351 ANNUAL REPORT 2022 ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2022 49. Subsequent events (continued) (d) Rising Sun Energy (K) Pvt Ltd (“RSEK”), an indirect 80% owned subsidiary of the Company, is in the process of developing, implementing and operating a 190MW grid-connected solar photovoltaic power project at the Nokh Solar Park in Rajasthan, India. On 22 April 2022, RSEK entered into a facility agreement with Indian Renewable Energy Development Agency Limited (“IREDA”). IREDA as the Lender, has agreed to make available to the RSEK, a Borrower, an indian rupee term loan for an aggregate principal amount not exceeding INR6,670 million or approximately RM367 million (“Rupee Term Loan”). The Rupee Term Loan will be made available within 12 months commencing from the date of the facility agreement, with an initial interest rate at 8.7% per annum subjecting to the Lender’s right to reset the interest rate from time to time for each interest period according to the Lender’s policy. RSEK as the Borrower undertakes to repay the principal amounts of the Rupee Term Loan to the Lender in 80 (eighty) structured quarterly instalments after a moratorium/ grace period of 12 (twelve) months from the commercial operation date. 50. Authorisation of financial statements for issue The financial statements for the financial year ended 31 January 2022 were authorised for issue in accordance with a resolution of the Board of Directors on 28 April 2022.
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