Torrent Power opens equities on QIP basis at Rs 1,555.75 apiece floor price

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Torrent Power opens equities on QIP basis at Rs 1,555.75 apiece floor price - Business Standard

Quick Summary:

Torrent Power on Monday announced the opening of equities on qualified institutional placement (QIP) basis at a floor price of Rs 1,555.75 apiece as part of its plan to raise up to Rs 5,000 crore in one or more tranches.

The fund raising committee of the board, at its meeting held on December 2 has, inter alia, considered and approved authorising the opening of the issue today, Torrent Power said in a stock exchange filing.

According to the company, the committee also approved the floor price for the issue at Rs 1,555.75 per equity share, based on the pricing formula prescribed by capital market regulator SEBI.