Hyderabad-based renewable energy producer Mytrah Energy India Pvt Ltd is raising Rs 1,900 crore ($300 million) from Piramal Capital’s Structured Finance Group and Dutch partner APG Asset Management through mezzanine debt instruments, a financial daily said.
The Economic Times reported, citing two people aware of the development, that the money will primarily be used to buy back shares of existing investors, including Apollo Global Management, Aion, Goldman Sachs, Bank of America Merrill Lynch and IDFC Alternatives. Besides, Rs 150-200 crore will be set aside to fund growth and refinancing debt.
Earlier, Vikram Kailas, the chief executive of Mytrah Energy India, had told VCCircle. That the company was “considering private equity funding and setting up an infrastructure investment trust as options, besides an initial public offering, to raise fresh funds in 2018”.
“Prior to the funding plans, the company will raise another Rs 1,800-2,000 crore in debt to repay its earlier mezzanine investors and also to finance the company’s growth,” Kailas had said.
The company has raised close to Rs 2,000 crore in mezzanine debt from IDFC Alternatives, AION Capital and Merrill Lynch International since 2011.
AIM-listed Mytrah is one of the largest renewable energy companies in India and has reached 1 GW of wind power generation capacity by adding 417 MW wind projects in one year, the ET report said.
The family office of Wipro chairman Azim Premji is in talks to acquire a 10-15% stake in Wildcraft India Pvt Ltd, a Mint report said, citing two people familiar with the development.
PremjiInvest will invest about $15 million (Rs 100 crore) at a valuation of $150 million.
According to the report, this will be primary fund-raising, and none of the existing investors will make an exit or a partial exits.
Wildcraft designs and manufactures rucksacks, backpacks, travel gear, sleeping bags and tents. In 2013, Sequoia Capital had invested $11 million in the company.