Torrent Power Secures ₹2,000 Crore via NCDs at 7.97% Coupon Rate

• Torrent Power Ltd raised ₹2,000 crore through the private placement of 2 lakh secured, rated, listed NCDs.
• The debentures, issued under Series 14, carry an annual coupon rate of 7.97%.
• The issue is divided into three tranches (Series 14A, 14B, 14C) with tenures of 8, 9, and 10 years, maturing from 2034 to 2036.
• Interest will be paid annually, and the NCDs are secured by a first pari passu charge on the company’s movable assets.
• The coupon rate will adjust based on credit rating changes, and accelerated redemption is possible if the rating drops to "BBB+" or below.