Tata Power Renewable Gets Rs 2,000 Cr Infusion From GreenForest
Tata Power Renewable Energy Ltd (TPREL) has received an investment of Rs 2,000 crore from GreenForest New Energies Bidco with allotment of 20 crore preference shares to the latter.
"TPREL...has received the second and final round of investment of Rs 2,000 crore from GreenForest and has successfully allotted 20,00,00,000 Compulsorily Convertible Preference Shares (CCPS) at face value of Rs 100 each at par aggregating to Rs 2,000 crore on a preferential basis to GreenForest," a statement said.
Subsequent to this second tranche, TPREL has now received an investment of Rs 4,000 crore.
GreenForest holds 6.06 per cent equity in TPREL and on conversion of the above CCPS, it will hold 9.76-11.43 per cent stake in TPREL, subject to the equity valuation on final conversion.
The completion of this equity infusion will fund TPREL's aggressive growth plans. Over the next five years, it aims to achieve a portfolio of 20 GW of renewable assets and a market leading position.
"The completion of Rs 4,000 crore (USD 525 million) worth capital infusion into our renewables business will fuel the next level of growth and help us play a pivotal role in India's efforts to secure greater energy stability through low carbon solutions for a sustainable future, said Praveer Sinha, CEO and MD, Tata Power in a statement.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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