Mytrah Energy India Ltd has raised R100Cr – mezzanine funding from PTC India Financial Services Ltd.
This was the third tranche of funding received by the Mytrah as part of a total mezzanine funding to $132 million.
There would be no equity dilution for Mytrah Energy's existing shareholders from the funding. The Group expects to repurchase all tranches of mezzanine funding from internal cash flows and the issue of senior debt instruments, bonds or other debt refinancing, within three to five years.
UltraTech Cement Ltd. which was trying to buy the cements business from Jaiprakash Associates Ltd in a $2.3 billion deal, has met some road blocks as the debt ridden Jaypee Group has been unable to meet certain financial commitments including clearing statutory dues and providing working capital for the plants under review.