LONDON (Alliance News) - Investment firm Infrastructure India PLC said Thursday it has agreed a USD4.0 million increase to an existing bridging loan facility from Cedar Valley Financial.
The added funds come on top of the pre-existing USD30.0 million unsecured facility it has from Cedar Valley.
The loan was originally given in June last year for USD8.0 million, and was increased to USD18.0 million in November, USD21.0 million in January, USD23.0 million in February, USD26.0 million in March, USD28.0 million in April and USD30.0 million earlier in May.
Infrastructure India also said it is progressing, though not as quickly has hoped, talks for further financing from a third party which would allow it to pay off in full the bridging loan and provide extra working capital.
The company has paid Cedar Valley a fee of 1.0% for the additional funds in connection with the loan enlargement. The loan carries an interest rate of 12.0% per annum and is due for repayment upon completion of significant financing of the company or on June 29.
Infrastructure India shares were untraded Thursday at 2.90 pence each.
Infra.india (IIP)