Torrent Power Limited successfully completed its Rs 3,500 crore (approximately USD 413.20 million) Qualified Institutions Placement (QIP), marking its first equity raise in over three decades and the maiden equity issuance by the company.
The offering received an overwhelming response from global and domestic investors, including mutual funds, insurance companies, and pension funds. The QIP attracted bids worth approximately Rs 14,000 crore, four times the issue size. Key investors included marquee names such as SBI Mutual Fund, Capital Group, SBI Pension, Kotak Mutual Fund, Nippon Mutual Fund, Norges Bank, and Amundi.
The issue opened on December 2, 2024, and closed on December 5, 2024. It represents one of the largest equity raises by a private utility player in India this fiscal year, reflecting investor confidence in Torrent Power’s strong fundamentals and India’s growing power sector.
Samir Mehta, Chairman of Torrent Group, expressed gratitude for the overwhelming investor response, emphasizing the market’s belief in the company’s growth strategy, operational excellence, and disciplined capital management. He highlighted that the funds would strengthen Torrent Power’s balance sheet and accelerate its growth plans.
Kotak Mahindra Capital Company Limited, Jefferies India Private Limited, and JM Financial Limited were lead managers for the issue, with Khaitan & Co., Shardul Amarchand Mangaldas & Co., and Sidley Austin LLP providing legal counsel.
Torrent Power, a key entity of the ₹41,000 crore Torrent Group, operates across power generation, transmission, and distribution, with a total revenue of ₹27,183 crore. Its successful QIP highlights its robust market presence and promising growth trajectory in India’s power sector.
