Jubilant Energy N.V. Funding Agreement Signed (7319D)

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             [phone] 
 
                       Dominic Morley, Adam 
   Panmure Gordon      James                     [phone] 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 28, 2015 08:55 ET (12:55 GMT)