2nd Jul 2015 10:13
LONDON (Alliance News) - Jubilant Energy NV Thursday said its two operating subsidiaries in India have entered into funding arrangements for a total of around USD3.7 million, which will be used for operating expenditures, debt servicing and working capital.
Jubilant said the two subsidiaries have entered into the arrangements with Jubilant Energy Private Ltd and Tower Promoters Private Ltd for unsecured loan facilities of USD930,000 and USD2.8 million respectively.
Jubilant Energy Private and Tower Promoters are both owned by Non-Executive Chairman Shyman Bhartia and Non-Executive Co-Chairman Hari Bhartia, who together own 85% of the voting rights of Jubilant.
The loans are over a seven year period with a 14% interest rate per year.
Jubilant shares were untraded on Thursday, last trading at 2.75 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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