Tata Power subsidiary raises Rs 2,000 crore in green energy push

Tata Power Renewable Energy, a subsidiary of Tata Power, on Thursday said it raised Rs 2,000 crore by issuing 83.6 million equity shares to BlackRock-backed GreenForest New Energies Bidco. 

The transaction is part of the Rs 4,000-crore investment announced in April by Tata Power for its green energy business. 

The company said that it would offload 10.53 per cent stake in its renewable energy arm to a consortium backed by BlackRock and Mubadala, translating into a base equity valuation of Rs 34,000 crore. The final shareholding would vary between 9.76 per cent and 11.43 per cent upon conversion. 

Last week,