Torrent Power raises Rs 6 bn through non-convertible debentures
POWER & RENEWABLE ENERGY

Torrent Power raises Rs 6 bn through non-convertible debentures

Gujarat-based power company Torrent Power announced that it had raised Rs 6 billion through the issuance of non-convertible debentures (NCD) on a private placement basis. It was stated that 60,000 Series 11 (series 11A- 11F) Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable, and Non-Convertible Debentures of Rs 100,000 each were issued and allotted by the company.

It was further mentioned that the NCDs carried a fixed coupon rate of 8.50% per annum, with each series amounting to Rs 1 billion. The company intended to list these NCDs in the Wholesale Debt Market Segment of the National Stock Exchange of India.

The NCDs were allotted on June 7, 2023, and had different maturity dates for each series. The details of the maturity dates were as follows: Series 11A was scheduled to mature on June 7, 2031 (10,000 NCDs), Series 11B on June 7, 2032 (10,000 NCDs), Series 11C on June 7, 2033 (10,000 NCDs), Series 11D on June 7, 2031 (10,000 NCDs), Series 11E on June 7, 2032 (10,000 NCDs), and Series 11F on June 7, 2033 (10,000 NCDs).

It was mentioned that the first coupon payment was planned for June 7, 2024, followed by annual payments until the redemption of each respective series.

The NCDs were backed by a first pari passu charge on all present and future movable assets, except for assets of renewable projects, funds in debt service reserve accounts, and certain investments. Pari passu, meaning "equal footing" in Latin, is a financing arrangement that grants multiple lenders an equal claim to the assets used as security for a loan.

As of March 2023, Torrent Power's total installed power generation capacity was 4,160 MW. This capacity consisted of 2,730 MW of gas-based capacity, 1,068 MW of renewable capacity, and 362 MW of coal-based capacity.

The company's installed renewable generation capacity included 263 MW of solar projects spread across five locations and 804.5 MW of wind projects operating across ten sites.

In addition to the existing capacity, Torrent Power had 300 MW of utility-scale solar projects and 21 MW of C&I solar projects under development, along with 415 MW of wind projects.

Also read:
WIPPA urges government action for wind energy growth
Tata Power subsidiary wins 966 MW hybrid project for Tata Steel


Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

Gujarat-based power company Torrent Power announced that it had raised Rs 6 billion through the issuance of non-convertible debentures (NCD) on a private placement basis. It was stated that 60,000 Series 11 (series 11A- 11F) Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable, and Non-Convertible Debentures of Rs 100,000 each were issued and allotted by the company. It was further mentioned that the NCDs carried a fixed coupon rate of 8.50% per annum, with each series amounting to Rs 1 billion. The company intended to list these NCDs in the Wholesale Debt Market Segment of the National Stock Exchange of India. The NCDs were allotted on June 7, 2023, and had different maturity dates for each series. The details of the maturity dates were as follows: Series 11A was scheduled to mature on June 7, 2031 (10,000 NCDs), Series 11B on June 7, 2032 (10,000 NCDs), Series 11C on June 7, 2033 (10,000 NCDs), Series 11D on June 7, 2031 (10,000 NCDs), Series 11E on June 7, 2032 (10,000 NCDs), and Series 11F on June 7, 2033 (10,000 NCDs). It was mentioned that the first coupon payment was planned for June 7, 2024, followed by annual payments until the redemption of each respective series. The NCDs were backed by a first pari passu charge on all present and future movable assets, except for assets of renewable projects, funds in debt service reserve accounts, and certain investments. Pari passu, meaning equal footing in Latin, is a financing arrangement that grants multiple lenders an equal claim to the assets used as security for a loan. As of March 2023, Torrent Power's total installed power generation capacity was 4,160 MW. This capacity consisted of 2,730 MW of gas-based capacity, 1,068 MW of renewable capacity, and 362 MW of coal-based capacity. The company's installed renewable generation capacity included 263 MW of solar projects spread across five locations and 804.5 MW of wind projects operating across ten sites. In addition to the existing capacity, Torrent Power had 300 MW of utility-scale solar projects and 21 MW of C&I solar projects under development, along with 415 MW of wind projects. Also read: WIPPA urges government action for wind energy growthTata Power subsidiary wins 966 MW hybrid project for Tata Steel

Next Story
Real Estate

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced that it has signed an Agreement to Lease (‘ATL’) with global cyber security company Rubrik at Embassy TechVillage in Bengaluru.Colliers, a leading global diversified professional services company, specialising in commercial real estate services, engineering consultancy and investment management facilitated the transaction for Rubrik.Located on Bengaluru’s Outer Ring Road, Embassy TechVillage is one of Embassy REIT’s flagship office parks which offers world-class office spaces, ..

Next Story
Infrastructure Urban

Ensemble Infrastructure India Appoints Suman Saha as Director of Design

Ensemble Infrastructure India Ltd, a leading workplace design and build fit-out company, has appointed Suman Saha as its new Director of Design. With 25 years of experience in the industry, Suman is recognized for his innovative approach and excellence in design leadership.Working closely with the CEO, Suman’s appointment will enhance the company’s design communication across multiple touchpoints, ensuring smooth collaboration between clients, designers, and execution teams for superior project outcomes. Under his guidance, Ensemble will focus on creating workspaces and design labs that em..

Next Story
Products

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance

Küche7, pioneers in luxury stainless steel kitchens, have unveiled the Ribbon Vanity, a graceful creation that transforms bathroom spaces with its soft, flowing design and understated sophistication. Inspired by the fluid form of a ribbon, this vanity combines smooth finishes, clean lines, and gentle curves, offering a timeless aesthetic that seamlessly complements diverse interior styles.Available in a refined blush pink hue, the Ribbon Vanity effortlessly merges functionality with elegance. With thoughtfully designed storage options, it ensures that bathroom essentials are neatly organised ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000