In what cases InvIT shall refund money? What are the various provisions relating to issue of units and allotment in case InvIT raises funds by way of public issue?

Cases where InvIT shall refund money: The InvIT shall refund money in the following cases: To all applicants in case it fails to collect subscription of at least 90% of the fresh issue size as specified in the offer document. To all applicants to the extent of oversubscription in case the money received is in excess of the extent of over-subscription as specified in the final offer document; money shall be refunded to applicants to the extent of the oversubscription. To all applicants in case the number of subscribers to the initial public offer forming part of the public is less than 20. Provisions relating to issue of units and allotment in case InvIT raises funds by way of public issue: If the InvIT raises funds by way of public issue, it shall be by way of initial public offer. The various provisions are: Any subsequent issue of units after initial public offer may be by way of follow-on offer, preferential allotment, qualified institutional placement, rights issue, bonus issue, offer for sale or any other mechanism and in the manner as may be specified by SEBI. Minimum subscription from any investor in initial and follow-on offer shall be ₹1 lakh. Prior to initial public offer and follow-on offer, the merchant banker shall file the draft offer document along with the fee as specified in Schedule II, with the designated stock exchange(s) and SEBI not less than thirty working days before filing the offer document with the designated stock exchange and SEBI. The draft offer document filed with SEBI shall be made public, for comments, if any, by hosting it on the websites of SEBI, designated stock exchanges, InvIT and merchant bankers associated with the issue for a period of not less than twenty one days. SEBI may communicate its comments to the lead merchant banker and, in the interest of investors, may require the lead merchant banker to carry out such modifications in the draft offer document as it deems fit; the lead merchant banker shall ensure that all comments received from SEBI on the draft offer document are suitably addressed prior to the filing of the offer document with the designated stock exchanges. In case no observations are issued by SEBI in the draft offer document within twenty one working days from the date of receipt of satisfactory reply from the lead merchant bankers or manager, the InvIT may file the offer document or follow on offer document with SEBI and the exchange(s). The draft offer document and offer document shall be accompanied by a due diligence certificate signed by the lead merchant banker. The offer document shall be filed with the designated stock exchanges and SEBI not less than five working days before opening of the offer. The InvIT may open the initial public offer or follow-on offer or rights issue within a period of not more than one year from the date of issuance of observations by SEBI. However, if the initial public offer or follow-on offer or rights issue is not made within the prescribed time period, a fresh draft offer document shall be filed. The InvIT may invite for subscriptions and allot units to any person, whether resident or foreign. However, in case of foreign investors, such investment shall be subject to guidelines as may be specified by RBI and the government from time to time. The application for subscription shall be accompanied by a statement containing the abridged version of the offer document detailing the risk factors and summary of the terms of issue. Initial public offer and follow-on offer shall not be open for subscription for a period of more than thirty days. In case of over-subscriptions, the InvIT shall allot units to the applicants on a proportionate basis rounded off to the nearest integer subject to minimum subscription amount per subscriber. The InvIT shall allot units or refund application money, as the case may be, within twelve working days from the date of closing of the issue. The InvIT shall issue units only in dematerialized form to all the applicants. The price of InvIT units issued by way of public issue shall be determined through the book building process or any other process in accordance with the guidelines issued by SEBI and in the manner as may be specified by SEBI.