Tata Power Renewable Energy Board Approves Allotment of 20 Crore Shares to BlackRock-Mubadala Consort
The renewable energy arm of Tata Power has approved the allotment of 20 crore preference shares worth INR 2,000 crore to GreenForest New Energies Bidco Ltd.
March 01, 2023. By Anurima Mondal
Incorporated under the laws of England and Wales, GreenForest New Energies Bidco is an investment vehicle indirectly and jointly incorporated by BlackRock Alternatives Management, LLC. (BAM), a wholly-owned subsidiary of BlackRock and Mubadala Investment Company, an investment vehicle of the Government of Abu Dhabi.
Last year, Greenforest acquired an 11.43 percent stake in Tata Power Renewable Energy which is a wholly-owned subsidiary of Tata Power Company Ltd. (TPCL).
The acquisition of the stake in Tata Power Renewable Energy Ltd. by Greenforest New Energies Bidco Ltd. was approved by the Competition Commission of India (CCI).
Following this, Tata Power Renewable Energy issued 8.36 crore shares of INR 239 each to GreenForest, for INR 2,000 crore.
With the second tranche, GreenForest has invested around INR 4,000 crore in total through equities in Tata Power Renewable Energy, which is in accordance with the agreement terms.
One of the country's largest integrated power companies, Tata Power has a presence across the entire power value chain-generation via renewables as well as conventional energy.
please contact: contact@energetica-india.net.
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