Jubilant Energy N.V. Funding Agreement Signed (7319D)
October 28 2015 - 8:55AM
UK Regulatory
TIDMJUB
RNS Number : 7319D
Jubilant Energy N.V.
28 October 2015
28 October, 2015
Jubilant Energy N.V.
("Jubilant","the Company" or "the Group")
Funding Agreement Signed
Jubilant is pleased to announce that on October 26, 2015, its
two operating subsidiary companies in India entered into funding
arrangements with Tower Promoters Private Limited* for unsecured
loan facilities aggregating to INR 7,70,00,000 (Rupees Seven Crores
Seventy Lacs Only) equivalent to approximately USD 1.19 Million
(the "Loan"). The Loan has a tenor of seven years and an interest
rate of 14% per annum. These funds will be used for funding the
capital and operating expenditure, debt servicing and for other
corporate purposes of the Group.
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 Nikhil Pandey +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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