Torrent Power rallied 5.77% to Rs 1,678 after the company announced that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,555.75 per share.
The company's board authorized and declared the opening of the issue on Monday, 2 December 2024.The floor price of Rs 1,555.75 is at a discount of 1.94% to the previous day's closing price of Rs 1,586.45 on the BSE.
The company may offer a discount of not more than 5% on the floor price so calculated for the issue.
The issue price will be determined by the company in consultation with the bookrunning lead manager appointed for the issue.
Torrent Power is a private sector integrated power utility engaged in the business of power generation, transmission, and distribution.
The companys consolidated net profit slipped 8.63% YoY to Rs 495.72 crore in Q2 FY25 over Q2 FY24. Revenue from operations grew by 3.09% YoY to Rs 7,175.81 crore in the quarter ended 30 September 2024.
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