NEW DELHI, Dec 6: Torrent Power announced on Friday that it has successfully raised ₹3,500 crore by issuing 2.32 crore equity shares at ₹1,503 each through a Qualified Institutional Placement (QIP).
Following the equity share allotment, the company’s paid-up share capital will rise from ₹480.62 crore, comprised of 48,06,16,784 equity shares of ₹10 each, to ₹503.90 crore, which will encompass 50,39,03,543 equity shares of ₹10 each, according to a filing with the BSE.
The Fund Raising Committee of the Board approved the issuance and allotment of 2,32,86,759 equity shares to qualifying institutional buyers at the issue price of ₹1,503 per share (including a premium of ₹1,493 per share), which is a discount of ₹52.75 or 3.40% from the floor price of ₹1,555.75 per share, bringing the total funds raised to about ₹3,500 crore.
Earlier in July, shareholders had given the green light for the company to raise up to ₹5,000 crore through the issuance of equity shares, foreign currency convertible bonds (FCCBs), debentures, or other equity-linked instruments.
The company has indicated a continuous need for working capital and capital expenditures to enhance and expand its power generation and distribution operations, as well as to support ongoing projects. (PTI)
