Infrastructure India plc Extension of Long Stop Date (1917H)
04 Abril 2022 - 11:00AM
UK Regulatory
TIDMIIP TIDMTTM
RNS Number : 1917H
Infrastructure India plc
04 April 2022
4 April 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. 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 GBP5.5 million) and the transaction is
structured with the separate sale of each SPV. The long stop dates
for the sales of Theni and Gadag were 15 March 2022, extended to 4
April 2022 and 15 May 2022, respectively. IIP has agreed with AVSR
to further extend the long stop date of Theni to 20 April 2022. The
long stop date for Gadag remains the same, however, both parties
have agreed they will aim, if possible, to complete both
transactions at the same time.
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
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(END) Dow Jones Newswires
April 04, 2022 10:00 ET (14:00 GMT)
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