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HDFC Securities Report
A consortium led by BlackRock Real Assets shall invest Rs 40 billion (in two tranches over a period of next eight months) for a 10.53% stake in Tata Power Renewables by way of equity/compulsorily convertible instruments.
The investment would translate into a base equity valuation of Rs 340 billion and an enterprise value of ~ Rs 500 billion for a platform that will house all renewable energy businesses of Tata Power.
While the deal is better than the earlier monetisation plan through InvIT (which was likely to be valued at ~8x FY23 EV/Ebitda), it is below our expected equity value of ~ Rs 45 billion for the entire renewable portfolio.
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