Update on Portfolio Company SMH

RNS Number : 3788C

Infrastructure India plc

10 October 2022

 

10 October 2022

Infrastructure India plc

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

Update regarding Shree Maheshwar Hydel Power Corporation Limited

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that Shree Maheshwar Hydel Power Corporation Limited ("SMH"), an IIP portfolio company, has received notice from the National Company Law Tribunal ("NCLT") that a representative has been appointed to oversee a Corporate Insolvency Resolution Process, under the Insolvency and Bankruptcy Code 2016.

The representative, an Interim Resolution Professional ("IRP"), has been granted control of SMH and custody of its assets. The process aims to develop a long-term plan for the business, or, if this is not achievable, to undertake an orderly dissolution.

For the past two years, IIP has assumed zero contribution from SMH to its portfolio value, as announced on 23 October 2020. Without a valid Power Purchase Agreement for SMH and no visibility around potential completion, it was impossible to prepare reasonable forecasts.

As previously announced, the Board remains in discussions with third parties regarding the sale of assets, including DLI, and further announcements will be made as and when appropriate.

The Board of IIP currently expects to provide guidance on net asset value per ordinary share as at 31 March 2022 and notice of the date of publication of its annual audited accounts during the course of November. Liquidity constraints and the increase in the Group's net debt position are anticipated to negatively impact the portfolio's net asset value for this reporting period.

The Board will provide further updates, as appropriate, in due course.

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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