TIDMIIP TIDMTTM

RNS Number : 3943S

Infrastructure India plc

15 July 2022

15 July 2022

Infrastructure India plc

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

Waiver of Long Stop Date

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that it has been granted a waiver of the 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 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 GBP5.8 million) and the transaction is structured with the separate sale of each SPV.

As announced on 20 April 2022, AVSR agreed to provide an unsecured advance of INR 275 million (approximately GBP2.9 million), which is 50% of the agreed consideration for both SPVs. The waiver of the long stop date has been granted by AVSR as a result of slower than anticipated progress for third party clearance certificates. IEL must still satisfy the remaining outstanding conditions, including regulatory approvals, to complete the sale of the SPVs, whereby 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 completion of the transaction is expected in the coming weeks. 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.

- Ends -

Enquiries:

 
 
         Infrastructure India plc                         www.iiplc.com 
         Sonny Lulla                                      Via Novella 
 
       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 / Safia Colebrook                 +44 (0) 20 3151 7008

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFLFVEDTIVLIF

(END) Dow Jones Newswires

July 15, 2022 02:00 ET (06:00 GMT)

Infrastructure India (LSE:IIP)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024 Click aqui para mais gráficos Infrastructure India.
Infrastructure India (LSE:IIP)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024 Click aqui para mais gráficos Infrastructure India.