(Sharecast News) - Asset investor Infrastructure India announced an extension to the maturity date of a term loan provided by IIP Bridge Facility on Thursday.
The AIM-traded firm said the loan, which it entered into in 2019, was a secured four-year facility with an interest rate of 15% per annum.
On 31 August last year, the principal of the term loan was increased by $6m, bringing it to $111m, while all other terms and conditions remained the same.
It said on Thursday that the original maturity date of 1 April 2023 had now been extended to 1 May.
"As announced on 28 February 2022 and regularly thereafter, Infrastructure India is engaged in discussions with several third parties regarding the potential sale of its largest asset, Distribution Logistics Infrastructure, and the extension to the maturity date enables IIP to remain focussed on these discussions," the board explained in its statement.
At 1236 BST, shares in Infrastructure India were flat at 0.3p.
Reporting by Josh White for Sharecast.com.
Infra.india (IIP)