Additional conditions in case of InvIT

98. (1) The investment by an InvIT shall only be in holdco and/ or SPVs or infrastructure projects or securities in accordance with the requirements specified in these regulations and the investment strategy as detailed in the offer document: Provided that in case of PPP projects, the InvIT shall mandatorily invest in the infrastructure projects through holdco and/ or SPV. (2) In case of Public Issues of InvIT:- (a) At least eighty per cent. (80%) of the value of the InvIT assets shall be invested, proportionate to the holding of the InvITs, in completed and revenue generating infrastructure projects. Explanation I- If the investment has been made through a holdco and/ or SPV(s), only the portion of direct investments in completed and revenue generating projects by such holdco and/ or SPV(s) shall be considered under this clause, and the remaining portion shall be included in clause (b) of this sub-regulation. Explanation II- If any project is implemented in stages, the part of the project which can be categorised as completed and revenue generating project shall be considered under this clause and the remaining portion shall be included under clause (b) of this sub-regulation; (b) Not more than twenty per cent. (20%) of value of the InvIT assets shall be invested in: (i) under-construction infrastructure projects, whether directly or through holdco and/ or SPVs: Provided that the investment in such assets shall not exceed ten per cent. (10%) of the value of the InvIT assets; (ii) listed or unlisted debt of companies or body corporate in infrastructure sector: Provided that this investment shall not include any investment made in debt of the holdco and/ or SPV(s); (iii) equity shares of listed companies which derive not less than eighty per cent. (80%) of their operating income from infrastructure sector; (iv) government securities; (v) securities issued by a supranational agency; and (vi) money market instruments, liquid mutual funds or cash equivalents. (3) In respect of InvITs having raised funding through public issue, if the investment conditions are breached on account of market movements of the price of the underlying assets or securities, the investment manager shall inform the same to the trustee and ensure that the investment conditions as specified in these regulations are satisfied within six (6) months of such breach: Provided that the period may be extended to one year subject to approval from investors. (4) In case of private placement of InvIT:- (a) At least eighty per cent. (80%) of the value of the InvIT assets shall be invested in eligible infrastructure projects either directly or through holdcos or through SPVs; (b) Un-invested funds may be invested in: (i) listed or unlisted debt of companies or body corporate in infrastructure sector: Provided that this shall not include any investment made in debt of the holdco and/ or SPV(s); (ii) equity shares of listed companies which derive not less than eighty per cent. (80%) of their operating income from infrastructure sector; (iii) government securities; (iv) securities issued by a supranational agency; and (v) money market instruments, liquid mutual funds or cash equivalents.