REG - Infrastructure India Infrastructure Ind W - Extension of Long Stop Date

Infrastructure IndiaAnnouncement

14/03/2022 16:30

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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 £5.45
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:

 Infrastructure India plc                 www.iiplc.com (http://www.iiplc.com/)

 Sonny Lulla                              Via Novella

 Strand Hanson Limited                    +44 (0) 20 7409 3494

 Nominated Adviser

 James Spinney / James Dance

 Singer Capital Markets                   +44 (0) 20 7496 3000

 Broker

 James Maxwell - Corporate Finance

 James Waterlow - Investment Fund Sales

 Novella                                  +44 (0) 20 3151 7008

 Financial PR

 Tim Robertson / Fergus Young

 

 

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