|Infrastructure India plc
|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.