Infrastructure India shares rise on $7.3m sale of Indian energy assets
By Joe Hoppe
Shares of Infrastructure India PLC rose on Monday after it said it conditionally sold the assets of Indian Energy (Mauritius) Ltd. for 550 million Indian rupees ($7.3 million) to AVSR Constructions.
Shares at 0854 GMT were up 0.2 pence, or 35%, at 0.78 pence.
The UK-listed, India-focused infrastructure investor said Indian Energy, a wholly-owned subsidiary, owns and operates wind farms at two sites in the states of Karnataka and Tamil Nadu, with 41 .3 megawatts of installed capacity.
The two sites, the only assets held by Indian Energy, will be sold to AVSR subject to obtaining State Bank of India’s approval and customary documentation, Infrastructure India said. Indian Energy was valued at 10.1 million pounds ($13.6 million) as of September 30.
The shutdown dates for Theni and Gadag special purpose vehicles holding Indian Energy’s wind assets are March 15 and May 15 respectively.
Infrastructure India said the net proceeds will be used for the group’s working capital – provided its lenders waive an obligation to repay some of its debt – and provide it with a positive cash trail until September.
The company said it was still in discussions over the partial or full sale of Distribution Logistics Infrastructure Ltd.
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