Torrent Power Limited has informed the Exchange regarding allotment of 200000 securities pursuant to Non Convertible Securities at its meeting held on March 09, 2026
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Torrent Power has allotted 2,00,000 secured, listed, taxable, non-cumulative, redeemable Non-Convertible Debentures (NCDs) aggregating to ₹2,000 Crore on March 9, 2026 via private placement. The NCDs carry a face value of ₹1 Lakh each and a coupon rate of 7.97% per annum, split across three series maturing in 8, 9, and 10 years (Series 14A: ₹680 Cr maturing 2034; Series 14B: ₹675 Cr maturing 2035; Series 14C: ₹645 Cr maturing 2036). The instruments are secured by a first pari passu charge on the company's movable and immovable assets (excluding renewable project assets and certain properties) and will be listed on the NSE Wholesale Debt Market segment. The coupon includes a 0.25% step-up per notch of rating downgrade, and a 2% additional interest applies in case of payment default beyond three months.
Torrent Power is raising ₹2,000 Crore of long-term debt at a competitive 7.97% coupon, which strengthens its funding base for capital expenditure without diluting equity shareholders. The secured nature and long tenure (8-10 years) suggest use for asset expansion or refinancing, but the additional debt will increase interest obligations and leverage on the balance sheet.