Page 5 - Torrent Power

Torrent Power raises Rs 600 cr through non-convertible debentures

Torrent Power has raised Rs 600 crore through issuance of non-convertible debentures on private placement basis. "The company has issued and allotted Series 11 60000 Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable and Non-Convertible Debentures (NCDs) of Rs 600 crore at a coupon rate of 8.50 per cent per annum...on private placement basis," a BSE filing said. The company issued 60,000 NCDs of Rs 1 lakh per debenture aggregating to Rs 600 crore. It is proposed to be listed on Wholesale Debt Market Segment of National Stock Exchange. Torrent Power, with a turnover of Rs 25,694 crore, is the integrated power utility of the diversified Torrent Group. It is one of the largest companies in the country's power sector with presence across the entire power value chain of generation, transmission, and distribution. Torrent Power has an aggregate installed generation capacity of 4.1 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.07

BSE Power index gains 2% on hopes of higher demand; NTPC hits 5-year high

Ratings agency ICRA said the likelihood of El Nino in FY24 may have a positive impact on electricity demand.

Torrent Power soars 9% on inking MoU with Maharashtra govt for 3 projects

The company has signed a MoU with the Maharashtra government for setting up three Pumped Storage Hydro Projects of 5,700 MW capacity in Maharashtra, would entail an investment of about Rs 27,000 crore

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Torrent Power inks pact with Maharashtra govt to build 3 hydro projects

The projects would entail an investment of about Rs 27,000 crore and would provide employment to nearly 13,500 people during the construction period

Torrent Power board to consider plan to raise up to Rs 3,000 cr via NCDs

Torrent Power board will consider a proposal to raise up to Rs 3,000 crore through the issuance of non-convertible debentures on a private placement basis. A meeting of the Board of Directors is scheduled to be held on Monday, May 29, 2023, to consider and approve the raising of funds by issuance of non-convertible debentures up to Rs 3,000 crore through private placement basis, a BSE filing showed. The board will also consider and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2023, and recommendation of final dividend, if any, on the equity shares of the company for FY 2022-23.

Torrent Power incorporates two wholly-owned subsidiaries TU9, TU13

Torrent Power on Thursday said it has incorporated two wholly-owned subsidiaries -- Torrent Urja 9 Pvt Ltd (TU9) and Torrent Urja 13 Pvt Ltd (TU13) -- for carrying out business in the power sector including renewables. "Company has incorporated a WOS (wholly owned subsidiary) namely 'Torrent Urja 9 Private Limited' (TU9) on April 26, 2023," a BSE filing said. TU9 is incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on April 26, 2023 and is yet commence its business operations. It stated that the TU9 is a wholly-owned subsidiary of the company. TU9 is incorporated with an objective to carry on the business of generation, transmission, distribution, purchase, procurement, sale, trading, import, export or otherwise deal in all forms of electrical power and energy including non-conventional and renewable sources of energy. TU9 has 10,000 equity shares of Rs 10 each with paid up share capital of Rs 1,00,000. Another BSE filing stated that the .

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Torrent Power forms subsidiary for power generation, transmission biz

Torrent Power Ltd has incorporated a wholly-owned subsidiary for generating and transmission of power. The subsidiary, Torrent Urja Pvt 10 (TU10), was registered in Ahmedabad on April 21, 2023, and is yet to commence its business operations, Torrent Power said in a regulatory filing. "TU10 is incorporated with an objective to carry on the business of generation, transmission, distribution, purchase, procurement, sale, trading, import, export or otherwise deal in all forms of electrical power and energy including non-conventional and renewable sources of energy," it said.

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Lalit Malik resigns as Torrent Power CFO; co appoints Saurabh Mashruwala

Torrent Power Ltd on Thursday announced its Chief Financial Officer (CFO) Lalit Malik has resigned with immediate effect. The Board of Directors at its meeting on Thursday accepted the resignation tendered by Malik due to health reasons, Torrent Power said in a regulatory filing. "Accepted the resignation tendered by Lalit Malik from the position of CFO and Whole Time Key Managerial Personnel of the Company w.e.f. close of working hours of April 13, 2023, due to health reasons," it said. The board also approved the appointment of Saurabh Mashruwala as the next CFO and Whole Time Key Managerial Personnel of the company effective April 14, 2023. Mashruwala has over 33 years of experience in the fields of corporate finance, treasury, accounting, corporate restructuring, mergers, takeovers, tax planning & execution, budgeting, corporate governance, risk management, regulations and compliances etc. He is working with Torrent Power Limited since January 2009, and at present is Vice ...

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Torrent to give 920 MW power from its gas-based plants under govt tender

Torrent Power on Wednesday said it has bagged a contract to supply 920 MW gas based electricity from its DGEN and SUGEN plants under a tender of NTPC Vidyut Vyapar Nigal Ltd (NVVN). The ministry of power had designated NVVN as the nodal agency for procurement of up to 4,000 MW power from gas-based plants during identified crunch period (April 10, 2023 to May 16, 2023, with actual offtake for 21 days). The NVVN had floated a tender for this on March 10, 2023. Torrent Power had participated in the e-tender and subsequent eRA (electronic reverse auction) and awarded 920 MW (770 MW from DGEN plant and 150 MW from SUGEN plant), a BSE filing on Wednesday said. The filing was a clarification to a news item on the award of power supply contract to the Torrent Power under the tender floated by the NVVN.

Torrent Power wins contract for 1,100 MW power supply; stock up 5%

Since February 1, the stock of the integrated power utilities company has rallied 26 per cent, as compared to 1 per cent rise in the S&P BSE Sensex

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Torrent Power makes lowest bid for Indian power supply contract: Reports

Torrent Power quoted 13.70 rupees per unit price to supply 770 megawatts each for 45 days in April and May from two of its gas-based projects in the western state of Gujarat

Torrent Power makes lowest bid for power supply contract, says report

"The government is likely to award contracts for 1,100-megawatts to Torrent Power," the report said

Torrent Investments unlikely to participate in 2nd auction for Reliance Cap

The only resolution done for a financial services company under special powers of RBI Section 227 was DHFL which was won by Piramal Group

Torrent Power soars 9% post Q3 results; announces special dividend

In Q3FY23, Torrent Power's consolidated net profit grew 88 per cent year-on-year at Rs 695 crore on account of higher income.

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