Torrent Power Raises Rs 3,500 Crore via QIP

Torrent Power successfully raised Rs 3,500 crore by issuing 2.32 crore equity shares at Rs 1,503 each through a Qualified Institutional Placement. The company's paid-up equity share capital increased significantly post-issuance, reflecting shareholders' earlier approval for financial instruments to fund working capital and expansion needs.

Torrent Power announced on Friday that it has successfully raised Rs 3,500 crore through a Qualified Institutional Placement (QIP), issuing 2.32 crore equity shares at Rs 1,503 per share.

This issuance has increased Torrent Power's total paid-up equity share capital from Rs 480.62 crore to Rs 503.90 crore. BSE filings confirmed the details of this financial maneuver, which involves 50,39,03,543 equity shares.

Following a board meeting on December 5, 2024, the company allotted 2,32,86,759 shares to qualified institutional buyers at a discount to the floor price. Earlier this year, shareholders approved the proposal to raise up to Rs 5,000 crore, to meet working capital and expansion needs.

(With inputs from agencies.)