Jubilant Energy N.V. Funding Agreement Signed (9866R)

TIDMJUB

RNS Number : 9866R

Jubilant Energy N.V.

02 July 2015

2 July, 2015

Jubilant Energy N.V.

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

Funding Agreement Signed

Jubilant is pleased to announce that on June 30, 2015, its two operating subsidiary companies in India entered into funding arrangements with Jubilant Energy Private Limited ("JEPL"), (formerly known as "Jubilant Enpro Private Limited)* and Tower Promoters Private Limited** for unsecured loan facilities of INR 6,00,00,000 (Rupees Six Crores) equivalent to approximately USD 0.93 Million and INR 18,00,00,000 (Rupees Eighteen Crores) equivalent to approximately USD 2.8 Million (the "Loans") respectively. 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.

**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] 
 
 

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