Jubilant Energy N.V. Funding Agreement Signed (6353U)
January 02 2013 - 3:52AM
UK Regulatory
TIDMJUB
RNS Number : 6353U
Jubilant Energy N.V.
02 January 2013
2 January 2013
Jubilant Energy N.V.
("Jubilant" or "the Company")
Funding Agreement Signed
Jubilant is pleased to announce that on 31(st) December, 2012 it
entered into a funding agreement with two Jubilant Bhartia Group
companies*. These agreements allow for borrowing of up to USD 22
million in aggregate, for a period of three years and will be
structured as unsecured loans (the "Loans").The Loans, comprising
INR 650 million (c. USD12 million) and USD10 million bear interest
at a rate of 15% p.a. and 6 months USD LIBOR plus 3% p.a.,
respectively. These funds will be applied to funding operating
activities and general capital of the Company.
The issues of the Loans are 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 Loans are fair and reasonable insofar as its
shareholders are concerned.
*The two Jubilant Bhartia Group Companies are, directly or
indirectly, owned and controlled by Mr S S Bhartia who is Non
Executive Director and Chairman and Mr H S Bhartia who is Non
Executive Director and Co-Chairman of Jubilant and are its
substantial shareholders, holding approximately 84.02% of the
voting rights of the Company in aggregate.
Enquiries:
Ajay Khandelwal, Vipul
Jubilant Energy Agarwal +91 120 4025700
----------------- -------------------------- -----------------
Katherine Roe, Adam
Panmure Gordon James +44 20 7886 2500
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Deutsche Bank RajatKatyal, Drew Price +44 20 7547 8000
----------------- -------------------------- -----------------
Matthew Tyler, Alexandra
College Hill Roper +44 20 7457 2020
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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