Gujarat-based Torrent Power Ltd successfully completed the issuance and allotment of ₹2,000 crore Series 14 Non-convertible Debentures through private placement basis. According to reports from CNBC TV18, the debentures were issued under Series 14 at a coupon rate of 7.97% per annum with each debenture having a face value of ₹1 lakh. The issue comprises three tranches with Series 14A including 68,000 NCDs maturing on March 9, 2034, Series 14B including 67,500 NCDs maturing on March 9, 2035, and Series 14C including 64,500 NCDs maturing on March 9, 2036. The company informed stock exchanges about this significant debt fundraising exercise under Regulation 30 of SEBI regulations.
As reported by CNBC TV18, interest will be paid annually with the first coupon payment scheduled for March 9, 2027, followed by subsequent annual payments until redemption. The principal will be redeemed at face value on maturity dates for each series. The NCDs are secured by a first pari passu charge on the company's present and future movable assets, including current assets, except movable assets of renewable projects, funds in debt service reserve accounts, and investments made for NCD reserve or similar reserves under financing agreements. The security will be shared on a pari passu basis with the company's term lenders, working capital lenders and other secured debenture holders.
According to the report, the coupon rate will increase by 0.25% for every notch of rating downgrade after issuance, with the rate reduced by 0.25% per notch if the rating is upgraded, subject to a cap at the original coupon rate. If the credit rating falls to 'BBB+' or below, debenture holders representing at least 51% of the outstanding value may call for accelerated redemption, with the company required to redeem the debentures within 60 days of notice. In case of interest or principal payment delays beyond due dates, the company will pay additional interest at 2% per annum over the coupon rate for the defaulting period.
According to latest reports, Torrent Power delivered exceptional Q3FY26 results with net profit surging 93.20% year-on-year to ₹712.16 crore, while revenue from operations grew 7.38% to ₹5,096.71 crore. For the nine-month period, net profit increased 21.69% to ₹2,143.21 crore from ₹1,761.21 crore in the corresponding period last year. The company's earnings per share showed remarkable improvement, reaching ₹14.13 for Q3FY26 compared to ₹7.56 in Q3FY25, with nine-month EPS increasing to ₹42.53 from ₹36.47. Finance costs declined significantly to ₹191.30 crore from ₹231.63 crore in the previous year, reflecting improved financial management.
As reported by CNBC TV18, shares of Torrent Power Ltd ended at ₹1,427.00, down by ₹53.55, or 3.62% on the BSE on the day of the NCD announcement. The debentures are proposed to be listed on the Wholesale Debt Market segment of the National Stock Exchange of India Ltd. The Board of Directors approved several key decisions during their meeting held on February 10, 2026, including an interim dividend of ₹15 per equity share with record date February 16, 2026, and authorized fundraising through Non-Convertible Debentures up to ₹7,000 crore in one or more tranches via private placement.
