Blackrock, Mubadala to invest in Tata's renewable arm via rights issue

Unlisted firm Tata Power Renewables Energy plans to raise Rs 6,000 cr; Both Blackrock and Mubadala had invested $525 million this April for 10.5% stake

Tata Power Renewables Energy, the unlisted subsidiary of Tata Power, is planning to raise Rs 6,000 crore from its shareholders including its key investors BlackRock Real Assets, and Mubadala Capital, an Abu Dhabi based based fund, by way of a rights issue.

Both Blackrock and Mubadala had invested $525 million in April this year to pick up 10.5 per cent stake translating to a base equity valuation of Rs 34,000 crore in the company. The final shareholding of both investors will range from 9.76 per cent to 11.43 per cent on final conversion of equity and compulsory convertible bonds