REG - Infrastructure India Infrastructure Ind W - Update on Portfolio Company SMH

Infrastructure IndiaAnnouncement

10/10/2022 15:00

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RNS Number : 3788C  Infrastructure India plc  10 October 2022

10 October 2022

 

 

Infrastructure India plc

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

 

Update regarding Shree Maheshwar Hydel Power Corporation Limited

 

Infrastructure India plc, an AIM quoted infrastructure fund investing directly
into assets in India, announces that Shree Maheshwar Hydel Power Corporation
Limited ("SMH"), an IIP portfolio company, has received notice from the
National Company Law Tribunal ("NCLT") that a representative has been
appointed to oversee a Corporate Insolvency Resolution Process, under the
Insolvency and Bankruptcy Code 2016.

The representative, an Interim Resolution Professional ("IRP"), has been
granted control of SMH and custody of its assets. The process aims to develop
a long-term plan for the business, or, if this is not achievable, to undertake
an orderly dissolution.

For the past two years, IIP has assumed zero contribution from SMH to its
portfolio value, as announced on 23 October 2020. Without a valid Power
Purchase Agreement for SMH and no visibility around potential completion, it
was impossible to prepare reasonable forecasts.

As previously announced, the Board remains in discussions with third parties
regarding the sale of assets, including DLI, and further announcements will be
made as and when appropriate.

 

The Board of IIP currently expects to provide guidance on net asset value per
ordinary share as at 31 March 2022 and notice of the date of publication of
its annual audited accounts during the course of November. Liquidity
constraints and the increase in the Group's net debt position are anticipated
to negatively impact the portfolio's net asset value for this reporting
period.

 

The Board will provide further updates, as appropriate, in due course.

 

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 / Safia Colebrook

 

 

 

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