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Chapter VIA of the of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) provides the framework for private placement of units by InvITs which are not eligible to be listed. In order to enable unlisted InvITs to raise further funds, it has been decided to provide a mechanism for raising of funds by unlisted InvITs through rights issue of units. For the purpose of this circular “rights issue” shall mean an offer of units by an unlisted InvIT to the unit holders of the InvIT as on the record date fixed for the said purpose. The guidelines in respect of a rights issue of units by an unlisted InvIT are given below. 1. Conditions for issuance 1.1. No InvIT shall make a rights issue of units unless the following conditions are satisfied: 1.1.1. A resolution of the board of directors of the investment manager approving the rights issue of units and determining the record date has been passed. 1.1.2. Units of the same class, which are proposed to be allotted are already issued by the InvIT.