Torrent Power Limited has announced the opening of its Qualified Institutions Placement (QIP) to raise funds as part of its strategic initiatives. The floor price for the equity shares has been set at ₹1,555.75 per share, determined based on the prescribed pricing formula under SEBI regulations.
The move follows approvals from the company’s Board of Directors on May 22, 2024, and the shareholders’ special resolution passed on July 30, 2024. The company’s Fund-Raising Committee finalized the floor price and adopted the preliminary placement document on December 2, 2024.
Key Highlights:
•Floor Price: ₹1,555.75 per share, with a potential discount of up to 5% at the company’s discretion.
•Purpose: The funds raised will be used for general corporate purposes, expansion, and other strategic objectives.
•Next Steps: The final issue price will be decided in consultation with the appointed book-running lead managers.
