TIDMIIP TIDMTTM

RNS Number : 7113E

Infrastructure India plc

14 March 2022

14 March 2022

Infrastructure India plc

("IIP" or the "Company" or, together with its subsidiaries, the "Group")

Extension of Long Stop Date

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that it has agreed to extend a long stop date in relation to 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.

As announced on 28 February 2022, IIP has entered into an agreement for the conditional sale of its 100% interest in each SPV to AVSR Constructions ("AVSR"), for a total consideration of INR 550 million (approximately GBP5.45 million) and the transaction is structured with the separate sale of each SPV. The respective long stop dates for the sales of Theni and Gadag were 15 March 2022 and 15 May 2022, respectively. IIP has agreed with AVSR to extend the long stop date of Theni to 04 April 2022. The long stop date for Gadag remains the same.

The Company's creditors continue to be supportive, however, should the sale of the SPVs not proceed, the Company will not have adequate funding to meet its liabilities when they fall due and will need to identify other sources of financing.

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) Dow Jones Newswires

March 14, 2022 12:30 ET (16:30 GMT)

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