Torrent Power Launches QIP of Shares at Rs 1,555.75 Each

04 Dec 2024 CW Team

Torrent Power announced the initiation of equity offerings on a qualified institutional placement (QIP) basis, setting a floor price of Rs 1,555.75 per share. The company aims to raise up to Rs 50 billion in one or more tranches but has not disclosed the exact number of shares to be issued or the total size of the issue.

Speculations suggest the issue size is likely to range between Rs 35 billion and Rs 50 billion.

In a stock exchange filing, the company stated that the fund-raising committee of its board, during a meeting held on December 2, approved the opening of the issue. The committee also determined the floor price for the offering in line with the pricing formula prescribed by the capital market regulator, SEBI.

Earlier, in July, the company's shareholders had approved a proposal to raise up to R 50 billion through various means, including equity shares, foreign currency convertible bonds (FCCBs), debentures, or other equity-linked instruments.

Torrent Power had previously highlighted its on-going need for working capital and capital expenditure to support the upgradation and expansion of its power generation and distribution businesses, as well as its on-going projects.

Infrastructure Transport

04 Sep 2025

68 Jammu-Katra Trains Cancelled Amid Rain Damage

Jammu and Katra railway services remain severely affected as Northern Railway announced the cancellation of 68 trains—both incoming and outgoing—until 30 September, due to extensive track damage caused by heavy rains and flash floods. Meanwhile, 24 trains are scheduled to resume operations gradually.The Jammu railway division has experienced a complete halt in services for the past eight days, following track misalignment and breaches at several points along the Pathankot–Jammu section. Torrential rainfall since 26 August led to widespread flooding and damage, stranding hundreds of passe..

Bangalore Metro MD Reviews Reach 6 and Phase 2A Progress

Bangalore Metro Rail Corporation Limited (BMRCL) Managing Director, Dr J Ravishankar, IAS, conducted inspections of key metro corridors on 29 and 30 August, reviewing the progress of Reach 6 (Pink Line) and Phase 2A (Blue Line).On 30 August, the inspection covered Reach 6, a 21.39-km corridor stretching from Kalena Agrahara to Nagawara, with 18 stations. This stretch is part of Phase 2 of the Bangalore Metro project. Dr Ravishankar assessed the status of civil works, finishing, track laying, and system integration between Kalena Agrahara and MG Road.Earlier, on 29 August, the MD inspected Phas..

Kerala Spends Rs 200 Billion During Onam Celebrations

The Kerala state government incurred expenditure totalling Rs 200 billion during the recent Onam season, covering regular financial obligations such as salaries and pensions, as well as festival-related allowances and subsidies, according to Finance Minister K N Balagopal.Of the total spend, Rs 121 billion was allocated towards salaries, pensions, bonuses, and festival allowances for government employees and pensioners. A further Rs 18 billion was disbursed as welfare pensions benefiting 6.2 million recipients, helping households manage festive costs.Food Kits and Festival AllowancesTo support..