SEBI has vide two identical circulars dated 17th July, 2020 made rules giving exit option to dissenting holders in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (INvIT).
Dissenting unit holders means those who have not voted in favour of the resolution under regulation 22(6A) or regulation 22(8) of the SEBI (REIT) Regulations or Regulation 22(5C) or Regulation 22(7) of the SEBI (InvIT) Regulations.
These sub regulations pertain to trustee and investment manager seeking delisting of the units and securing approval of the unit holders for the same AND change in sponsor or designated sponsor or change in control of sponsor or designated sponsor and seeking approval of the unit holders for the same.
Under both these exit option regulations, detailed provisions have been made in respect of what acquirer and investment manager is required to do in sequential fashion, the escrow account to be created, price to be arrived at, Letter of Offer to be given, meeting to be convened of the unit holders for voting and submission of compliance report thereon.
SEBI circulars can be found on SEBI site.