JUBILANT ENERGY NV ("Jubilant","the Company" or "the Group")
Funding Agreement Signed
Jubilant is pleased to announce that on August 29, 2014, its operating subsidiary company in India entered into a funding arrangement with Jubilant Enpro Private Limited* for an unsecured loan facility amounting to INR 50,00,00,000 (Rupees Fifty Crores) equivalent to approximately USD 8.3 Million (the "Loan"). The Loan has a tenor of one year and an interest rate of 15.5% per annum. The Loan may be drawn in one or more tranches at any time until 31 March 2015. 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.
*Jubilant Enpro Private Limited 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 Jubilant, both of whom are its substantial shareholders, holding approximately 85.0% of the voting rights of the Company in aggregate.
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