Infrastructure India plc Asset Sale Update (7792I)
20 Abril 2022 - 8:55AM
UK Regulatory
TIDMIIP TIDMTTM
RNS Number : 7792I
Infrastructure India plc
20 April 2022
20 April 2022
Infrastructure India plc
("IIP" or the "Company" or, together with its subsidiaries, the
"Group")
Asset Sale Update
Infrastructure India plc, an AIM quoted infrastructure fund
investing directly into assets in India, is pleased to announce
that part of the agreed consideration will be advanced to the Group
in relation to the 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 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.
AVSR has agreed to provide an unsecured advance of INR 275
million (approximately GBP2.75 million), which is 50% of the agreed
consideration for both SPVs, on 20 April 2022. IEL must satisfy all
outstanding conditions, including regulatory approvals, by an
extended long stop date of 30 May 2022 or refund the advance to
AVSR. Upon satisfaction or waiver of all outstanding conditions and
completion of the sale of the SPVs, the balance of the
consideration will be transferred to IEL. IIP's lenders have waived
the requirement to pay down a proportion of the Company's debt.
The Company's creditors continue to be supportive, however,
should the outstanding conditions not be met by IEL and
consequently the sale 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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April 20, 2022 07:55 ET (11:55 GMT)
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