Last checked at 15 Apr 2024 08:00
15 April 2024
Infrastructure India plc
("IIP" or the "Company" or, together with its subsidiaries, the "Group")
DLI Asset Update
Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, has been notified that, on 12 April 2024, a loan recall notice was received by Distribution Logistics Infrastructure India Limited ("DLI") from the lenders to DLI's project debt ("Lenders") .
As announced on 27 March 2024, DLI was granted a period of grace for debt servicing by its Indian lenders until February 2024 and DLI management has been in discussion with its lenders regarding settlement of its dues.
A loan recall notice in India is a precursor for the lenders to DLI to invoke Insolvency & Bankruptcy Code if DLI presents no satisfactory response to the notice within two weeks from the date of issue. IIP is in discussions with a third party and has received preliminary terms for the sale of DLI. These discussions are ongoing, although there can be no guarantee that these will lead to definitive agreements for the sale of DLI.
IIP is liaising with DLI on this matter and will provide shareholders with further updates, as appropriate, in due course.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
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Enquiries:
Infrastructure India plc Sonny Lulla
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www.iiplc.com Via Novella |
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Strand Hanson Limited Nominated Adviser Richard Johnson / James Dance
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Singer Capital Markets Broker James Maxwell - Corporate Finance James Waterlow - Investment Fund Sales
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+44 (0) 20 7496 3000 |
Novella Financial PR Tim Robertson / Safia Colebrook | +44 (0) 20 3151 7008 |