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LONDON (Alliance News) - Infrastructure India PLC said Tuesday that it has agreed a USD2.0 million increase to its existing USD26.0 million unsecured bridging loan facility.
The AIM-listed infrastructure fund investing directly into assets in India said the increased loan will provide the group with additional capital whilst it continues to progress its ongoing financing discussions.
Infrastructure India intends to draw down the additional funds immediately. On draw down of the additional funds of the bridging loan, now totalling USD28.0 million, the whole loan will be fully drawn down.
The loan was originally provided to the company in June 2017 by Cedar Valley Financial in an amount of USD8.0 million and was subsequently increased to USD18.0 million in November 2017, to USD21.0 million in January 2018, to USD23.0 million in February 2018 and to USD26.0 million in March 2018.
The company said it continues to be in advanced negotiations with a third party in relation to a potential financing.
The new funding will enable the company to repay the bridging loan and the existing USD21.5 million working capital loan provided by GGIC Ltd. It will also provide additional working capital and construction capital to Distribution Logistics Infrastructure Ltd, a subsidiary of the company.
Shares in the company were untraded at 3.2 pence on Tuesday.