Torrent Power's QIP Issue Oversubscribed: A Testament to Investors' Confidence

Torrent Power's Rs 3,500 crore qualified institutional placement (QIP) was oversubscribed four times, receiving bids of Rs 14,000 crore. Significant interest came from domestic and global investors, reflecting confidence in the company and India's power sector. The capital raise aims to strengthen Torrent's balance sheet and drive growth.

Torrent Power's Rs 3,500 crore qualified institutional placement (QIP) issue witnessed remarkable investor interest, being oversubscribed four times with bids amounting to around Rs 14,000 crore. The notable oversubscription was disclosed in a company statement on Monday.

Interest from a diverse pool of investors, including domestic mutual funds, global investors, and insurance firms, indicates strong confidence in Torrent Power's robust business model and India's burgeoning power sector. Key participants included SBI MF, Capital Group, and others, marking Torrent's first equity raise in three decades.

This QIP, one of the largest by a private utility in India this financial year, reflects market faith in Torrent's growth trajectory and operational acumen. Samir Mehta, Torrent Group Chairman, highlighted the QIP's role in strengthening their balance sheet and facilitating growth.

(With inputs from agencies.)