Infrastructure India Plc is investing in Logistic & Maritime Services Pvt Ltd (VLMS), for a 99.99% stake. Logistic & Maritime Services Pvt Ltd develops and operates transportation and container processing infrastructure in India. Infrastructure India Plc is an AIM-listed infrastructure investment company.
Infrastructure India Plc is raising $53 million at 60.5 pence a share and acquiring majority stakes in two Guggenheim Partners-backed companies, which will give Guggenheim 45.59% stake in Infrastructure India Plc. Post the investment, Infrastructure India Plc will acquire 50% of India Hydropower Development Company, LLC, which has developed, completed and operates hydroelectric power assets.
The two acquisitions will be undertaken via the issue of up to 111.25 million new Ordinary Shares and a cash payment of $1.5 million, valuing the estimated net asset value of such assets at approximately $191.5 million.
Other than that, around 37.39% of Logistic & Maritime Services Pvt Ltd will be acquired from FPC, a wholly owned subsidiary of Global Infrastructure Co Ltd (GGIC), an affiliate of Guggenheim Partners and approximately 62.60% of Logistic & Maritime Services Pvt Ltd will be acquired from Anuradha Holdings Private Limited (AHP).
Additionally, Logistic & Maritime Services Pvt Ltd is in the process of acquiring two substantial tracts of land in Bangalore and Chennai in order to develop new container processing facilities, including, potentially, two FTWZ bonded warehouse facilities. Upon completion of the investment, Tom Tribone, Sonny Lulla, Rob Venerus and Tim Stocks of GGIC are expected to join the board of Infrastructure India plc and post completion of acquisition of VLMS, Vikram Viswanath will also be appointed to the board.
GGIC is an infrastructure investor which owns and operates energy and transportation infrastructure businesses in high growth markets and is actively pursuing new opportunities globally. Infrastructure India Plc is also raising $53 million through fresh issue to existing shareholders and Guggenheim.
Infrastructure India is a closed-ended investment company, incorporated in the Isle of Man, providing investors with the opportunity to invest in Indian infrastructure assets. The Company’s investment objective is to provide capital growth and income by investing in infrastructure projects in India, with a particular focus on the energy and transport sectors.
Infrastructure India listed on the Main Market of the London Stock Exchange in June 2008 and transferred to trading on AIM in November 2010.
17 Feb 2011.