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

Infrastructure IndiaAnnouncement

15/07/2022 07:00

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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 £5.8
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 £2.9 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 (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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