Torrent Power raises Rs 6 bn through non-convertible debentures

13 Jun 2023 CW Team

It was further mentioned that the NCDs carried a fixed coupon rate of 8.50% per annum, with each series amounting to Rs 1 billion. The company intended to list these NCDs in the Wholesale Debt Market Segment of the National Stock Exchange of India.

The NCDs were allotted on June 7, 2023, and had different maturity dates for each series. The details of the maturity dates were as follows: Series 11A was scheduled to mature on June 7, 2031 (10,000 NCDs), Series 11B on June 7, 2032 (10,000 NCDs), Series 11C on June 7, 2033 (10,000 NCDs), Series 11D on June 7, 2031 (10,000 NCDs), Series 11E on June 7, 2032 (10,000 NCDs), and Series 11F on June 7, 2033 (10,000 NCDs).

It was mentioned that the first coupon payment was planned for June 7, 2024, followed by annual payments until the redemption of each respective series.

The NCDs were backed by a first pari passu charge on all present and future movable assets, except for assets of renewable projects, funds in debt service reserve accounts, and certain investments. Pari passu, meaning "equal footing" in Latin, is a financing arrangement that grants multiple lenders an equal claim to the assets used as security for a loan.

As of March 2023, Torrent Power's total installed power generation capacity was 4,160 MW. This capacity consisted of 2,730 MW of gas-based capacity, 1,068 MW of renewable capacity, and 362 MW of coal-based capacity.

The company's installed renewable generation capacity included 263 MW of solar projects spread across five locations and 804.5 MW of wind projects operating across ten sites.

In addition to the existing capacity, Torrent Power had 300 MW of utility-scale solar projects and 21 MW of C&I solar projects under development, along with 415 MW of wind projects.

Also read:
WIPPA urges government action for wind energy growth
Tata Power subsidiary wins 966 MW hybrid project for Tata Steel

Gujarat-based power company Torrent Power announced that it had raised Rs 6 billion through the issuance of non-convertible debentures (NCD) on a private placement basis. It was stated that 60,000 Series 11 (series 11A- 11F) Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable, and Non-Convertible Debentures of Rs 100,000 each were issued and allotted by the company. It was further mentioned that the NCDs carried a fixed coupon rate of 8.50% per annum, with each series amounting to Rs 1 billion. The company intended to list these NCDs in the Wholesale Debt Market Segment of the National Stock Exchange of India. The NCDs were allotted on June 7, 2023, and had different maturity dates for each series. The details of the maturity dates were as follows: Series 11A was scheduled to mature on June 7, 2031 (10,000 NCDs), Series 11B on June 7, 2032 (10,000 NCDs), Series 11C on June 7, 2033 (10,000 NCDs), Series 11D on June 7, 2031 (10,000 NCDs), Series 11E on June 7, 2032 (10,000 NCDs), and Series 11F on June 7, 2033 (10,000 NCDs). It was mentioned that the first coupon payment was planned for June 7, 2024, followed by annual payments until the redemption of each respective series. The NCDs were backed by a first pari passu charge on all present and future movable assets, except for assets of renewable projects, funds in debt service reserve accounts, and certain investments. Pari passu, meaning equal footing in Latin, is a financing arrangement that grants multiple lenders an equal claim to the assets used as security for a loan. As of March 2023, Torrent Power's total installed power generation capacity was 4,160 MW. This capacity consisted of 2,730 MW of gas-based capacity, 1,068 MW of renewable capacity, and 362 MW of coal-based capacity. The company's installed renewable generation capacity included 263 MW of solar projects spread across five locations and 804.5 MW of wind projects operating across ten sites. In addition to the existing capacity, Torrent Power had 300 MW of utility-scale solar projects and 21 MW of C&I solar projects under development, along with 415 MW of wind projects. Also read: WIPPA urges government action for wind energy growthTata Power subsidiary wins 966 MW hybrid project for Tata Steel

Infrastructure Transport

17 Oct 2025

IRFC Posts Record Profit as Diversification Boosts Growth

Indian Railway Finance Corporation (IRFC), a Navratna CPSE under the Ministry of Railways, has reported its highest-ever profit after tax (PAT) driven by strategic diversification and improved margins. For the quarter ended 30 September 2025, IRFC posted a PAT of Rs 17,769.8 million, a 10.19 per cent increase from Rs 16,126.5 million in the same quarter last year. For the half-year, PAT rose 10.45 per cent year-on-year to Rs 35,226.7 million. Total income stood at Rs 63,719.1 million for Q2 and Rs 132,901.5 million for the half-year, supported by effective liability management and steady asse..

Infrastructure Transport

17 Oct 2025

KMEW to launch River Pearl Cruise linking Statue of Unity & Omkareshwar

Knowledge Marine & Engineering Works Limited (KMEW) has received a Letter of Acceptance (LoA) from the Madhya Pradesh Tourism Board (MPTB) to build and operate a luxury cruise between Kukshi in Madhya Pradesh and the Statue of Unity in Gujarat along the Narmada River. The 20-year project covers a 135-km stretch and marks KMEW’s official entry into India’s maritime tourism sector. The LoA was formally presented at the Madhya Pradesh Travel Mart 2025 by Hon’ble Union Minister of Culture Gajendra Singh Shekhawat, Chief Minister Dr. Mohan Yadav, and Minister of State for Tourism Dharmen..

Infrastructure Urban

17 Oct 2025

Hyundai to Invest Rs 45,000 Mn In India by FY2030

Hyundai Motor India Limited (HMIL) has unveiled an ambitious roadmap to invest Rs 45,000 million by FY2030, aiming to position India as its second-largest region globally and a key export hub. The plan, announced at the company’s first-ever Investor Day, focuses on India-centric product expansion, electrification, and localisation. The automaker plans to launch 26 models by FY2030, including seven all-new nameplates and entries into the MPV and off-road SUV segments. Hyundai will also introduce India’s first locally manufactured dedicated electric SUV by 2027 and bring its global luxury b..