Torrent Power Limited Raises ₹2,000 Crore Through NCD Issue To Strengthen Long-Term Funding Strategy

Torrent Power Limited announced on March 9, 2026, that it has successfully issued and allotted Non-Convertible Debentures (NCDs) worth ₹2,000 crore. The allotment was completed at 1:00 pm IST through a private placement, and the company informed both BSE Limited and National Stock Exchange of India Limited about the development. The move is aimed at strengthening the company’s capital structure and supporting its long-term funding strategy.

The issue includes 2,00,000 secured, rated, and listed NCDs with a face value of ₹1 lakh each. To manage repayment obligations in a structured manner, the company divided the issuance into three series: 14A, 14B, and 14C. All three series carry a coupon rate of 7.97 percent per year but have different maturity timelines.

Series 14A accounts for ₹680 crore and will mature in eight years on March 9, 2034. Series 14B is valued at ₹675 crore and has a maturity period of nine years, ending on March 9, 2035. Series 14C covers ₹645 crore and will mature in ten years on March 9, 2036. The staggered maturity schedule is designed to distribute repayment commitments over several years.

Interest on these debentures will be paid annually, with the first payment scheduled for March 9, 2027. The company has also included certain safeguards for investors. If the company’s credit rating is downgraded, the interest rate will increase by 0.25 percent for every notch of downgrade. If the rating improves later, the rate can return to the original level of 7.97 percent.

Additionally, if the credit rating falls to BBB+ or below, investors holding at least 51 percent of the debenture value can demand early repayment. The NCDs are secured by a first pari passu charge on the company’s movable and immovable assets, except certain renewable energy projects and specific properties located in New Delhi and Bhiwandi.

The company plans to list these securities on the Wholesale Debt Market segment of the National Stock Exchange, completing a financing step that was initially outlined in a board communication issued in May 2025.