Torrent Power Limited has announced the successful completion of its ₹3,500 Crores (approx. USD 413.20 million) Qualified Institutions Placement (QIP). The issue saw a tremendous response, with investor demand overshooting the issue size by 4x, as bids totaling approximately ₹14,000 Crores were received. This marks the company’s first equity raise and the first such initiative by the Torrent Group in three decades.
The oversubscription of the QIP reflects strong investor confidence in Torrent Power’s business fundamentals and India’s power sector. Leading institutional investors, including domestic mutual funds, global investors, and insurance companies, showed interest in the offering. Some marquee investors such as SBI Mutual Fund, Capital Group, Kotak Mutual Fund, and Amundi were part of the placement.
The QIP issue, which was open from December 2 to December 5, 2024, is one of the largest fundraises conducted by a private utility player in India this year. The company will utilize the raised funds to strengthen its balance sheet and support its growth strategy in India’s rapidly evolving power sector.
Torrent Power’s expansion plans include its substantial capacity in generation, transmission, and distribution across India. The company operates with an installed generation capacity of 4.6 GWp, with another 3 GWp of renewable projects under development. Torrent Power’s distribution network covers over 4.13 million customers across major cities in Gujarat, Maharashtra, and Uttar Pradesh.
The success of the QIP highlights Torrent Power’s strong growth trajectory and reinforces its position as a leading player in India’s power sector.
