22nd Mar 2019 18:50
LONDON (Alliance News) - Infrastructure India PLC on Friday said it has agreed a USD7.5 million increase to an existing unsecured bridging loan facility.
The investment company currently has a USD56.6 million unsecured bridging loan facility provided by Cedar Valley Financial in June last year.
The bridging loan currently carries an interest rate of 12.0% per annum and matures on April 1.
Looking forward, Infrastructure India said it continues to examine its funding alternatives following the lapsing of its proposed financing.
At the end of July, Infrastructure India had entered into conditional proposed financing agreements for up to USD125 million with port group PSA International and Gateway Partners.
This transaction includes the issue of convertible preference shares in Distribution Logistics Infrastructure India for a consideration of USD75 million and the sale of 24% of Distribution Logistics Infrastructure Ltd by Infrastructure India for USD50 million.
At the end of January, the company said its USD125 million proposed financing agreement with PSA International and Gateway Partners will not go ahead. The proposed financing was conditional on receiving approval from Indian regulatory authorities but the deadline, January 30, lapsed without approval.
Infrastructure India shares closed 23% higher on Friday at 1.20 pence each.
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