Mytrah Energy Ltd (MYT)

 

LSE:MYT: Mytrah Raises US$277 million NCDs From Piramal

Mytrah Energy Ltd

18 Sep 2017 07:00:05

Mytrah Energy Ltd

RNS Number : 9646Q
Mytrah Energy Ltd
18 September 2017
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

 

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

Ravi Kailas / Bob Smith        

                             

+44 (0)20 3402 5790

 

Investec Bank plc

Chris Sim / Jeremy Ellis        

                            

+44 (0)20 7597 4000

 

Mirabaud Securities LLP

Peter Krens / Rory Scott                                     

 

+44 (0)20 7878 3360

 

Yellow Jersey PR

Charles Goodwin / Abena Affum  

                   

 

+44 (0)77 4778 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
 
 
MSCSFSFUWFWSEEU