Hyderabad-based renewable power producer Mytrah Energy has raised Rs 18 billion from Piramal Group’s financial services companies. The funds are being invested in the form of non-convertible debentures with a tenor of seven years in two Mytrah Group entities: Mytrah Energy (India) Private Limited (Rs 9.80 billion) and Mytrah Ujjwal Power Private Limited (Rs 8.20 billion). The funds will be used to refinance the company’s debt and provide exit to some of its current investors such as IDFC Alternatives Limited, AION Direct Singapore Private Limited and Merrill Lynch International before its planned IPO.
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