Torrent Power Issues Non-Convertible Debentures Worth ₹20 Billion
Gujarat-based Torrent Power has raised ₹20 billion (~$217.05 million) through private placement of secured, non-convertible debentures (NCDs). The debenture issue comprises 200,000 NCDs, each with a face value of ₹100,000 (~$1,085), carrying a coupon rate of 7.97% per annum. These debentures will be listed on the wholesale debt segment of the National Stock Exchange of India. The issue comprises ₹6.8 billion (~$73.79 million) of Series 14A, ₹6.75 billion (~$73.25 million) of Series 14B, and ₹6.45 billion (~$69.99 million) of Series 14C with 8, 9, and 10-year tenors, respectively. The first coupon payment is due on March 9, 2027, followed by annual payments.