Infrastructure India plc

Infrastructure India plc
Date: March 2011
Deal Size: US$240m acquisition, reverse takeover, and associated £33m equity fundraise
About the client: Infrastructure India is an AIM listed, closed-end investment company focused on Indian infrastructure assets in the energy and transport sectors. Prior to the transaction, the company’s assets comprised a 6.84% interest in a run-of-the-river hydroelectric power project valued at £21.4m (as at 31 March 2011) and 26% interest in a toll road in central India valued at £29.4m (as at 31 March 2011). The company’s market capitalisation prior to the transaction was c.£26m, which rose to c.£167m immediately following the transaction.
About the transaction: Infrastructure India entered into an agreement with Guggenheim Infrastructure Company Limited to acquire interests in a diversified range of income producing and in-development hydro-electric power assets and container infrastructure assets in India with a combined value of US$240m. The company undertook a £33m equity fundraise immediately prior to the acquisition. The acquisition comprised a reverse takeover under the AIM Rules and gave rise to certain considerations under the Takeover Code.

Akur, as Asset Adviser, led the negotiation of the acquisition and advised on the equity fundraising on behalf of Infrastructure India and members of the Akur team provided advice to the company in relation to its obligations under the AIM Rules and the Takeover Code. The members of the Akur team had acted for Infrastructure India since its inception in 2008.

Lead: Anthony Richardson
Infrastructure India plc


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Chris Young…

Chris is focused on listed closed-ended funds, specialising in both equity and debt capital fundraising. He has over 16 years’ experience in both sales and research. With relationships across many of the large institutional investors in the sector, he has worked across IPOs, secondary fundraisings, placings and sales. He began his career in the City as an investment funds analyst at Credit Lyonnais in 1999, and has subsequently held positions at Lazard Panmure Gordon, Arbuthnot Securities, and most recently as a specialist salesman within the investment funds team at Westhouse Securities. He is focused on private and public real estate and REITs, infrastructure and utilities, emerging markets, private equity and alternatives. Tel: +44 (0) 20 3780 8746 Mob: +44 (0) 7471 141 303 Email: