REG - Infrastructure India - Update on publication of Annual Report

Infrastructure IndiaAnnouncement

25/09/2023 07:00

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RNS Number : 4231N  Infrastructure India plc  25 September 2023

25 September 2023

Infrastructure India plc

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

Update on publication of 2023 Annual Report

Infrastructure India plc, an AIM quoted infrastructure fund investing directly
into assets in India, provides the following update in relation to its audited
Annual Report and Financial Statements for its financial year ended 31 March
2023 (the "2023 Annual Report ").

The Company notifies that it will not be in a position to publish the 2023
Annual Report by 30 September 2023, as required by Rule 19 of the AIM Rules
for Companies (the "AIM Rules") which requires publication of the 2023 Annual
Report within 6 months of the year end.

On 6 September 2023 the Company announced 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") in
consideration for which DLI will receive a cash payment of approximately US$10
million on closing, and up to 33% of Pristine Malwa's issued share capital,
subject to customary adjustments based on the net current assets and
indebtedness of DLI on the closing date (the "DLI Transaction"). Pristine
Malwa is the parent company and c. 95% shareholder of Sical Logistics Limited,
a company listed on the India's National Stock Exchange and the BSE (formerly
named the Bombay Stock Exchange).

Whilst the audit process is nearing finalisation, the Company has been advised
that certain disclosures in the 2023 Annual Report in relation to the
valuation of its 99.99% interest in DLI, required to comply with IFRS
disclosure obligations, are unable to be published at the current time due to
certain  Securities and Exchange Board of India (SEBI) restrictions linked to
the DLI Transaction.

Accordingly, the Company's ordinary shares will be suspended from trading on
AIM with effect from 7:30 a.m. on Monday 2 October 2023. The temporary
suspension from trading on AIM will be lifted once the 2023 Accounts have been
published.

The Company expects to be in a position to complete the audit and to report
its 2023 Annual Report prior to the end of 2023. Further updates will be
notified in due course.

Notwithstanding the temporary suspension of trading in the Company's ordinary
shares, the Company will continue to make announcements as and when there are
any developments that require announcement in accordance with its obligations
under the AIM Rules.

 

 Enquiries:

                                          www.iiplc.com (http://www.iiplc.com/)

 Infrastructure India plc                 Via Novella

 Sonny Lulla

 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

 

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).

 

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