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IIP Infrastructure India Plc

0.075
-0.025 (-25.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  -0.025 -25.00% 0.075 0.05 0.10 0.10 0.07 0.10 54,787 09:42:54
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -2.2M -140.03M -0.2053 0.00 477.46k

Infrastructure India plc Increase of Bridging Loan (9674F)

26/02/2018 4:04pm

UK Regulatory


Infrastructure India (LSE:IIP)
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RNS Number : 9674F

Infrastructure India plc

26 February 2018

26 February 2018

Infrastructure India plc

("IIP", the "Company" and together with its subsidiaries the "Group")

Increase of Bridging Loan

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that it has agreed a US$2.0 million increase of the existing US$21.0 million unsecured bridging loan facility (the "Bridging Loan"). The Bridging Loan was originally provided to the Company in June 2017 by Cedar Valley Financial ("Cedar Valley") in an amount of US$8.0 million and was subsequently increased to US$18.0 million in November 2017 and to US$21.0 million in January 2018.

The enlargement of the Bridging Loan will provide the Group with additional capital whilst it continues to progress its ongoing financing discussions.

The Company continues to be in advanced negotiations with a third party in relation to a potential financing. Whilst negotiations have taken longer than had been anticipated, these discussions continue to progress. The new funding would enable the Company to repay the Bridging Loan and the existing US$21.5 million working capital loan provided to the Company by GGIC, Ltd. ("GGIC") as well as provide additional working capital and construction capital to Distribution Logistics Infrastructure Limited, a key subsidiary of the Company, and provide for the Group's general working capital needs.

Enlargement of Bridging Loan

The Company announces that it has agreed a further increase to the Bridging Loan which was previously provided to the Company by Cedar Valley such that a further US$2.0 million (the "Additional Funds") has been made available to the Company under the Bridging Loan (the "Bridging Loan Enlargement").

The Company intends to draw down the Additional Funds immediately. On draw down of the Additional Funds the Bridging Loan, now totalling US$23.0 million, will be fully drawn down.

The Company has paid Cedar Valley a fee of 1.0% of the Additional Funds in connection with the Bridging Loan Enlargement.

The other terms of the Bridging Loan, which carries an interest rate of 12.0% per annum and is due for repayment on the earlier of: (i) 15 days following the completion of a specific significant financing of IIP currently under negotiation; and (ii) 29 June 2018.

Related Party Transaction

GGIC is, directly and indirectly, interested in 75.4% of the Company's issued share capital and Cedar Valley is an affiliate of GGIC. Under the AIM Rules for Companies ("AIM Rules") Cedar Valley is, therefore, deemed to be a related party of the Company and the Bridging Loan Enlargement 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 Bridging Loan Enlargement are fair and reasonable insofar as the shareholders of IIP are concerned.

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

 
 
    Infrastructure India plc                              www.iiplc.com 
    Sonny Lulla 
 
 
  Smith & Williamson Corporate Finance Limited 
   Nominated Adviser & Joint Broker 
   Azhic Basirov / Ben Jeynes                      +44 (0) 20 7131 4000 
 
  Nplus1 Singer Advisory LLP 
   Joint Broker 
   James Maxwell - Corporate Finance 
   James Waterlow - Investment Fund Sales          +44 (0) 20 7496 3000 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCQQLFLVLFBBBF

(END) Dow Jones Newswires

February 26, 2018 11:04 ET (16:04 GMT)

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