RNS Number : 2617W Infrastructure India plc 16 April 2019
16 April 2019
Infrastructure India plc
("IIP", the "Company and together with its subsidiaries the "Group")
Facility Draw Down
Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that the Group has drawn down a further US$26.3 million (approximately £20.1 million) under the financing with IIP Bridge Facility LLC announced by the Company on 2 April 2019 (the "Facility").
The funds drawn down will be utilised to clear past operational and contractor liabilities, to meet Distribution Logistics Infrastructure Private Limited's ("DLI") ongoing debt service and operational overheads, to complete the remaining rail works at DLI's Nagpur terminal and to progress construction at DLI's Anekal and Palwal terminals.
Following the draw down, the Facility is now US$35 million drawn and a further US$70 million remains conditionally available to the Group under the Facility to enable DLI, the Company's wholly owned subsidiary, to complete, commission and ramp up all of its existing terminal facilities through to completion, to meet other DLI lender requirements and provide additional working capital for both DLI and the Group.
DLI is a supply chain transportation and container infrastructure company headquartered in Bangalore and Gurgaon with a material presence in central, northern and southern India. DLI provides a broad range of logistics services including rail freight, trucking, handling, customs clearing and bonded warehousing with terminals located in the strategic locations of Nagpur, Bangalore, Palwal (in the National Capital Region) and Chennai. DLI is the largest asset in the Company's portfolio and one of the largest privately-owned logistics businesses in India.
Enquiries: | |
Infrastructure India plc | www.iiplc.com |
Sonny Lulla | |
Cenkos Securities plc | +44 (0) 20 7397 8900 |
Nominated Adviser & Joint Broker | |
Azhic Basirov / Ben Jeynes | |
Nplus1 Singer Advisory LLP | +44 (0) 20 7496 3000 |
Joint Broker | |
James Maxwell - Corporate Finance | |
James Waterlow - Investment Fund Sales | |
Novella | +44 (0) 20 3151 7008 |
Financial PR |
Tim Robertson / Toby Andrews
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Infrastructure India plc published this content on 16 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 April 2019 06:17:07 UTC