Torrent Power plans $500-M bond issuance

Ahmedabad-based, publicly listed Torrent Power is looking to raise about USD 500-M through the issuance of rupee-denominated bonds, marking its second such bond sale within the current financial year. The company is considering a range of maturities, including 3-, 5-, 7-, and 10-year tenures, with a total value targeted between INR 4,500-Cr and INR 5,000-Cr.The firm intends to use the proceeds from this bond sale to fund the acquisition of Nabha Power, a coal-fired plant operator currently owned by L & T. The acquisition is valued at about INR 6,900-Cr, including existing debt.