Infrastructure India plc Extension of Long Stop Date (2827N)
30 Mayo 2022 - 9:30AM
UK Regulatory
TIDMIIP TIDMTTM
RNS Number : 2827N
Infrastructure India plc
30 May 2022
30 May 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 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 GBP5.6 million) and the transaction is
structured with the separate sale of each SPV.
As announced on 20 April 2022, AVSR agreed to provide an
unsecured advance of INR 275 million (approximately GBP2.8
million), which is 50% of the agreed consideration for both SPVs.
IEL must satisfy all outstanding conditions, including regulatory
approvals, by 15 July 2022, which is extended from 30 May 2022, or
refund the advance to AVSR. The long stop extension is a result of
slower than anticipated progress for third party clearance
certificates. Upon satisfaction or waiver of all outstanding
conditions and completion of the sale of the SPVs, the balance of
the consideration will be transferred to IEL. IIP's lenders have
waived the requirement to pay down a proportion of the Company's
debt.
The Company's creditors continue to be supportive, however,
should the outstanding conditions not be met by IEL and
consequently the sale 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.
- Ends -
Enquiries:
Infrastructure India plc www.iiplc.com
Sonny Lulla Via Novella
Strand Hanson Limited
Nominated Adviser
James Spinney / James Dance +44 (0) 20 7409 3494
Singer Capital Markets
Broker
James Maxwell - Corporate Finance
James Waterlow - Investment Fund Sales +44 (0) 20 7496 3000
Novella
Financial PR
Tim Robertson / Fergus Young +44 (0) 20 3151 7008
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END
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