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Just found the following relating to refinancing the company's Indian subsidiary and an update regarding the IPO http://www.livemint.com/Companies/Djntx9LXoLzPCZ2ILqJ42K/Mytrah-Energy-in-talks-to-raise-Rs1800-crore-from-Piramal-C.html?utm_source=dlvr.it&utm_medium=twitter So who bought or sold today. Was this a major investor buying into MYT in the knowledge of what the livemint story reports? Will be an interesting day tomorrow. Makes me think now is the time to top up my holding.
Thanks saintpeter7. Here's the article: http://economictimes.indiatimes.com/markets/ipos/fpos/renew-power-plans-ipo-to-raise-up-to-600-million/articleshow/58056084.cms I think MYT raised money a couple of years ago (maybe from GE) that valued them at $300m so all these valuations are taken with a pinch of salt but $2bn vs. £40m is a bit extreme, surely.
* Don't know why it removed the link when other links are here. Anyway if you search: "ReNew Power IPO" it is the article from the Economic Times India. Title of the article is: "ReNew Power plans IPO to raise up to $600 million" by Mohit Bhalla, ET Bureau | Updated: Apr 07, 2017, 11.18 AM IST
I don't see what else any of us would be doing differently if we were MYT - raise money, reinvest profit to keep growing as the industry is moving so fast. They had cash on the balance sheet and refinanced for better terms last year so clearly focused on the biggest risk being meeting their repayments. I put a lot of value into whether I rate the CEO and I think Ravi Kailas has always come across really well, with a lot of integrity. Now it's Vikram Kailas as CEO (was a little unsure) but I saw a video with Vikram at the world energy summit trade show (or something like that) where he was talking about MYT having a 50 year horizon. That could be a worry (never see any returns) but I see it as a positive (being built to last). My two concerns are: (1) anything overlooked or missed or fiddled in the accounts that has now been found with moving over to different accounting principles; (2) the idea that they might want to take MYT private at this price and what that would mean for the sp. I think neither are worth the drop. They've already said there'll be a non-cash charge (I think) on the results but the cashflow should be strong as per the TipTV interview you mentioned. I doubt they would try to take MYT private as the sp would surely jump and defeat the purpose plus the investor reputation damage it may do for the future. So I'm invested and have topped up in 10000 share chunks over the past couple of months but I'm into the land of feeling uncomfortable with the amount I have invested in an AIM company now. And the question: what do others know that I don't? On balance the logic is there even if the drops make me doubt myself.
Thank you for the source of the report. The SP is moving up nicely today and it may be the case that with those very large bargains yesterday that the large persistent sellers has gone. I am an accountant. I doubt that anything other than reflecting the new Indian accounting standards will show in the Accounts when they are published and it is possible that it may be a one-off adjustment. I look forward to reading them so as to know, as it may or may not have an impact on the mcap going forward. The debt financing is a drag on the company's profitability, but this will not be the first time that they have refinanced to improve the cost of debt and raising funds through an IPO of the subsidiary will naturally reduce the debt and therefore the cost going forward. All in all positive. So, on balance the potential reward here IMHO outweighs the risk.