Bajaj Auto's Subsidiary Repays Euro 480 Million Loans, Terminates Agreements with Two Banks

Bajaj Auto Ltd. has announced that its wholly owned subsidiary, Bajaj Auto International Holdings BV (BAIH BV), has prepaid outstanding dues of Euro 480 million to two banks, Citigroup Global Markets Asia Ltd. and Standard Chartered Bank. This repayment has resulted in the termination of loan agreements with these banks. BAIH BV had initially availed unsecured loans from four banks, including JP Morgan Chase Bank N.A., DBS Bank Ltd., Citigroup Global Markets Asia Ltd., and Standard Chartered Bank, amounting to Euro 666 million for its investment activities. The loans had a term of one year. BAIH BV has also made part-prepayment of Euro 215 million and Euro 54 million to JP Morgan Chase Bank N.A. and DBS Bank Ltd., respectively.