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Jul 23, 2024

Framework for Category I / II AIFs to Create Encumbrance on Shareholding of Investee Companies

SEBI had by way of a Notification dated April 25, 2024, (‘Notification’) amended the SEBI (Alternative Investment Funds) Regulations, 2012 (‘AIF Regulations’) to allow Category I and Category II AIFs to create encumbrance on equity of investee company, which is in the business of development, operation or management of projects in any of the infrastructure sub-sectors listed in the Harmonised Master List of Infrastructure issued by the Central Government, only for the purpose of borrowing by such investee company and subject to conditions specified by SEBI. Subsequently, SEBI by way of a Circular dated April 26, 2024, (‘Circular’) introduced a framework for Category I and Category II AIFs to create encumbrance on their holding of equity of investee companies subject to explicit disclosure made in the private placement memorandum (PPM) and other conditions as prescribed under the Circular.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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