Extension of Long Stop Date

RNS Number : 1917H

Infrastructure India plc

04 April 2022

 

4 April 2022

Infrastructure India plc

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

Extension of Long Stop Date

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that it has agreed to extend a 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 has 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 £5.5 million) and the transaction is structured with the separate sale of each SPV. The long stop dates for the sales of Theni and Gadag were 15 March 2022, extended to 4 April 2022 and 15 May 2022, respectively. IIP has agreed with AVSR to further extend the long stop date of Theni to 20 April 2022. The long stop date for Gadag remains the same, however, both parties have agreed they will aim, if possible, to complete both transactions at the same time.

The Company's creditors continue to be supportive, however, should the sale of the SPVs 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.

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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Enquiries:

Infrastructure India plc Sonny Lulla	www.iiplc.com Via Novella
Strand Hanson Limited Nominated Adviser James Spinney / James Dance	[phone]
Singer Capital Markets Broker James Maxwell - Corporate Finance James Waterlow - Investment Fund Sales	[phone]
Novella Financial PR Tim Robertson / Fergus Young	[phone]

 

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