Torrent Power Seeks Major Capital Boost with QIP

Torrent Power has announced the opening of equity placements on a qualified institutional placement (QIP) basis, with shares priced at Rs 1,555.75 each. The firm aims to raise Rs 5,000 crore in tranches, for which shareholders had already expressed their approval in July, to support business expansion.

Torrent Power has launched equity placements through a qualified institutional placement (QIP) process, setting a floor price at Rs 1,555.75 per share. The company plans to raise up to Rs 5,000 crore in multiple tranches.

While the exact number of shares and total issue size have not been disclosed, market speculations suggest a range between Rs 3,500 crore and Rs 5,000 crore for the issue.

The company's board committee approved the issue launch at a meeting on December 2. Shareholders had previously endorsed the fundraising proposal in July, aimed at meeting working capital needs and funding expansions.

(With inputs from agencies.)