) Holding requirements Holding by strategic investors - Minimum 5%, maximum 25%. Holding by public, other than strategic investors and sponsor - Minimum 25% Holding by sponsor - Minimum 5%, maximum 70% (ii) Issue price of the units and utilisation of funds The price at which units are offered to the strategic investors must not be less than the price determined in the public issue. It must be ensured that the subscription amount is kept in the separate account until the public issue is opened. (iii) Lock-in period The units subscribed by strategic investors, pursuant to the unit subscription agreement, will be locked-in for a period of 180 days from the date of listing in the public issue.