Squire Patton Boggs has advised Raksha Energy Holdings Limited on its successful offer to acquire the issued ordinary share capital of AIM-listed Mytrah Energy Limited. The acquisition was implemented by means of a takeover offer governed by the UK Takeover Code and valued the entire issued share capital of Mytrah Energy Limited at approximately £78.9 million.

Mytrah Energy is a large independent power producer in the Indian renewable energy sector. The company has a portfolio of 1,743 MW of installed and under construction renewable power projects across nine Indian states (Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka and Tamil Nadu). It also has one of the largest wind data banks in India, with over 200 wind mast locations across the country. Mytrah Energy has been listed on the AIM market of the London Stock Exchange since 2010.

Corporate partner and takeover specialist Andrew Glaze led on the acquisition, assisted by Nina Driver and Eve Oppenheimer, as well as Financial Services partner John Hayward on the banking aspects.

Corporate Energy & Client Relationship partner Trevor Ingle commented, “Complementing our longstanding track record and commitment to the renewables sector, we’re delighted to have been able to involve our public equity and debt teams in supporting our client Raksha Energy on this complex acquisition as a next step towards Mytrah Energy, as an already strong player in the market, being able to optimise a broader range of financing and strategic options in its progression towards becoming one of the leading renewable IPPs in the Indian market. This deal is testament of the strong level of activity we are continuing to experience across our international renewables and public markets practices.”