Jubilant Energy N.V. Funding Agreement (9783A)
31 December 2014 - 6:00PM
UK Regulatory
TIDMJUB
RNS Number : 9783A
Jubilant Energy N.V.
31 December 2014
31 December, 2014
Jubilant Energy N.V.
("Jubilant","the Company" or "the Group")
Funding Agreement Signed
Jubilant is pleased to announce that on December 30, 2014, an
operating subsidiary of the Company in India entered into a funding
arrangement with Tower Promoters Private Limited* for unsecured
loan facilities aggregating to INR 21,50,00,000 (Rupees Twenty One
Crores Fifty Lacs Only) equivalent to approximately USD 3.4 Million
(the "Loan"). The Loan has a tenor of one year and an interest rate
of 15.5% per annum. These funds will be used for funding the
operations of the Group including debt repayments and
servicing.
The Loan is deemed to be a related party transaction pursuant to
AIM Rule 13. The Independent Directors of the Company, having
consulted with its nominated adviser, consider that the terms of
the Loan are fair and reasonable in so far as its shareholders are
concerned.
*Tower Promoters Private Limited is directly or indirectly,
owned and controlled by Mr S S Bhartia, who is Non Executive
Director and Chairman of Jubilant. Mr S S Bhartia, together with Mr
H S Bhartia, who is Non Executive Director and Co-Chairman of
Jubilant, are the Company's substantial shareholders, holding
approximately 85.0% of the voting rights of the Company in
aggregate.
Enquiries:
Jubilant Energy Vipul Agarwal +91 120 7186000
Dominic Morley, Adam
Panmure Gordon James +44 20 78862500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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