JUBILANT ENERGY NV ("Jubilant","the Company" or "the Group")
Funding Agreement Signed
Jubilant is pleased to announce that on December 30, 2014, an operating subsidiary of the Company in India entered into funding arrangement with Tower Promoters Private Limited* for unsecured loan facilities aggregating to INR 21,50,00,000 (Rupees Twenty One Crores Fifty Lacs Only) equivalent to approximately USD 3.4 Million (the "Loan"). The Loan has a tenor of one year and an interest rate of 15.5% per annum. 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.
*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.
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