Gujarat-based energy generation and transmission company Torrent Power has raised ₹35 billion (~$412.77 million) through qualified institutional placement (QIP) of shares. The QIP was oversubscribed four times against the issue size.

This QIP marks the maiden equity raise by the company and the first equity raise in the last three decades by the Torrent Group.

Domestic mutual funds, global investors, and insurance companies were among those who subscribed to the QIP.

The QIP is among the largest fundraising efforts conducted by a private utility player in India during the current financial year.

Torrent Power’s board recently approved the issue and allotment of up to 23.2 million equity shares to eligible qualified institutional buyers at the issue price of ₹1,503 (~$17.72) per share. The issue included a premium of ₹1,493 (~$17.60) per share.

The company has a portfolio of coal-based, gas-based, and renewable energy projects with an aggregate generation capacity of 4328 MW. The company is also developing 3 GW of pumped hydro storage projects.

Torrent Power distributes nearly 30 billion units to cover 4.13 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Dholera SIR in Gujarat, Dadra and Nagar Haveli and Daman and Diu; Bhiwandi, Shil, Mumbra, and Kalwa in Maharashtra, and Agra in Uttar Pradesh.

In October 2024, Torrent Power signed an agreement to supply 8.5 MW of solar power to the production units of The Lakshmi Mills, a yarn and fabric company based in Coimbatore, Tamil Nadu, through open access.

In March, Torrent Power won the auction for the purchase of 300 MW of power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW from its distribution unit by quoting ₹3.65 (~$0.044)/kWh.