Torrent Power shines on getting nod to raise up to Rs 5000 crore
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Torrent Power is currently trading at Rs. 1418.85, up by 38.10 points or 2.76% from its previous closing of Rs. 1380.75 on the BSE.
The scrip opened at Rs. 1369.30 and has touched a high and low of Rs. 1448.80 and Rs. 1359.70 respectively. So far 6301 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1633.10 on 09-Apr-2024 and a 52 week low of Rs. 533.80 on 24-May-2023.
Last one week high and low of the scrip stood at Rs. 1457.05 and Rs. 1333.00 respectively. The current market cap of the company is Rs. 66361.16 crore.
The promoters holding in the company stood at 53.57%, while Institutions and Non-Institutions held 29.34% and 17.09% respectively.
Torrent Power has received approval for raising of funds by way of issuance of Equity Shares and/or Convertible Bonds and/or Convertible Debentures and/ or other securities convertible into equity shares at the option of the Company through private placement offering or a Qualified Institutional Placement (QIP) upto Rs 5000 crore in one or more tranches, subject to approval of the Members in the ensuing AGM of the Company.
The company also received approval for raising of funds by way of issuance of Non-Convertible Debentures (NCDs) upto Rs 3000 crore in one or more tranches by way of Private Placement. The Board of Directors of the company, at its meeting held on May 22, 2024, has considered and approved the same.
Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.
