Completion; Equity Issue; TVR; Directors Interests

RNS Number : 6003O
Infrastructure India plc
21 September 2011
 



Date:

21 September 2011

On behalf of:

Infrastructure India plc ("Infrastructure India" or the "Company")

Embargo:

7:00am

 

 

Infrastructure India plc

 

Completion of IEL Acquisition

 

Issue of Equity

 

Total Voting Rights

 

and

 

Directors' Interests

 

Further to the announcement made yesterday, Infrastructure India, an investment company focused on Indian infrastructure assets, announces the issue of 13,173,905 new ordinary shares of 1p each  in the Company ("Ordinary Shares") which are to be admitted to trading on AIM at 8:00am today. 

 

These Ordinary Shares have been issued to shareholders of Indian Energy Limited ("IEL") as consideration, pursuant to the acquisition of IEL by the Company via a scheme of arrangement under Part VIII of the Companies (Guernsey) Law 2008, as amended which becomes effective today following IEL shareholder approval on 5 September 2011 and the sanction of the Royal Court of Guernsey, yesterday. 

 

IEL is an independent power producer focused on wind farms in India which currently owns and operates 41.3 MW across two wind farms.

 

Gadag

 

The Gadag Project is a 24.8 MW wind farm situated in Karnataka, now in its third full year of operation.  The power generated at Gadag is sold to the Bangalore Electricity Supply Company under a 20 year power purchase agreement. The revenue earned is Rs. 3.40 per kWh for the first 10 years.  The Gadag Project experienced a much weaker than average monsoon in the 12 month period to 31 March 2011 and, as a result, it generated 39.4 GWh of power, which was lower than its long term forecast. However, generation in the period April to August 2011 saw a return to the long term expected production.

 

The Gadag Project is registered as a Clean Development Mechanism under the Kyoto Protocol and is

earning Certified Emission Reductions ("CERs").  CERs have been forward sold to Standard Bank plc at a price of €11.50 per CER for the period to 31 December 2012 and the first batch of 24,344 CERs were issued by the UNFCCC on 20 July 2011 for the generation at the project up to 30 November 2009.

 

Theni

 

The Theni Project, a 16.5 MW wind farm, was fully commissioned on 13 August 2010 and as a result missed the bulk of the monsoon season for the 12 months ended 31 March 2011, generating 20.7 GWh.  

 

The power from the Theni Project is being sold to the Tamil Nadu Electricity Board under a 20 year power purchase agreement at Rs. 3.39 per kWh. In addition, the project is also being established as a Clean Development Mechanism, to date, having obtained Host Country Approval. The project is also approved under the Generation Based Incentive scheme introduced by the Government of India and thus earns additional revenue of Rs. 0.5 per kWh.

 

Commenting on the acquisition of IEL, Sonny Lulla, Chief Executive of Infrastructure India, said:

"The acquisition of IEL, with its wind farm assets, represents a broadening of Infrastructure India's portfolio of renewable energy assets.  These income producing assets will form a solid platform from which to grow the Group's interests in the wind energy sector.  We look forward to working with the IEL management team to develop these interests."

 

Total Voting Rights

 

As a result, the Company's capital now consists of 163,771,889 Ordinary Shares and 7,340,000 Warrants.

 

The total number of voting rights in the Company is 163,771,889.  The voting rights on all these shares are identical.   This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FSA's Disclosure and Transparency Rules.

 

Directors' Interests

 

The table below sets out the Directors' respective interests in the share capital of the Company following the issue of the new Ordinary Shares:

 

Director

Number of Ordinary Shares held

Percentage of issued share capital

Thomas Tribone 1

-

-

Rupert Cottrell 2

200,000

0.12%

Rahul (Sonny) Lulla 3

-

-

Timothy Stocks

-

-

Robert Venerus 3

-

-

Timothy Walker 4

51,364

0.03%

 

Notes:

1.             Mr Tribone is a director and indirect shareholder of Guggenheim Global Infrastructure Company Limited ("GGIC") which directly and indirectly has an aggregate interest in the Company of 68,660,065 Ordinary Shares, representing 41.92 per cent. of the Company's issued share capital.

2.             Rupert Cottrell also holds 5,000 Warrants.

3.             Mr Lulla and Mr Venerus are both indirect shareholders of GGIC.

4.             Timothy Walker also holds 5,000 Warrants.

 

 

-Ends-

 

Enquiries:

 

Infrastructure India plc

www.iiplc.com

Sonny Lulla

Via Redleaf Polhill



Akur Partners LLP

+44 (0)20 7499 3104

Valuation and Portfolio Services Adviser


Andrew Dawber / Anthony Richardson / Tom Frost




Smith & Williamson Corporate Finance Limited

+44 (0)20 7131 4000

Nominated Adviser & Joint Broker


Azhic Basirov / Siobhan Sergeant




Westhouse Securities Limited

+44 (0)20 7601 6100

Joint Broker


Alastair Moreton / Hannah Young




Fairfax I.S. PLC

+44 (0)20 7598 5368

Financial Adviser


Simon Stevens / James McCluskey




Redleaf Polhill

+44 (0)20 7566 6700

Financial PR Adviser

iif@redleafpr.com

Samantha Robbins / Luis Mackness


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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