Torrent Power seeks shareholders nod to raise up to Rs 5,000 cr via equity shares

Torrent Power on Friday said it will seek shareholders' approval to raise up to Rs 5,000 crore through equity shares. The approval will be sought in the annual general meeting scheduled on July 30, 2024.

In a notice, the company said there is an ongoing requirement of working capital and capex for upgradation/ expansion of the company's power generation, distribution businesses and ongoing projects.

The generation of internal funds may not be adequate to meet all the requirements of the company's growth plans, it stated, adding that the requirement of funds is proposed to be met from both equity and debt from issuance of appropriate securities and from both domestic and international markets.

The company's board, in a meeting held on May 22, 2024, recommended to the members to give their consent to raise up to Rs 5,000 crore through the issuance of equity shares and/ or Foreign Currency Convertible Bonds (FCCBs) and/ or convertible bonds/ debentures or any equity-linked instrument/s (securities).

The company will also seek shareholders nod to elevate Jinal Mehta as its Vice Chairman and Managing Director in the July 30 meeting.

In August 2022, the members of the company, by means of ordinary resolution, approved the re-appointment of Jinal Mehta as its managing director, liable to retire by rotation, for a period of 5 years from April 1, 2023.

The board at its meeting held on May 22, 2024, approved the elevation of Jinal Mehta as the company's Vice Chairman and Managing Director with effect from June 1, 2024, till the end of his current term, that is, up to March 31, 2028, with no change in other terms and conditions of his appointment, including remuneration.

In the upcoming AGM, the company will also seek members' approval for the appointment of and remuneration payable to Jigish Mehta in the category of Whole-time Director and designated as Director (Generation).