Tata Power Renewable raises Rs 20 billion by issuing 83.6 million shares to BlackRock-backed firm

Tata Power Renewable Energy Limited has raised Rs 20 billion by issuing 83.6 million equity shares to BlackRock-backed GreenForest New Energies Bidco Limited.

Its board has approved the allotment of 83.6 million equity shares 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 20 billion on a preferential basis. This completes Tranche 1 of the transaction. Tranche 2 infusion of Rs 20 billion will be concluded in accordance with the terms of the agreements. The proposed investment is expected to fund Tata Power Renewables’ aggressive growth plans.