The Company has informed the Stock Exchanges as under:
“The Company had in the past entered into a Dollar Facility Agreement (DFA) with a consortium of Banks for availing a US Dollar denominated Term Loan amounting to USD 100 million to part finance the development of PY-1 Field.
Under the said DFA, the banks had made partial disbursement of USD 12.84 million. Due to market conditions, the banks are not willing to disburse the balance amount as per the terms of the DFA and accordingly the Company has decided to repay the outstanding amount and close the DFA.
The company is in advanced stages of making alternate arrangements for the required funds.”