Torrent Power Rs. 3,500 crore QIP is subscribed 4 times

Torrent Power said on Monday that its Rs. 3,500 crore Qualified Institutional Placement (QIP) issue was oversubscribed four times. A statement from the company said that the issue will be worth Rs. 3,500 crore against a base issue size of around Rs. 14,000 crore bid was received.

The issue received significant response from investors including domestic mutual funds, global investors and insurance companies, which showed their strong confidence in the company’s fundamentals and India’s power sector, it said.

The entire issue was placed with investors like SBI MF, Capital Group, SBI Pension, Kotak MF, Nippon MF, Norges Bank and Amundi. This marks the first equity raise by the company and the first equity raise by Torrent Group in the last three decades.

QIP is one of the largest funds undertaken by a private utility player in India during the current financial year. The issue opened on December 2 and closed on December 5.

“The strong response to QIP is a testament to the market’s conviction in Torrent’s growth strategy, execution capabilities, operational excellence and best-in-class capital allocation. This capital increase will strengthen our balance sheet and accelerate our growth plans,” Sameer Mehta, chairman of Torrent Group, said in a statement. .

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