Torrent Power Raises Rs 6 bn through NCDs in Private Placement

01 Jun 2023

Torrent Power, a leading integrated power utility of the Torrent Group, has successfully raised Rs 6 billion through the issuance of non-convertible debentures (NCDs) on a private placement basis. According to a filing with the Bombay Stock Exchange (BSE), the company has issued and allotted Series 11 - 60,000 Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable, and Non-Convertible Debentures with a total value of Rs 6 billion, carrying a coupon rate of 8.50 per cent per annum.

Each of these NCDs has a denomination of Rs 0.1 million, resulting in an aggregate value of Rs 6 billion. Torrent Power intends to list these debentures on the Wholesale Debt Market Segment of the National Stock Exchange.

With a turnover of Rs 256.94 billion, Torrent Power is a major player in the power sector in India. The company's operations span the entire power value chain, encompassing generation, transmission, and distribution. Torrent Power's installed generation capacity stands at 4.1 GW, primarily consisting of environmentally friendly sources such as gas (2.7 GW) and renewables (1.07 GW).

Furthermore, Torrent Power has 0.7 GW of renewable capacity currently under development. The company's strategic focus for power generation centers on expanding its presence in the renewables sector, emphasising sustainable growth.

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