Torrent Power QIP: Shares worth Rs 3,500 crore allotted at Rs 1,503 apiece

Shares of Torrent Power Ltd are in focus on Friday morning after the company informed stock exchanges BSE and NSE that it has allotted Rs 3,500 crore worth shares to qualified institutional buyers (QIBs) at 1,503 a piece, which was at 3.4 per cent discount to floor price of Rs 1,555.75 set for the qualified institutional placement (QIP). A total of 49.14 per cent of the total issue was allotted to seven SBI Mutual Fund schemes. Shares were also allotted to two Kotak Mutual Fund schemes and Nippon Life India.

In a filing to BSE, Torrent Power said that the fund raising committee of the board at its meeting on December 5 approved the issue and allotment of 2,32,86,759 equity shares to the eligible QIBs at the issue price of Rs 1,503 per equity share,
including a premium of Rs 1,493 per equity share, which is at a discount of Rs 52.75 per share or 3.40 per cent to the floor price of Rs 1,555.75, as determined in terms of the SEBI ICDR Regulations.

Shares of Torrent Power are down 7 per cent in the past one month but are up 77 per cent in 2024 so far.

Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the Company stands increased from Rs 4,80,61,67,840, comprising of 48,06,16,784 equity
shares of Rs 10 each to Rs 5,03,90,35,430, comprising of 50,39,03,543 equity shares of Rs 10 each.

"The shareholding pattern of the Company, before and after the Issue, will be submitted along with the listing application in the format specified in Regulation 31 of the SEBI Listing Regulations," Torrent Power said.

A total of 50,03,326 shares, or 21.49 per cent of the issue size, was allotted to SBI Focused Equity Fund. SBI Contra Fund and SBI Large & Midcap Fund were also allotted 9.97 per cent and 8.49 per cent, respectively, of the total issue size. Kotak Flexicap Fund was allotted 11,08,893 shares, comprising 4.76 per cent of the issue.

New World Fund Inc was issued 14,09,171 shares or 6.05 per cent of the issue size.