1 May 2012 14:57
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
Press Release | 1 May 2012 |
Mytrah Energy Limited
("Mytrah Energy" or the "Company")
Director's interest
Further to the Company's announcements on 20 June 2011 and 10 August 2011 regarding the securing of two tranches of mezzanine financing totalling approximately US$112m being provided by The India Infrastructure Fund, managed by IDFC Project Equity Company Limited ("IDFC"), the Board was informed, on 1 May 2012, that Ravi Kailas, Chairman and Chief Executive Officer of the Company, has provided security to IDFC over certain of his Ordinary Shares in the Company.
A charge over 42,545,360 Ordinary Shares held by Bindu Urja Capital Inc., an investment vehicle beneficially owned by Ravi Kailas, has been created in favour of IDFC (the "Charge") in support of the second tranche of US$33.5m of mezzanine financing, as announced on 10 August 2011. The Charge was created in accordance with an agreement between Mr Kailas and IDFC entered into in August 2011, as part of the mezzanine financing, and was subject to consent being given by the Reserve Bank of India ("RBI") and the form of the Charge being agreed between IDFC and Bindu Urja Capital Inc.
Following consent from the RBI and the form of the Charge being agreed between all parties, the Charge was subsequently created on 30 April 2012.
Mr Kailas is currently interested in a total of 94,246,575 Ordinary Shares, representing 57.6 per cent. of the issued share capital of the Company. In addition, Mr Kailas has an option over 9,090,889 Ordinary Shares, at an exercise price of 115p.
Further information on the Company can be found at www.mytrah.com.
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For further information please contact:
Mytrah Energy Limited | |
Ravi Kailas, Chairman and Chief Executive Officer | +91 40 4396 0000 |
Strand Hanson Limited | |
Angela Peace / Paul Cocker / James Harris | +44 (0) 20 7409 3494 |
Deutsche Bank | |
Drew Price / Rajat Katyal
| +44 (0) 207 545 8000 |
Mirabaud Securities LLP | |
Peter Krens / Rory Scott | +44 (0) 20 7878 3360 |
Pelham Bell Pottinger | |
Charles Vivian / Philippe Polman | +44 (0) 20 7861 3232 |