Investment company 3i Infrastructure has decided to rebalance its investment strategy in favour of less volatile investments in more developed markets.

The board resolved the manager would make no more new investments in the subcontinent to rebalance the portfolio away from India in favour of core infrastructure and public-private partnerships in developed markets.

The investment manager has cash balances of £179 million for the following needs:

• £31m of which will be used for the payment of the proposed final dividend
• £3m for further investment in the Dalmore private finance initiative  fund
• £60m for an investment in the UK Department for Transport's Thameslink improvements
• £25m set aside for any residual cash calls by the 3i India Infrastructure Fund

The company replaced its previous banking arrangements with a new £200m, three-year revolving credit facility with a syndicate of five major banks, which it intends to use as a bridge to equity, to be refinanced through equity issuance in due course.