Torrent Power seeks shareholders nod to raise up to Rs 5,000 cr via equity

Torrent Power on Friday said it will seek shareholders' approval to raise up to Rs 5,000 crore through equity shares.

The approval will be sought in the annual general meeting scheduled on July 30, 2024.

In a notice, the company said there is an ongoing requirement of working capital and capex for upgradation/ expansion of the company's power generation, distribution businesses and ongoing projects.

The generation of internal funds may not be adequate to meet all the requirements of the company's growth plans, it stated, adding that the requirement of funds is proposed to be met from both equity and debt from issuance of appropriate securities and from both domestic and international markets.

The company's board, in a meeting held on May 22, 2024, recommended to the members to give their consent to raise up to Rs 5,000 crore through the issuance of equity shares and/ or Foreign Currency Convertible Bonds (FCCBs) and/ or convertible bonds/ debentures or any equity-linked instrument/