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Torrent Power raises Rs 270 cr via debentures

Torrent Power Tuesday said it has raised Rs 270 crore by issuing non-convertible debentures on private placement basis.

The company issued 2,700 non-convertible debentures (NCDs) of Rs 10 lakh each aggregating to Rs 270 crore, it said in a BSE filing.

The rated, taxable, unsecured, listed, redeemable NCDs were issued at coupon rate of 10.25 per annum on private placement basis, it said.

In case of default in payment of interest and/ or principal redemption on due dates, the company shall pay additional interest at the rate of 2 per cent per annum over the coupon rate for the defaulting period, the filing said.