Torrent Power Raises Rs 600 Crore Via Non-convertible Debentures

Torrent Power has raised Rs 600 crore through the issuance of 6,000 non-convertible debentures (NCDs) on a private placement basis.

"Company has issued and allotted Series 8 - 6,000 Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable, Non-Convertible Debentures (NCDs) of 600 Crore at a coupon rate of 6.20 per cent pa, 6.70 per cent pa, 7.10 per cent pa and 7.45 per cent pa vide Series 8A, Series 8B, Series 8C and Series 8D, respectively, on a private placement basis," a BSE filing stated.

The issue is proposed to be listed on the Wholesale Debt Market Segment of the National Stock Exchange of India Ltd.

In the event of a rating downgrade to "BBB+" or below by any credit rating agency, the debenture holders will have a right to call for an accelerated redemption, it stated.

In the event of such downgrade, the Debenture Trustee may, upon receipt of instructions in writing from the Debenture Holders representing not less than 51 per cent in value of the nominal amount of Debentures for the time being outstanding of this Issue, by notice in writing to the company, call for an accelerated redemption. On receipt of such notice, the issuer would need to redeem debentures within 60 days from the date of notice exercising the said right, it stated.

In case of default in payment of interest and/or principal redemption on the due dates, the company shall pay additional interest at the rate of 2 per cent per annum over the coupon rate for the defaulting period ie the period commencing from and including the date on which such amount becomes due and up to excluding the date on which such amount is actually paid, it stated.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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