New Delhi: Tata Power on Tuesday said the board of its arm Tata Power Renewable Energy has approved allotment of 20 crore preference shares worth Rs 2,000 crore to GreenForest New Energies Bidco.

“Board of Directors of Tata Power Renewable Energy Ltd (TPREL), a subsidiary of the Company, today approved the allotment of 20,00,00,000 Compulsorily Convertible Preference Shares at face value of Rs 100 each at par aggregating to Rs 2,000 crore on a preferential basis to GreenForest New Energies Bidco Ltd (GreenForest), a Company incorporated under the laws of England and Wales,” a BSE filing said.

With this, both the tranches of investment of Rs 2,000 crore each in the TPREL made by GreenForest are completed in accordance with the terms of the agreements, it stated.