Renewable energy company Mytrah Energy has raised $277 million from Piramal Group. The funding is made into Mytrah Energy's Indian subsidiaries in the form of non-convertible debentures.
The investments have been made in its subsidiaries Mytrah Energy Pvt. and Mytrah Ujjwal Power Pvt. Ltd. Mytrah Energy received $150 million in the form of unlisted debentures while Mytrah Ujjwal secured $127 million via BSE-listed debentures.
The company will use the proceeds to provide exit to existing investors and meet its growth capital needs, the statement said. Mytrah’s investors include private equity firms IDFC Alternatives Ltd and AION Capital, wealth manager Merrill Lynch and investment bank Goldman Sachs.
In a separate statement, IDFC Alternatives confirmed that it had exited its six-year-old investment in Mytrah Energy (India). It didn’t disclose the financial details of the transaction.