India’s Mytrah may delist from AIM prior to India IPO

The Indian IPP aims to raise $250 million to $300 million if it decides to move forward with an IPO in India, reported Livemint, citing anonymous sources. The company raised about $80 million when it listed shares on AIM in late 2010.

However, Mytrah currently has a market capitalization of just $56.76 million. Its shares closed down 11.6% on Wednesday in London at GBP 23.75.

Last month, the Hyderabad-based company issued about $277 million of non-convertible debentures to Piramal Group. It used the proceeds to buy out other investors, including Goldman Sachs and Merrill Lynch.

By the end of June, the developer’s total installed solar and wind capacity stood at roughly 1.18 GW. It had about 563 MW of additional renewables capacity under construction.