Jubilant Energy N.V. Funding Agreement (8068X)

TIDMJUB

RNS Number : 8068X

Jubilant Energy N.V.

02 September 2015

2 September, 2015

Jubilant Energy N.V.

("Jubilant", "the Company" or "the Group")

Funding Agreement

Jubilant is pleased to announce that on August 31, 2015, its operating subsidiary company in India entered into funding arrangements with Jubilant Energy Private Limited ("JEPL"), (formerly known as "Jubilant Enpro Private Limited)* for unsecured loan facilities aggregating to INR 15,50,00,000 (Rupees Fifteen Crores Fifity Lakhs) equivalent to approximately USD 2.34 Million (the "Loans"). The Loans have a tenor of seven years and an interest rate of 14% per annum. These funds will be used towards funding the capital and operating expenditure, debt servicing and for other corporate purposes of the Group.

The Loans are deemed to be related party transactions 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 in so far as its shareholders are concerned.

*JEPL is the holding company of Jubilant Energy (Holding) BV which is a substantial shareholder of the Company, holding approximately 85.0% of the voting rights of the Company. JEPL 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 Company.

 
 
 
 
   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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September 02, 2015 02:58 ET (06:58 GMT)