Torrent Power’s Rs.3,500-Cr QIP subscribed 4 times

Ahmedabad-based Torrent Power 's INR 3,500 crore qualified institutional placement (QIP) issue was oversubscribed four times. The issue received bids of about INR 14,000 crore against the base issue size of INR 3,500 crore.Kotak Mahindra Capital Company Ltd, Jefferies India Private Ltd and JM Financial were the lead managers for the QIP.The entire issue was placed with investors including SBI MF, Capital Group, SBI Pension, Kotak MF, Nippon MF, Norges Bank and Amundi. This marks the first equity raise by the company and first equity raise in the last three decades by Torrent Group.