GreenForest New Energies Bidco invested Rs 2,000 crore in Tata Power Renewable Energy Limited (TPREL), and in return was given 20 crore preference shares.
"TPREL has successfully allocated 20,00,00,000 Compulsorily Convertible Preference Shares (CCPS) at face value of Rs 100 each at par
totaling Rs 2,000 crore on a preferential basis to GreenForest," a statement read. "This is the second and final round of investment of Rs 2,000 crore from GreenForest." 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.
TPREL's ambitious growth strategies will be funded once this equity infusion is complete. It aspires to achieve a portfolio of 20 GW renewable assets over the following five years, as well as a market-leading position.
Praveer Sinha, CEO and MD of Tata Power, "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."
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