26th Feb 2016 10:03
LONDON (Alliance News) - Energy technology company Intelligent Energy Holdings PLC on Friday said it has received a number of potential funding proposals and said it has made progress in its business.
The company said it has received proposals to invest in the equity of its Indian energy management business, including a conditional offer from an unnamed sovereign wealth fund.
It has also received offers for its industrial convertible bond, one of which is from the same sovereign wealth fund interested in the Indian unit.
The company retains a target to close a deal by the end of the first quarter of this year and it is working with its advisers to determine the best offer for shareholders.
Elsewhere, the company said work is underway to transition its telecom towers energy management contract in India over to a permanent arrangement and said it remains confident it will meet its targets in the country. Its consumer electronics division also has made progress, with the company successfully implementing a strategy to share development costs with its partners.
Shares in the company were up 0.5% in London to 52.24 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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