Torrent Power Raises Rs 3,500 Cr Via QIP

New Delhi: Torrent Power on Friday said it has raised Rs 3,500 crore by issuing 2.32 crore equity shares at Rs1,503 per piece through a Qualified Institutional Placement (QIP).Pursuant to the allotment of equity shares in the issue, the company’s paid-up equity share capital has increased from Rs480.62 crore, comprising 48,06,16,784 equity shares of Rs 10 each, to Rs 503.90 crore, comprising 50,39,03,543 equity shares of Rs10 each, a BSE filing said.

Fund Raising Committee of the Board at its meeting held on December 5, 2024, approved the issue and allotment of 2,32,86,759 equity shares to the eligible qualified institutional buyers at the issue price of Rs 1,503 per equity share (including a premium of Rs 1,493 per equity share) which is at a discount of Rs52.75 per equity share i.e. 3.40 per cent to the floor price of Rs1,555.75 per equity share to approximately Rs3,500 crore following the issue.