Torrent Power raises Rs 600 cr via non-convertible debentures

New Delhi: Torrent Power has raised Rs 600 crore through issuance of non-convertible debentures on private placement basis.

"The company has issued and allotted Series 11 – 60000 Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable and Non-Convertible Debentures (NCDs) of Rs 600 crore at a coupon rate of 8.50 per cent per annum...on private placement basis," a BSE filing said.

The company issued 60,000 NCDs of Rs 1 lakh per debenture aggregating to Rs 600 crore. It is proposed to be listed on Wholesale Debt Market Segment of National Stock Exchange.

Torrent Power, with a turnover of Rs 25,694 crore, is the integrated power utility of the diversified Torrent Group.

It is one of the largest companies in the country’s power sector with presence across the entire power value chain of generation, transmission, and distribution.

Torrent Power has an aggregate installed generation capacity of 4.1 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.07 GW).

It also has a renewable capacity of 0.7 GW under development. Torrent’s growth focus in power generation remains on renewables.