Mid Cap Power Sector Co Sets Record Date For Dividend, Raises Rs 600 Cr Via NCDs

Mid cap power sector company, Torrent Power Ltd on Tuesday fixed June 16, 2023 as the record date for final dividend of Rs 4 per equity share for financial year 2023. Earlier, Torrent Power informed BSE on June 7, 2023 that it raised 600 crore through issuance of Non-Convertible Debentures ("NCDs") on a private placement basis. Torrent Power share witnessed a decline of 1.82% intraday on BSE. Check details below:

Torrent Power Fixes Record Date For Final Dividend: As per the BSE filing of the company, "In continuation of our letter dated May 30, 2023, we would like to inform that, pursuant to Regulation 42 of the SEBI LODR, the Company has fixed Friday, June 16, 2023 as Record Date for distribution of final dividend for the Financial year ended March 31, 2023. The said final dividend, if declared by the Members at the ensuing Annual General Meeting, shall be paid to those Members whose names appear on the Register of Members or on records of National Securities Depositories Limited or Central Depositories Services (India) Limited as beneficial owners as on Friday, June 16, 2023."

Torrent Power Raised Rs 600 Crore Via NCDs: As per the regulatory filing of Torrent Power, "In continuation to our letter dated May 10, 2022, we hereby inform you that the Company has issued and allotted Series 11 - 60000 Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable and Non-Convertible Debentures ("NCDs") of Rs 600 Crore at a coupon rate of 8.50% p.a. vide Series 11A, Series 11B, Series 11C, Series 11D, Series 11E and Series 11F on private placement basis."

Torrent Power issued 60,000 NCDs of Rs 1 lakh per debenture aggregating to Rs 600 crore. It is proposed to be listed on the Wholesale Debt Market Segment of National Stock Exchange.

Torrent Power Stock Performance & Return: Last trading price of Torrent Power is Rs 670.70 per share. Its 52-week high price is Rs 745.00 per share and 52-week low price is Rs 430.90 per share, respectively. It has a market capitalisation of Rs 32,234.97 crore. Torrent Power shares delivered 26% return in last 1-month, 34% return YTD, 47% return in last 1-year, and 103% return in last 3-years.

About: Torrent Power is one of the largest companies in the country's power sector. It has presence across the whole power value chain of generation, transmission, and distribution. Torrent ranks amongst the best run power utilities in the country with highly efficient generation assets. It has a portfolio of coal based, gas based and renewable power plants with an aggregate generation capacity of 3879 MW, according to its official website.