The cooling tower of a power plant stands behind an electrical grid in Patna, Bihar. (Photographer: Prashanth Vishwanathan/Bloomberg)  

Torrent Power Seeks Shareholder Nod To Raise Rs 1,500 Crore Via NCDs

Torrent Power Ltd. has sought shareholders’ approval to raise up to Rs 1,500 crore through issuance of non-convertible debentures on private placement basis.

The company, according to an exchange filing, is seeking shareholders’ nod for issuance of NCDs by way of offer or invitation, to raise up to Rs 1,500 crore on a private placement basis to qualified institutional buyers, banks other than scheduled commercial banks, companies, corporates, among others.

Shareholders’ approval has also been sought to declare dividend of Rs 5 per share on equity shares for 2018-19. The decisions will taken at the company's annual general meeting scheduled for Aug. 5, 2019.

Shares of the company rose 3.34 percent to Rs 290.55 apiece compared with the Sensex’s 0.74 percent gain

Bloomberg Quint

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