Torrent Power raises Rs 270 cr via debentures

Torrent Power Tuesday said it has raised Rs 270 crore by issuing non-convertible debentures on private placement basis. The company issued 2,700 non-convertible debentures (NCDs) of Rs 10 lakh each aggregating to Rs 270 crore, it said in a BSE filing.

The rated, taxable, unsecured, listed, redeemable NCDs were issued at a coupon rate of 10.25 per annum on private placement basis, it said. In case of default in payment of interest and/ or principal redemption on due dates, the company shall pay additional interest at the rate of 2 per cent per annum over the coupon rate for the defaulting period, the filing said.