The term ‘sponsor group’ has been defined to include:
• The sponsor
• Where the sponsor is a body corporate.
• Entities/persons controlled by such body corporate.
• Entities/persons controlling such body corporate.
• Entities/persons controlled by entities/persons controlling such body corporate.
• Where the sponsor is an individual.
• Relatives of such individual.
• Entities/controlled by such individual for each sponsor group, not less than one person shall be identified as the 'sponsor'. Sponsors and the sponsor group shall collectively hold.
• A minimum of 25% of the total units on a post issue basis
• A minimum of 15% of the outstanding units of the REIT at all times.
• Minimum holding of 5% of outstanding units of REIT at all time.
• Net worth of at least US$ 15.38 mn on consolidated basis and US$307,692 on individual basis.
• Minimum experience of 5 years in real estate industry for each sponsor and where sponsor is a developer, at least 2 projects of sponsor should be completed.
Please refer to section 4(d) and chapter IV of SEBI (Real Estate Investment Trusts) Regulations 2014 at link for more information.
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