Infrastructure India Shares Rise on Waiver to Long-Stop Date for Wind-Farm Asset Sale
Shares in Infrastructure India PLC rose 11% on Friday after it said it has been granted a waiver to the long-stop date relating to the sale of Indian Energy (Mauritius) Ltd.'s wind-farm assets to AVSR Constructions.
Shares at 0706 GMT were up 0.05 pence at 0.50 pence.
On Feb. 28, the India-focused infrastructure investor said it had agreed to sell the wind-farm assets for 550 million Indian rupees ($6.9 million) to AVSR Constructions. Indian Energy is a wholly owned subsidiary that owns and operates wind farms at two sites in the states of Karnataka and Tamil Nadu, India, with 41.3 megawatts of installed capacity.
The company said that if the sales don't proceed, it won't have adequate funding to meet its liabilities when they fall due and will need to find other sources of financing.
The board will provide further updates in due course, it said.
