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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Infrastructure India Plc | LSE:IIP | London | Ordinary Share | IM00B2QVWM67 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.05975 | 0.02 | 0.0995 | 0.05975 | 0.037 | 0.05975 | 0.00 | 08:00:18 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -2.2M | -140.03M | -0.2053 | 0.00 | 409.25k |
From Apr 2019 to Apr 2024
TIDMIIP TIDMTTM
RNS Number : 8458B
Infrastructure India plc
06 April 2017
6 April 2017
Infrastructure India plc
("IIP" or the "Company")
Extension of Working Capital Loan Facility
Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that it has agreed an extension of the US$17 million working capital loan facility provided to the Company in April 2013 (the "Loan") such that the maturity date of the Loan has been extended to 9 June 2017 (the "Loan Extension"). The Company does not currently have sufficient cash resources to repay the Loan.
The Loan, which is fully drawn down and was first announced by the Company on 9 April 2013, was provided to the Company by GGIC, Ltd ("GGIC"), carries an interest rate of 7.5% per annum and was originally due to be repaid by the Company on 10 April 2017. Under the Loan Extension, the maturity date of the Loan has been extended to 9 June 2017 and the interest payment which would have been due under the Loan on 10 April 2017 has been deferred to 9 June 2017. The other terms of the Loan are unchanged.
The Loan Extension will enable the Company to continue its discussions with GGIC in relation to refinancing the Loan and with respect to the Company's other capital needs.
Related Party Transaction
GGIC is, directly and indirectly, interested in 75.4% of the Company's issued share capital. Under the AIM Rules for Companies ("AIM Rules"), GGIC is, therefore, deemed to be related party of the Company and the Loan Extension is a related party transaction pursuant to Rule 13 of the AIM Rules. The independent directors of IIP, M.S. Ramachandran and Timothy Walker, consider, having consulted with Smith & Williamson Corporate Finance Limited in its capacity as the Company's nominated adviser, that the terms of the Loan Extension are fair and reasonable insofar as the shareholders of IIP are concerned.
A further announcement will be made, as appropriate, in due course.
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
Hot Features
Premium
Infrastructure India plc www.iiplc.com
Sonny Lulla Via Cubitt Consulting
Smith & Williamson Corporate Finance Limited
Nominated Adviser & Joint Broker
Azhic Basirov / Ben Jeynes +44 (0) 20 7131 4000
Nplus1 Singer Advisory LLP
Joint Broker
Gillian Martin - Corporate Finance
James Waterlow - Investment Fund Sales +44 (0) 20 7496 3000
Cubitt Consulting Limited
Financial Public Relations
Simon Brocklebank-Fowler +44 (0) 20 7367 5100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
April 06, 2017 10:55 ET (14:55 GMT)
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