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LONDON (Alliance News) - Shares in Infrastructure India soared on Tuesday after it said it secured a loan facility of up to USD105 million and amended extended the maturity on two of its other loans until 2023.
Shares in Infrastructure India were up 95% at 1.90p on Tuesday morning.
The loan will be used for working capital purposes and will allow the company's unit, Distribution Logistics Infrastructure Pvt Ltd, to complete the construction of its terminals.
Distribution Logistics Infrastructure provides a number of logistics services, such as rail freight and trucking, and has terminals in Nagpur, Bangalore, Palwal and Chennai in India.
The company has agreed the conditional proposed financing with IIP Bridge Facility LLC, an affiliate of GGIC Ltd. GGIC has a combined direct and indirect interest of 75% in Infrastructure India.
"Whilst obtaining longer term finance has taken longer than anticipated due to a range of issues outside of the company's control, the board is pleased that the financing will provide both sufficient time and capital for [Distribution Logistics Infrastructure] to execute its business plan," said Infrastructure India.
Turning to Infrastructure India's restructured loans, it's USD64.1 million bridging loan maturity date has been extended to June 2023 from April 2019 with the interest rate raised to 15% per annum from 12% per annum going forward. Furthermore, USD7.5 million of the USD105 million loan will be used to partially repay the bridging loan.
Infrastructure India's USD21.5 million working capital loan maturity date, meanwhile, has also been extended to June 2023. It too will have a 15% per annum interest rate going forward, having previously carried an interest rate of 7.5% per annum.
