Torrent Power Raises INR 2,000 Crore Through NCD Issue

Torrent Power has raised INR 2,000 crore via privately placed NCDs carrying 7.97 percent interest, with maturities of 8–10 years and proposed listing on NSE’s Wholesale Debt Market segment.

March 10, 2026. By EI News Network

Torrent Power Ltd. has raised INR 2,000 crore through the issue and allotment of secured, rated, listed, taxable, non-cumulative, redeemable, and non-convertible debentures (NCDs) on a private placement basis.

The company allotted 2,00,000 NCDs with a face value of INR 1 lakh each on March 9, 2026, carrying a coupon rate of 7.97 percent per annum. The issuance has been structured across three series with varying maturities.

Under the issue structure, Series 14A comprises 68,000 NCDs maturing on March 9, 2034, Series 14B includes 67,500 NCDs maturing on March 9, 2035, and Series 14C consists of 64,500 NCDs maturing on March 9, 2036, translating into tenures of 8, 9, and 10 years, respectively.

The debentures are proposed to be listed on the Wholesale Debt Market segment of the National Stock Exchange of India Ltd. Interest payments will be made annually, with the first coupon payable on March 9, 2027, and subsequent payments continuing each year until redemption. The principal will be redeemed at face value on the respective maturity dates of each series.

The NCDs are secured through a first pari passu charge on the company’s present and future movable and immovable assets, excluding certain renewable energy project assets and specified properties. The security will be shared with existing lenders and secured debenture holders.

The issue also includes provisions for coupon adjustments in case of rating changes. A rating downgrade would trigger a 0.25 percent increase in coupon rate per notch, while upgrades could reduce the rate by the same margin, capped at the original coupon level. If the rating falls to BBB+ or below, debenture holders may call for accelerated redemption.

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Torrent Power issues NCD

non convertible debentures

Torrent Power private placement basis

Private placement basis