Mytrah Energy raises Rs 430 crore from Merrill Lynch arm

Issue proceeds to refinance existing Rs 90 cr mezzanine equity facility from IDFC and for new wind power projects

The London's Alternative Investment Market (AIM)-listed Mytrah Energy (India) Limited announced that it has raised Rs 430 crore (around $70 million) of new financing from Merrill Lynch International, a Bank of America Merrill Lynch entity and funds managed by affiliates of Apollo Global Management LLC.

The proceeds from the issue will be used to primarily refinance an existing Rs 90 crore mezzanine equity facility provided by IDFC and for the development of new wind power projects, including the equity contribution for the portfolio to reach 1,000 mw from the present installed capacity of 524 mw, the company said.

"The funding has taken a form of bond which is expected to be listed on Bombay Stock Exchange (BSE).

The financing also contains a "greenshoe" option to extend the Bond by a further Rs 170 crore ( Around $28 million), which would bring the total to Rs 600 crore (around $98 million)," Mytrah said in a statement.