Infrastructure India plc Update re Indian Energy Limited (8850A)
September 17 2018 - 2:00AM
UK Regulatory
TIDMIIP TIDMTTM
RNS Number : 8850A
Infrastructure India plc
17 September 2018
17 September 2018
Infrastructure India plc
("IIP" or the "Company" or, together with its subsidiaries, the
"IIP Group")
Update on Indian Energy Limited
Infrastructure India plc, an AIM quoted infrastructure fund
investing directly into assets in India, announced in April that
the IIP Group had entered into an agreement with ReNew Power
Services Private Limited ("ReNew") for the sale of Indian Energy
Limited ("IEL") (the "Disposal").
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 announced that its subsidiary Indian
Energy (Mauritius) Limited had entered into a binding conditional
share purchase agreement ("SPA") whereby the IIP Group had agreed
the sale, subject to regulatory and other approvals, of its 100%
interest in the share capital of IEL to ReNew, for a cash
consideration of INR 364 million (approximately GBP3.97
million*).
Following an unduly protracted process and attempts by ReNew to
seek to amend the agreed contractual terms of the Disposal, the
Board confirms that on 14 September 2018, with the remaining
conditions precedent to the SPA not having been met by the long
stop date, the IIP Group withdrew from the proposed transaction and
the sale of IEL to ReNew will not proceed. Whilst it is
disappointed with this outcome, the Board believes this is the
correct decision for the Group.
The Company looks forward to providing shareholders with further
asset updates with the release of its Annual Results before the end
of the month.
*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
Novella
Financial PR
Tim Robertson / Toby Andrews +44 (0) 20 3151 7008
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 news service of the
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END
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