Torrent Power has raised ₹2,000 crore through the private placement of non-convertible debentures (NCDs), as per an exchange filing. The company issued 2,00,000 secured, rated, listed, taxable and redeemable debentures, each with a face value of ₹1 lakh.
The issue forms part of Series 14 of the company’s debt programme and carries a coupon rate of 7.97% per annum. The allotment was completed on March 9, 2026.
The instruments are proposed to be listed on the Wholesale Debt Market segment of the NSE.
The NCD issue has been split into 3 tranches with different maturity timelines. Series 14A consists of 68,000 debentures with a maturity date of March 9, 2034, giving the tranche an 8-year tenure. Series 14B includes 67,500 debentures that will mature on March 9, 2035, with a 9-year tenure.
Series 14C comprises 64,500 debentures maturing on March 9, 2036, taking the tenure of that tranche to 10 years. Interest on all 3 series will be paid annually.
The first coupon payment on the debentures is scheduled for March 9, 2027. Subsequent payments will be made every year until the instruments reach maturity.
At the end of the tenure of each series, the principal will be redeemed at the face value of the debentures.
The coupon rate is linked to credit rating movements. A downgrade in rating after issuance would lead to an increase of 0.25 percentage points in the coupon for every notch of downgrade.
If the rating improves later, the coupon will reduce by the same margin, capped at the original rate.
The debentures are secured through a first pari passu charge on the company’s present and future movable assets and certain immovable assets.
However, assets related to renewable power projects and some specified properties are excluded from the security cover. The charge will be shared with existing term lenders, working capital lenders and other secured debenture holders.
If the credit rating drops to BBB+ or below, debenture holders representing at least 51% of the outstanding value can demand accelerated redemption of the instruments within 60 days.
As of March 10, 2026, 9:31 am, Torrent Power share price was trading at ₹1,445.50, a 1.16% increase from the previous closing price.
The NCD issue provides Torrent Power with long-term funding spread across 3 maturity periods ending between 2034 and 2036. Interest on the debentures will be paid annually, with the first payment scheduled in March 2027. The principal will be repaid at face value on the respective maturity dates of each phase.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Mar 10, 2026, 10:02 AM IST
Team Angel One
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