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Mytrah Energy Ltd, a company focused on wind energy farms in India, is considering initial public offering and listing in the Singapore Exchange Securities Trading Ltd (SEST).
The move is aimed at raising funds to meet its capital requirements for expansion and to trim or fully retire its existing debt.
Vikram Kailas, Managing Director of Mytrah Energy, confirmed the move to list on Singapore and told Business Line the company is on course to expanding its wind capacity.
The company has Henderson Global Investors and R&H Trust Co among its investors. It has raised funds and is on course to list the assets as a business trust on SEST.
According to the arrangement, Business Trust would acquire assets from Mytrah as a part of the proposed listing.
Listed on the Alternate Investment Market of London Stock Exchange, with a base in Hyderabad, Mytrah has plans to have a total installed capacity of over 1,000-1,200 MW capacity in several States by 2014 end. It is in the process of executing and planning projects in Andhra Pradesh, Maharashtra, Rajasthan, Gujarat and Tamil Nadu.
However, the listing will not affect London AIM listing, the company said.
The renewable energy company now has an installed capacity of 310 MW of wind energy farms across six States.
Mytrah said that apart from evaluating the proposed listing, the Directors continue to explore other options such as securitisation of revenue streams from company portfolio.
> rishikumar.vundi@thehindu.co.in
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