Torrent Power Ltd Share Price – NSE /  BSE

Power Generation & Distribution, Mid Cap

Torrent Power announced successful completion of its Rs 3,500 crore (approx. USD 413.20 million) Qualified Institutions Placement (QIP).

The issue garnered significant response from investors including domestic mutual funds, global investors and insurance companies, demonstrating their strong confidence in the Company's fundamentals and India's power sector.

The QIP saw a very strong demand of approximately 4x the size of the issue (receiving bids of about Rs. 14,000 Crores) against the base issue size of Rs 3,500 Crores from a mix of international and domestic investors. The entire issue was placed with marquee long only investors such as SBI MF, Capital Group, SBI Pension, Kotak MF, Nippon MF, Norges Bank and Amundi.

This marks the maiden equity raise by the Company and first equity raise in last three decades by the Torrent Group. Torrent Power's QIP is one of the largest fund raise conducted by a private utility player in India during the current financial year.

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Torrent Power has allotted 2,32,86,759 equity shares to the eligible qualified institutional buyers at the issue price of Rs 1503 per equity share (including a premium of Rs 1493 per Equity Share) which is at a discount of Rs 52.75 per Equity Share i.e. 3.40% to the floor price of ₹ 1555.75 per equity share as determined in terms of the SEBI ICDR Regulations, aggregating to approximately Rs 3500 crore, pursuant to the QIP issue.

With this allotment, the paid up equity share capital stands increased to Rs 503,90,35,430 comprising of 50,39,03,543 equity shares of Rs 10 each.

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The company's board authorized and declared the opening of the issue on Monday, 2 December 2024.

The floor price of Rs 1,555.75 is at a discount of 1.94% to the previous day's closing price of Rs 1,586.45 on the BSE.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue.

The issue price will be determined by the company in consultation with the bookrunning lead manager appointed for the issue.

Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission, and distribution.

The company’s consolidated net profit slipped 8.63% YoY to Rs 495.72 crore in Q2 FY25 over Q2 FY24. Revenue from operations grew by 3.09% YoY to Rs 7,175.81 crore in the quarter ended 30 September 2024.

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Torrent Power has opened today a qualified institutional placement (QIP) issue of equity shares of face value of Rs 10 each at the floor price of Rs 1555.75 per equity share.

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