Hyderabad-based Mytrah Energy Limited has raised Rs 18 billion from the Piramal Group’s financial services companies in the form of non-convertible debentures (NCDs). The NCDs, carrying a tenor of seven years, will be invested in two Mytrah Energy entities – Rs 9.8 billion in Mytrah Energy (India) Private Limited and Rs 8.2 billion in Mytrah Ujjwal Power Private Limited. The funds will be used to “take out“ existing investors including IDFC Alternatives, AION Direct Singapore, Merrill Lynch International, Apollo Asia Private Credit Master Fund, and Goldman Sachs Investment, with a part of the facility also providing the required growth capital for the company.