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LONDON (Alliance News) - Infrastructure India PLC said on Thursday it has agreed to an increase of its USD40.4 million unsecured bridging loan facility to USD43.4 million.
Shares in Infrastructure India dropped 18% at 6.10 pence on Thursday.
The USD3.0 million enlargement will provide the infrastructure fund with additional capital ahead of the proposed USD125 million financing deal with PSA International and Gateway Partners first announced at the end of July.
The bridging loan was first provided by Cedar Valley at USD8.0 million in June 2017, and has been increased seven times since then.
Infrastructure India intends to draw down the added funds immediately, meaning that the bridging loan, now totalling USD43.4 million will be fully drawn down.