Mytrah Energy Ltd Unauthorised Loan (1602T)
October 10 2017 - 1:00AM
UK Regulatory
TIDMMYT
RNS Number : 1602T
Mytrah Energy Ltd
10 October 2017
10 October 2017
Mytrah Energy Limited
("Mytrah" or the "Company")
Unauthorised Loan
The Independent Members of the Board (the "Board") have been
advised that a loan of US$2.4 million was made in early September
2017 to the Company's Chairman, Mr Ravi Kailas, for the purchase of
a property which is not related to the Company's operations. The
loan was made without prior approval of the Board. Mr Kailas has
made arrangements for the full amount of the loan to be repaid by
the end of next week.
As a consequence of the above, the Board intends to engage an
independent law firm in order to assist in a comprehensive review
of the transaction. Following completion of the review, the Board
will update shareholders.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please visit www.mytrah.com or
contact:
Mytrah Energy Limited (via Yellow
Jersey) +44 (0)7747
Russell Walls, Rohit Phansalkar 788 221
Investec Bank plc +44 (0)20 7597
Chris Sim / Jeremy Ellis 4000
Mirabaud Securities LLP +44 (0)20 7878
Peter Krens / Rory Scott 3360
Yellow Jersey +44 (0)7747
Charles Goodwin / Abena Affum 788 221
About Mytrah Energy Limited
Mytrah Energy Limited, is a renewable power producer listed on
the AIM segment of the London Stock Exchange. The Company is one of
the largest Independent Power Producers of the Indian renewable
energy sector and a pioneer in this space. Mytrah has a portfolio
of 2000MW of operational and under development renewable power
projects across 9 Indian states (Punjab, Rajasthan, Gujarat, Madhya
Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka and
Tamil Nadu). Mytrah also has one of the largest wind data banks in
India. It is the only independent power producer with over 200 wind
mast locations across the country.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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