Torrent Power seeks shareholders' nod to raise up to Rs 2,000 cr via NCDs

Torrent power will seek shareholders' approval next month for raising up to Rs 2,000 crore through issuance of NCDs. The special resolution for issuance of non convertible debentures (NCDs) by way of offer or invitation, up to an aggregate Rs 2,000 crore, on a private placement, is listed on the agenda of the annual general meeting scheduled for August 6, according to a regulatory filing.

It said the approval of members is sought for raising the amount within the overall approved borrowing limit of the company. The funds are proposed to be raised from qualified institutional buyers or banks other than scheduled commercial banks, companies, bodies corporate, Foreign Portfolio Investors or various funds (like pension, gratuity etc.) The shareholders would also consider a resolution on payment of interim dividend of Rs 11.60 per equity share (including special dividend of Rs 5 per equity share) for 2019-20.

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