Tata Power Renewable raises Rs 2,000 crore by issuing 8.36 crore shares to BlackRock-backed firm – EQ Mag Pro
Earlier in April this year, BlackRock Real Assets-led consortium, including Mubadala Investment Company, had inked a binding agreement with Tata Power to invest Rs 4,000 crore.
Tata Power arm Tata Power Renewable Energy on Thursday said it raised around Rs 2,000 crore by issuing 8.36 crore equity shares to BlackRock-backed GreenForest New Energies Bidco, according to a regulatory filing.
Earlier in April this year, BlackRock Real Assets-led consortium, including Mubadala Investment Company, had inked a binding agreement with Tata Power to invest Rs 4,000 crore by way of equity/compulsorily convertible instruments for a 10.53 per cent stake in Tata Power Renewables Energy Ltd, translating to a base equity valuation of Rs 34,000 crore.
The final shareholding will range from 9.76 per cent to 11.43 per cent on final conversion, it had said in April this year. “The board of directors of Tata Power Renewable Energy Ltd, a wholly-owned subsidiary of the company, today approved the allotment of 8,36,05,049 equity shares of Tata Power Renewable Energy Ltd of the face value of Rs 10 each at a price of Rs 239.22 per equity share (including premium of Rs 229.22) aggregating to Rs 1999,99,99,822 on a preferential basis to GreenForest New Energies Bidco Ltd, a company incorporated under the laws of England and Wales,” a BSE filing stated.
This (issuance of shares) completes Tranche 1 of the transaction. Tranche 2 infusion of Rs 2,000 crore will be concluded in accordance with the terms of the agreements, it informed. The proposed investment is expected to fund Tata Power Renewables’ aggressive growth plans. Over the next five years, Tata Power Renewables aims to achieve a portfolio of over 20 GW of renewables assets and a market leading position in the rooftop and electric vehicle charging space across India, Tata Power had said in April.
Source: PTI
