LONDON (Alliance News) - Infrastructure India PLC on Friday said its net asset value per share fell sharply in its financial year 2018 hurt by weak performance of its main investee Distribution Logistics Infrastructure Ltd.
The investment company said its net asset value per share declined in the 12 months ended March 31 to 2.8 pence from 4.1p reported a year prior.
The stock was trading flat on Friday at 2.95p per share.
Value of the company's investments fell to GBP223.0 million as at the end of March from GBP296.0 million the year before.
The result was hurt by the weakening of Indian rupee against the pound, Infrastructure India said, coupled with delays in completion schedules at Distribution Logistics Infrastructure.
At the end of July, the company entered into financing deal for up to USD125 million with PSA International and Gateway Partners.
The transaction includes the issue of convertible preference shares in Distribution Logistics Infrastructure India, Distribution Logistics Infrastructure's parent company, for a consideration of USD75 million and the sale of 24% of Distribution Logistics Infrastructure for a consideration of USD50 million.
"The proposed USD125 million financing agreement with PSA International and Gateway Partners is a key turning point for Distribution Logistics Infrastructure, which is our largest investment representing 86% of the value of our fund," said Chief Executive Sonny Lulla.
"The investment into Distribution Logistics Infrastructure will enable the business to push forward with expanding its presence in key logistics terminals and in PSA, Distribution Logistics Infrastructure will have one of the leading global port operators as a major shareholder and partner," added Lulla.
Infra.india (IIP)