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LONDON (Alliance News) - Infrastructure India PLC shares soared on Tuesday as the company said it has agreed USD125 million, or GBP95.5 million, of debt funding.
Shares were trading at 3.70 pence each on Tuesday, more than double their value at the start of the session.
The cash, the company said, will allow its wholly-owned subsidiary Distribution Logistics Infrastructure Pvt Ltd to complete, commission, and ramp up all of its terminal facilities in India. DLI has terminals in Nagpur, Bangalore, Palwal, and Chennai.
It will also provide extra general working capital for both DLI and Infrastructure India as well as allow the group to repay some debt.
The funding has been secured from global port group PSA International and Gateway Partners.
Infrastructure India said the financing would see DLI issue 7,500 convertible preference shares for USD75 million, and the a sale by Infrastructure India of 24% of DLI's share capital for USD50 million.
This means Infrastructure India will have a 76% stake in DLI, and once the preference shares are converted its holding will fall to between 20% and 49%.
Infrastructure India, with the financing deemed to be a significant transaction, has called an extraordinary general meeting on the Isle of Man to vote on it for August 24, and recommended all shareholders do so.