Live
- Govt plans to establish offshore Johns Hopkins University Campus in India
- Goa Aces clinch Indian Racing League title
- Study finds how hormone therapy can reshape the skeleton
- High-street fashion players looking at India for manufacturing: Report
- Shreyas Iyer to lead Mumbai as Prithvi Shaw returns for Syed Mushtaq Ali Trophy
- 'Failed to resolve crisis': NPP withdraws support from BJP govt in Manipur
- Chennai: Actress Kasturi Remanded in Custody Until 29th of This Month
- Aaqib Javed likely to become Pakistan's new white-ball head coach
- BJP panel to draft poll charge sheet against AAP govt in Delhi
- Allu Arjun Thanks Fans in Patna, Teases 'Pushpa 2' Release
Mytrah Energy raises 1,800cr
City-based Mytrah Energy (India) Ltd has raised Rs1,800 crore from Piramal Group’s financial services companies. The latest funding facility helps Mytrah streamline its capital structure at a time when several renewable energy firms are striving to reach critical scale of capacity prior to accessing the capital markets via an IPO or an InvIT.
Hyderabad: City-based Mytrah Energy (India) Ltd has raised Rs1,800 crore from Piramal Group’s financial services companies. The latest funding facility helps Mytrah streamline its capital structure at a time when several renewable energy firms are striving to reach critical scale of capacity prior to accessing the capital markets via an IPO or an InvIT.
Vikram Kailas, Mytrah Group CEO and MD, said: “This transaction is a tremendous vote of confidence from marquee investor. It marks another milestone in Mytrah’s journey and provides additional impetus for the firm’s next phase of growth.”
Mytrah Group Joint MD and CFO Shirish Navlekar said: “Mytrah’s story has been one of capital efficient growth fuelled by significant funding raised from various non-dilutive sources. The current transaction is yet another example of the kind of unique financing structures that Mytrah is recognized for.
This transaction will enable us to further consolidate our resource base and pave a clear way for continued sustainable growth.” The funds are being invested in form of non-convertible debentures (NCDs) with a 7-year tenor into two Mytrah Group entities-- Mytrah Energy (India) Pvt Ltd (Rs 980 crore) and Mytrah Ujjwal Power Pvt Ltd (Rs820 crore).
The funds will be used to take out existing investors including IDFC Alternatives Ltd, AION Direct Singapore Pte Ltd, Merrill Lynch International, Apollo Asia Private Credit Master Fund Pte Ltd. and Goldman Sachs Investment Holdings (Asia) Ltd with part of the facility also providing the required growth capital to the company.
With a 2,000-MW portfolio of assets, Mytrah is one of the largest private firms in the renewable energy sector. The industry continues to receive support from both central and state governments with the shared objective of reaching 175GW by 2022 from the current 57 GW operating capacity.
Mytrah Energy (India) is India-based subsidiary of Mytrah Energy Ltd, a renewable power producer listed on the AIM segment of the London Stock Exchange (LSE).
