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January 22, 2013

Deal Alert: Bharat Light and Power raises Rs.200-Cr

Bharat Light and Power (BLP), an Aurangabad-based renewable power projects firm founded by former General Electric India boss Tejpreet Singh Chopra, has raised Rs.200 crore from PE and VC funds. While new investor UTI Capital has bought a 16.98% stake for Rs.50 crore, existing VC investors VenturEast and DFJ made an additional investment of Rs.50 crore. The company has also raised Rs.100 crore through mezzanine debt. Amarchand Mangaldas is drafting the final legal document and the deal is likely to be announced later this week. The funds will be used to take over DLF's 160 MW assets in Gujarat and Karnataka. 

VenturEast and DFJ had invested Rs.53 crore in 2011 to buy a minority stake in the company. Post-equity dilution, Chopra will hold close to a 50% stake in the company.

Source: Economic Times

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