Jindal Drilling - Result of postal Ballot
Jindal Drilling & Industries Ltd has informed BSE that the members of the Company, by way of Postal Ballot, have passed the following resolutions, with requisite majority:
1. Acquisition of 49% holding in Virtue Drilling Pte. Ltd., Singapore (VDPL) at a consideration not exceeding US $ 10,000,000.
2. To pledge the aforesaid 49% holding in favour of Axis Bank against US $ 40,000,000 loan taken by VDPL.
3. To pledge the aforesaid 49% holding in favour of Axis Bank against US $ 22,500,000 loan taken by VDPL.
4. To pledge the aforesaid 49% holding in favour of DnB NOR Bank ASA, Singapore after obtaining a loan of US $ 160,000,000 by VDPL.
5. To give Corporate Guarantee in favour of Axis Bank against US $ 22,500,000 loan taken by VDPL.
6. To give shortfall undertaking in favour of Axis Bank against US $ 22,500,000 loan taken by VDPL.
7. To Provide shortfall undertaking in favour of Axis Bank against US $ 40,000,000 loan taken by VDPL.
8. To give shortfall undertaking in favour of DnB NOR Bank ASA, Singapore after obtaining a loan of US $ 160,000,000 by VDPL.
9. To give loans to VDPL upto an amount of US $35,000,000 as and when required for its business.
10. To amend the Articles of Association of the Company in pursuance of the Investment Agreement executed between the Company and the investors to reflect the terms of the said agreement in the Articles of Association of the Company.
Tags: Jindal Drilling