Infrastructure India plc Asset Sale (4275M)
April 27 2018 - 8:16AM
UK Regulatory
TIDMIIP TIDMTTM
RNS Number : 4275M
Infrastructure India plc
27 April 2018
27 April 2018
Infrastructure India plc
("IIP" or the "Company" or, together with its subsidiaries, the
"IIP Group")
Asset Sale
Infrastructure India plc, an AIM quoted infrastructure fund
investing directly into assets in India, is pleased to announce
that the IIP Group has entered into an agreement for the sale of
Indian Energy Limited (the "Disposal").
Indian Energy Limited ("IEL") is wholly owned by the IIP Group
and is an independent power producer that owns and operates wind
farms, with 41.3MW of installed capacity at two sites in the states
of Karnataka and Tamil Nadu.
On 27 April 2018, IIP's wholly owned subsidiary Indian Energy
(Mauritius) Limited entered into a binding conditional share
purchase agreement (the "SPA") whereby the IIP Group has agreed the
sale, subject to regulatory and other approvals, of its 100%
interest in the share capital of IEL to ReNew Power Services
Private Limited ("ReNew"). The cash consideration to be received by
the IIP Group for the Disposal, to be paid on completion, is INR
364 million (approximately GBP3.97 million*). As at 30 September
2017, IEL had an unaudited carried value of GBP9.9 million. The
sale has been achieved in a market that favours scale and the
consideration reflects the prevailing discount for small
portfolios.
The Disposal is expected to complete in approximately 60-90 days
and the net proceeds of the Disposal will be used to pay down a
proportion of the existing Company's debt.
Greenstone Energy Advisors acted as the exclusive financial
advisor to the IIP Group for this transaction.
The Company looks forward to providing shareholders with further
asset updates, as appropriate, in due course.
*at the exchange rate of GBP:INR 91.76 on 27 April 2018.
- Ends -
Enquiries:
Infrastructure India plc www.iiplc.com
Sonny Lulla via Smith & Williamson
Smith & Williamson Corporate Finance Limited
Nominated Adviser & Joint Broker
Azhic Basirov / Ben Jeynes +44 (0) 20 7131 4000
Nplus1 Singer Advisory LLP
Joint Broker
James Maxwell - Corporate Finance
James Waterlow - Investment Fund Sales +44 (0) 20 7496 3000
The information contained within this announcement is considered
to be inside information prior to its release as defined in Article
7 of the Market Abuse Regulation No. 596/2014 and is disclosed in
accordance with the Company's obligations under Article 17 of those
Regulations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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