Tinna Rubber remits $100,000 loan tranche to JV

Tinna Rubber and Infrastructure Limited has remitted the first tranche of a loan amounting to US$ 100,000 (equivalent to INR 95,26,500) to its South African joint venture, Mbodla Investments (PTY) LIMITED. The loan is intended to meet the borrower's capital expenditure and working capital needs. The total loan facility is up to US$ 1,000,000. The loan carries an interest rate of 6-month SOFR plus a 5% spread, currently at 8.68%, and is unsecured. Repayment begins after a one-year moratorium, with 16 equal quarterly installments. The lender has the option to convert the outstanding loan into equity.