Tata Power’s renewable arm raises Rs 4k cr from BlackRock; stk crashes 7.5%
Shares of Tata Power crashed 7.5 per cent to Rs 252 apiece on the BSE on Monday as investors booked profit in the stock, post the company’s announcement of rasising Rs 4,000 crore for its renewable energy platform. At 12:03 PM, the stock was 5.6 per cent down at Rs 257.7 per share as against a 2.13 per cent decline in the S&P BSE Sensex.
On Thursday, the Tata group’s power unit on Thursday said it was raising Rs 4,000 crore (or $525 million) from a consortium of investors, including BlackRock and Mubadala, to scale up its renewable energy business. The investor group will get a 10.53 per cent stake in Tata Power Renewable Energy for the money injected by way of equity and compulsorily convertible instruments, Tata Power said.
