Jubilant Energy N.V. Funding Agreement Signed (4740Q)
September 01 2014 - 3:30AM
UK Regulatory
TIDMJUB
RNS Number : 4740Q
Jubilant Energy N.V.
01 September 2014
1 September, 2014
Jubilant Energy N.V.
("Jubilant","the Company" or "the Group")
Funding Agreement Signed
Jubilant is pleased to announce that on August 29, 2014, its
operating subsidiary company in India entered into a funding
arrangement with Jubilant Enpro Private Limited* for an unsecured
loan facility amounting to INR 50,00,00,000 (Rupees Fifty Crores)
equivalent to approximately USD 8.3 Million (the "Loan"). The Loan
has a tenor of one year and an interest rate of 15.5% per annum.
The Loan may be drawn in one or more tranches at any time until 31
March 2015. 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.
*Jubilant Enpro Private Limited is 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, both of whom are its 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 +44 20 7886
Panmure Gordon James 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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