Torrent Power jumps ~1.5% as board mulls to raise Rs2,000 crore via NCD

18 Jul 2022 , 09:32 AM

On Friday, Torrent Power Limited informed that it will raise up to Rs2,000 crore by issuing Non-Convertible Debentures. The board will seek shareholders’ approval in its meeting to be held on August 8, 2022.

The approval granted by the shareholders will be valid for all offers and invitations for such NCDs which are to be made in one or more series/tranches within 12 months of the passing of the Special Resolution.

The company further stated that NCDs will be issued on a private placement basis to all identified investor classes.

Torrent Power is a well-known brand in the Indian power industry. The Company is the most experienced private sector player in Gujarat, with extensive experience in power generation, transmission, and distribution, as well as a proven track record of implementing large power projects.

At around 9.39 AM, Torrent Power was trading at Rs504 per piece, up 1.36% from its previous closing of Rs497.25 on the BSE. The scrip opened at Rs501 and has touched intraday high and low of Rs505.70 and Rs500.50 respectively.