Mytrah Energy Ltd Mytrah Raises US$277 million NCDs From Piramal (9646Q)
18 September 2017 - 4:01PM
UK Regulatory
TIDMMYT
RNS Number : 9646Q
Mytrah Energy Ltd
18 September 2017
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INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR
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18 September 2017
Mytrah Energy Limited
("Mytrah" or the "Company")
Mytrah Raises USD 277 Million NCDs From Piramal Group
Mytrah, the India-based renewable focused Independent Power
Producer, is pleased to announce that Piramal Group has invested
approximately USD 277 million (INR 18 billion) into Mytrah's Indian
subsidiaries in the form of non-convertible debentures
("NCDs").
The NCDs have a 7-year tenor and are invested into Mytrah Energy
(India) Private Limited (approximately USD 150 million, unlisted
NCDs) and Mytrah Ujjwal Power Private Limited (approximately USD
127 million, NCDs listed on the BSE). The proceeds will be used to
replace existing investments from IDFC Alternatives Limited, AION
Capital, Merrill Lynch and Goldman Sachs, with part of the facility
also providing growth capital to the Company.
Commenting on the update, Ravi Kailas, Chairman, Mytrah Energy
Ltd. said:
"This transaction is another example of Mytrah's ability to
build our business without diluting shareholder equity. Our story
so far has been one of rapid growth enabled by cost effective
funding, rigorous project execution and the efficient operation of
our portfolio of power generating assets.
"Attracting an investor of Piramal's stature reaffirms the
quality of Mytrah's operating portfolio and the resulting strong,
stable and well diversified cash flow it generates. This
transaction also simplifies our financial structure, improves
transparency and provides resources to underpin our future
growth."
For further information, please visit www.mytrah.com or
contact:
Mytrah Energy Limited +44 (0)20 3402
Ravi Kailas / Bob Smith 5790
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 PR +44 (0)77 4778
Charles Goodwin / Abena Affum 8221
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.
About Piramal Group
Piramal Group is a global diversified business conglomerate with
operations in over 30 countries and a strong presence in more than
100 markets around the world. Since the late 1980s, Piramal Group
has evolved from a textile-centric business to a diversified
organisation, which operates across sectors such as pharma, health
care information management, financial services, specialty glass
packaging and real estate.
Over the past two decades, the Group has consistently focused on
growth and today is ranked amongst the leading business
conglomerates in India, with a balance sheet in excess of US$9.5
billion and over 60 percent of revenue generated from outside
India.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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