Gujarat-based Torrent Power has raised ₹38 billion (~$402 million) through the private placement of secured, rated, listed, taxable, non-cumulative, redeemable, and non-convertible debentures (NCDs).

The company issued 380,000 NCDs with a face value of ₹100,000 (~$1,058) each.

The securities are proposed for listing on the Wholesale Debt Market segment of the National Stock Exchange of India.

The issue comprises four tranches:

• Tranche A: ₹7.5 billion (~$79.33 million), three-year maturity, 8.1% annual coupon
• Tranche B: ₹10 billion (~$106 million), five-year maturity, 8.15% annual coupon
• Tranche C: ₹10 billion (~$106 million), seven-year maturity, 8.2% annual coupon
• Tranche D: ₹10.5 billion (~$111.07 million), ten-year maturity, 8.2% annual coupon

The first interest payment is scheduled for June 24, 2027, with coupon payments thereafter until redemption. Principal repayment will occur at maturity for each tranche between June 2029 and June 2036.

As of May this year, Torrent has an aggregate installed generation capacity of 5,094 MW, comprising 2,730 MW of gas-based capacity, 2,002 MW of renewable capacity, and 362 MW of coal-based capacity.

Renewable projects totaling ~3.96 GW, pumped-storage capacity of 3 GW, and coal-based power capacity of 1.6 GW are under development. Total generation and pumped storage capacity, including projects under development and acquisition, is ~12.05 GW and 3 GW, respectively.

Torrent distributes nearly 31 BUs to around 4.29 million customers in Gujarat, Dadra and Nagar Haveli, Daman and Diu, Maharashtra, and Uttar Pradesh.

This March, Torrent Power raised ₹20 billion (~$216.58 million) through private placement of secured NCDs.

In the same month, the Gujarat Electricity Regulatory Commission permitted Torrent Power to make certain deviations for procuring firm and dispatchable renewable energy. It allowed the company to remove the 50% cap on the allocation of contracted capacity to a single bidder and to include a provision addressing delays in project commissioning arising from transmission infrastructure readiness by the central or state transmission utility.