Torrent Power Ltd said today that its board has approved the issue and allotment of 23,286,759 equity shares to the eligible qualified institutional buyers at the issue price of INR 1,503 per equity share (including a premium of INR 1,493 per equity share), aggregating to around INR 3,500 crore. The issue is at a discount of INR 52.75 per equity share, i.e., 3.40% to the floor price of INR 1,555.75 per equity share.
SBI Mutual Fund, Kotak MF, NPS Trust, New World Fund, American Funds Insurance Series Global Growthfund, and Nippon Life have been allotted more than 5% each of the equity shares offered in the Issue.
“Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the Company stands increased from INR 4,806,167,840 comprising of 480,616,784 equity shares of INR 10 each to INR 5,039,035,430 comprising of 503,903,543 equity shares of INR 10 each,” stated Torrent Power.
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