INDIA, Nov. 9 -- On 2 November, SEBI issued frameworks for depositary receipts backed by units of real estate investment trusts and infrastructure investment trusts. The route can give overseas investors access through eligible exchanges. That is a financing development, but the circulars do not establish that any particular office project, road or other asset will receive new investment.
The Property Times asks: In the first transactions, how much money will reach the trust for new assets or upgrades, how much will refinance existing obligations, and how much will go to existing holders selling units? All three can serve a purpose. They have very different implications for the asset and for investors.
The Property Times recommends that t...