Jubilant Energy gets $3.4m loan from chairman at 15.5% rate
Indian oil and gas group Jubilant Energy has signed a funding agreement with a company owned by its chairman Shyam Bhartia for a loan of $3.4m.
Jubilant Energy
0.60p
15:49 16/11/15
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Oil & Gas Producers
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15:45 15/11/24
1.32%
105.17
Jubilant entered into a funding arrangement with Tower Promoters Private for unsecured loan facilities with 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 firm said.
The board said the term of the loan are “fair and reasonable”.
Tower Promoters Private is owned and controlled by Bhartia and co-chairman Hari Bhartia, who together own 85% of Jubilant.