REG - Infrastructure India - Transaction Update

Infrastructure IndiaAnnouncement

15/02/2024 16:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240215:nRSO3376Da&default-theme=true

RNS Number : 3376D  Infrastructure India plc  15 February 2024

15 February 2024

 

Infrastructure India plc

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

 

DLI Transaction Update

 

Infrastructure India plc, an AIM quoted infrastructure fund investing directly
into assets in India, announces that it will not be proceeding with the
conditional sale of the Group's interest in 99.99% of Distribution Logistics
Infrastructure Private Limited ("DLI") to Pristine Malwa Logistics Park
Private Limited ("Pristine Malwa"), announced on 6 September 2023.

 

Some key areas of the conditional share purchase and shareholders' agreement
were subject to final agreement, which could not be reached in a manner
satisfactory to the IIP Board, in the best interests of IIP shareholders, and
potentially materially undervalued DLI in the Board's view. Consequently,
Distribution Logistics Infrastructure Limited (Mauritius), IIP's wholly-owned
subsidiary, has issued a termination notice to Pristine Malwa. Neither
Pristine Malwa nor DLI had fulfilled all conditions precedent and the long
stop date has expired without a mutually agreed extension.

 

DLI is a supply chain transportation and container infrastructure company
headquartered in Bangalore and Gurgaon with a material presence in central,
northern and southern India. DLI provides a broad range of logistics services
including rail freight, trucking, handling, customs clearing and bonded
warehousing with terminals located in the strategic locations of Nagpur,
Bangalore, Palwal in the National Capital Region and Chennai. DLI is the
largest asset in the Group's portfolio.  DLI was valued at £176.2 million in
IIP's unaudited interim results for the period ended 30 September 2022,
representing 88% of the Group's portfolio at that date.

 

The Company is actively exploring alternatives and will provide an update to
shareholders, 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

 Richard Johnson / 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

 

 

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  UPDGPUQCPUPCGAA