Tata Power shares down over 5% on profit-booking; company's arm raises Rs 4,000 cr

Shares of Tata Group tanked sharply on Monday after the company announced its subsidiary Tata Power Renewables had raised Rs 4,000 crore from the BlackRock Real Assets-led consortium, including Mubadala Investment Company.

Analysts attribute Monday's decline to profit booking.

At 2.16 p.m., the shares traded 5.6 per cent down at Rs 257.65.The first round of capital infusion is expected to be completed by June 2022 and the balance funds will be infused by the end of calendar year 2022.

The proposed investment is expected to fund Tata Power Renewables' aggressive growth plans.

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"Over the next five years, Tata Power Renewables aims to achieve a portfolio of over 20 GW of renewables assets and a market leading position in the rooftop and electric vehicle charging space across India," it said.

At present, Tata Power Renewables is one of the largest renewable energy companies in India.

Since the start of 2022, the share of the Tata Group company, however, rose 16 per cent cumulatively.

(With inputs from IANS)