Infrastructure India plc Asset Sale (9431C)
28 Fevereiro 2022 - 4:00AM
UK Regulatory
TIDMIIP TIDMTTM
RNS Number : 9431C
Infrastructure India plc
28 February 2022
28 February 2022
Infrastructure India plc
("IIP" or the "Company" or, together with its subsidiaries, the
"Group")
Asset Sale
Infrastructure India plc, an AIM quoted infrastructure fund
investing directly into assets in India, is pleased to announce
that an agreement has been signed for the conditional sale of
Indian Energy (Mauritius) Limited's ("IEL") assets.
IEL, which is a wholly owned subsidiary of IIP, is an
independent power producer that owns and operates wind farms at two
sites in the states of Karnataka and Tamil Nadu, with 41.3MW of
installed capacity. IEL holds each wind farm asset within separate
Special Purpose Vehicles ("SPV"), Theni and Gadag, which are its
only assets.
IIP has entered into an agreement for the conditional sale of
its 100% interest in each SPV to AVSR Constructions ("AVSR"), which
develops, operates and maintains renewable energy projects in
India. The total consideration to be received by IEL from AVSR for
both assets is INR 550 million (approximately GBP5.45 million) and
the transaction is structured with the separate sale of each
SPV.
IEL's sale of each SPV to AVSR is conditional on, inter alia,
the relevant SPV obtaining approval from the State Bank of India to
effect the transfer of shares and the existing pledges over shares
to AVSR and the provision of certain customary documentation. The
long stop dates for the sales of Theni and Gadag are 15 March 2022
and 15 May 2022, respectively.
The net proceeds of the sales will be used for Group working
capital, conditional upon IIP's lenders waiving the requirement to
pay down a proportion of the Company's debt, and will provide the
Company with a forecasted positive cash runway until September
2022. The Group continues with discussions with regards to the
partial or complete sale of Distribution Logistics Infrastructure
Limited ("DLI") and further announcements will be made as and when
appropriate.
IEL was valued at GBP10.1 million in IIP's unaudited interim
results for the period ended 30 September 2021.
The Board looks forward to providing shareholders with further
updates, as appropriate, in due course.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
- Ends -
Enquiries:
www.iiplc.com
Infrastructure India plc Via Novella
Sonny Lulla
Strand Hanson Limited
Nominated Adviser
James Spinney / James Dance +44 (0) 20 7409 3494
Singer Capital Markets
Broker
James Maxwell - Corporate Finance
James Waterlow - Investment Fund Sales +44 (0) 20 7496 3000
Novella
Financial PR
Tim Robertson / Fergus Young +44 (0) 20 3151 7008
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END
DISUBRRRUAUUUUR
(END) Dow Jones Newswires
February 28, 2022 02:00 ET (07:00 GMT)
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