Torrent Power raises ₹3,500 crore through its QIP; 50% shares issued to one MF – CNBC TV18
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The company has raised ₹3,500 crore by selling shares to eligible institutional bidders, it said in an exchange filing.
Torrent Power’s board approved the issue of 2.32 crore equity shares at an issue price of ₹1,503 per share, which is a 3.4% discount to the QIP floor price of ₹1,555.75 per share.
Among the funds who have been issued more than 5% of the shares on offer in the QIP include SBI Mutual Fund, whose various schemes have been issued nearly half the shares on offer.
Kotak MF, New World Fund, Nippon Life are some of the other institutions who have been issued more than 5% of the QIP shares.
| Fund House | % Of QIP Shares |
| SBI MF (Various Schemes) | 49.14% |
| NPS Trust (SBI Pension Fund Scheme) | 9.43% |
| Kotak MF (Various Schemes) | 7.14% |
| New World Fund Inc. | 6.05% |
| American Funds Insurance Series | 5.85% |
| Nippon India MF (Various Schemes) | 5.71% |
Post the issue of these shares the paid-up equity share capital of Torrent Power stands increased to ₹503.9 crore, comprising of 50.39 crore shares from ₹480.6 crore, comprising of 48.06 crore shares.
Torrent Power also said that it will share the updated shareholding pattern with the exchanges soon.
The company though, has not specified what it intends to do with the proceeds of the QIP.
Shares of Torrent Power ended 0.5% lower on Thursday at ₹1,660. The stock is down 18.5% from its recent peak of ₹2,037. Despite the fall from the top, 2024 has turned out to be a good year in terms of returns for Torrent Power shareholders, as the stock has risen 77% so far during the year.
