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Torrent Power opens QIP, sets price Rs 1,555.75 per share

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Torrent Power opens QIP, sets price Rs 1,555.75 per share

Torrent Power launched its qualified institutional placement (QIP) of its shares on Monday. The company has fixed a floor price of Rs 1555.75 per equity share for the QIP, it said in a stock exchange filing. This represents a 1.60 % discount to the closing market price of Torrent Power share at Rs 1,581.10 apiece on Monday.

Also ReadOLA Electric stages smart recovery- Shares jump 15% from intra-day lows after CEO Bhavish Aggarwal announces aggressive expansion plans

The company’s stock gained 4.66% in the closing. The fundraising was to finance acquisitions. The company is planning to raise Rs 4000 crore QIP, reports said earlier. Though shareholders gave approval for Rs 5,000.

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