Notice of Results and Asset Sale Update

RNS Number : 8365H

Infrastructure India plc

29 November 2022

 

29 November 2022

Infrastructure India plc

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

Further asset sale update and notice of results

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces a further update on the sale of Indian Energy Limited ("IEL") and notice of annual results.

Further to the Company's announcements of 15 July 2022, 12 September 2022 and 30 September 2022 and 30 October 2022, the Group now expects proceeds from the sale of IEL to be received during December 2022 following a request from the purchaser, AVSR Constructions, for some additional time to complete the transaction. The Board has expressed concern to AVSR over the continued delays and has opened dialogue with certain other interested parties.

IIP expects to publish its audited annual accounts for the year ended 31 March 2022 during the latter half of December and aims to release guidance on net asset value in the coming weeks.

The Company's creditors remain supportive, and it is expected the consideration due to the Company from the sale of IEL will be partially utilised towards settlement of such creditors. As previously announced, the Board remains in discussions with third parties regarding the sale of further assets, including Distribution Logistics Infrastructure Limited, and further announcements will be made as and when appropriate.

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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 / Safia Colebrook	[phone]

 

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