Torrent Power raises Rs 3,500 crore via QIP

On Friday, Torrent Power said it raised Rs 3,500 crore by issuing 2.32 crore equity shares at Rs 1,503 per piece through a Qualified Institutional Placement (QIP).

Pursuant to the allotment of equity shares in the issue, the company's paid-up equity share capital has increased from Rs 480.62 crore, comprising 48,06,16,784 equity shares of Rs 10 each, to Rs 503.90 crore, comprising 50,39,03,543 equity shares of Rs 10 each, a BSE filing said.

Fund Raising Committee of the Board at its meeting held on December 5, 2024, approved the issue and allotment of 2,32,86,759 equity shares to the eligible qualified institutional buyers at the issue price of Rs 1,503 per equity share (including a premium of Rs 1,493 per equity share) which is at a discount of Rs 52.75 per equity share i.e. 3.40 per cent to the floor price of Rs 1,555.75 per equity share to approximately Rs 3,500 crore following the Issue.

In July this year, shareholders of the company approved the proposal to raise up to Rs 5,000 crore through the issuance of equity shares and/or foreign currency convertible bonds (FCCBs) and/or debentures or any equity-linked instruments.

The company had earlier said that there was an ongoing requirement of working capital and capex for the upgradation/expansion of its power generation, distribution businesses, and ongoing projects.