Torrent Power Secures Rs 3,500 Crore Through Equity Issuance

Torrent Power has successfully raised Rs 3,500 crore by issuing 2.32 crore equity shares at Rs 1,503 each, via Qualified Institutional Placement. This move increases the company's paid-up equity share capital to Rs 503.90 crore. The funds will aid in working capital, as well as power generation and distribution upgrades.

In a significant financial maneuver, Torrent Power announced on Friday its successful raise of Rs 3,500 crore through the issuance of 2.32 crore equity shares, pricing each at Rs 1,503 via a Qualified Institutional Placement (QIP).

According to a BSE filing, the equity shares issuance has resulted in an increase of the company's paid-up equity share capital from Rs 480.62 crore to Rs 503.90 crore. This enhancement has come from expanding the equity shares tally to 50,39,03,543 shares, each with a face value of Rs 10.

The raise, approved by the company's Fund Raising Committee on December 5, 2024, came with each share priced at a discount to its floor price, allowing Torrent Power to address the ongoing requirements of working capital, power generation upgrades, and distribution projects.

(With inputs from agencies.)