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LONDON (Alliance News) - Infrastructure India PLC lost more than a quarter of its market value early Monday following its decision to abort the sale of unit Indian Energy Ltd to ReNew Power Services Pvt Ltd.
Shares in Infrastructure India were down 38% at 2.32 pence each in morning trade in London.
The company said it decided to abandon the sale due to an unduly protracted process and attempts by ReNew to seek to amend the disposal terms. As a result, some sale conditions had not being met by the long stop date
The infrastructure fund in April entered into a binding conditional share purchase agreement to sell a 100% interest in unit Indian Energy Ltd to ReNew for around GBP4 million. Indian Energy owns and operates wind farms, with 41.3 megawatt installed capacity, at two sites in the Indian states of Karnataka and Tamil Nadu.
Infrastructure India said it looks forward to providing shareholders with further asset updates with the release of its annual results before the end of September.