Torrent Power announced successful completion of its Rs 3,500 crore (approx. USD 413.20 million) Qualified Institutions Placement (QIP).
The issue garnered significant response from investors including domestic mutual funds, global investors and insurance companies, demonstrating their strong confidence in the Company's fundamentals and India's power sector.
The QIP saw a very strong demand of approximately 4x the size of the issue (receiving bids of about Rs. 14,000 Crores) against the base issue size of Rs 3,500 Crores from a mix of international and domestic investors. The entire issue was placed with marquee long only investors such as SBI MF, Capital Group, SBI Pension, Kotak MF, Nippon MF, Norges Bank and Amundi.
This marks the maiden equity raise by the Company and first equity raise in last three decades by the Torrent Group. Torrent Power's QIP is one of the largest fund raise conducted by a private utility player in India during the current financial year.