Mytrah Energy delists from London’s Alternative Investment Market
Mytrah Energy had listed on the London Stock Exchange’s submarket in 2010 when it had raised $80 million from institutional investors
Mumbai: Renewable energy producer Mytrah Energy Ltd has delisted from London’s Alternative Investment Market (AIM), according to a company filing.
Hyderabad-based Mytrah Energy had listed on the London Stock Exchange’s sub-market in 2010 when it had raised $80 million from institutional investors.
In April, Raksha Energy Holdings Ltd, headed by Mytrah chairman and founder Ravi Kailas, had made an offer to buy shares of the company from other shareholders, aiming to take it private.
In October, Mint had reported that Mytrah Energy (India) Pvt. Ltd is likely to delist its holding company Mytrah Energy Ltd from the Alternative Investment Market market in London, ahead of a proposed initial public offering in India.
Mint had also reported that Mytrah had hired investment banks to start work on a domestic IPO.
The acquisition of the AIM-listed company was implemented by means of a takeover offer that valued the entire issued share capital of Mytrah Energy Ltd at £78.9 million. Squire Patton Boggs was the legal adviser to Raksha Energy Holdings for the offer.
Mytrah is an independent power producer with a portfolio of 1,743 megawatts (MW) of installed and under construction renewable power projects across Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.
It also has one of the largest wind data banks, with over 200 wind masts across the country.
In September, the company had raised $277 million (about Rs1,800 crore) from the Piramal Group.
The proceeds were used to buy out the existing investors of the company, including IDFC Alternatives Ltd, AION Capital, Merrill Lynch and Goldman Sachs, as well as to fund the growth.