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

Infrastructure IndiaAnnouncement

04/04/2022 15:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220404:nRSD1917Ha&default-theme=true

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 £5.5
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:

 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

 

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCKZGGDFDFGZZM