New Delhi: Torrent Power on Friday said it will seek shareholders' approval to raise up to Rs 5,000 crore through equity shares.
Approval will be sought in the annual general meeting to be held on July 30, 2024.
There is a continued requirement of working capital and capital expenditure for upgradation/expansion of the company's power generation, distribution businesses and ongoing projects, the company said in a notice.
The creation of internal funds may not be sufficient to meet all the requirements of the company's growth plans, it said, adding that the fund requirement would be met through issuance of appropriate securities from both equity and debt and from domestic and international sources. There is a proposal to complete it from both. market.
The board of the company, in a meeting held on May 22, 2024, recommended its members to give their consent to raise up to Rs 5,000 crore by issuing equity shares and/or foreign currency convertible bonds (FCCBs) and/or convertible bonds. / Debentures or any equity-linked instruments (securities).
The company will also seek shareholders' approval to appoint Jinal Mehta as its vice-chairman and managing director in the July 30 meeting.
In August 2022, the members of the company, through ordinary resolution, approved the re-appointment of Jinal Mehta as its Managing Director for a period of 5 years from April 1, 2023, liable to retire by rotation.
The Board, in its meeting held on May 22, 2024, approved the promotion of Jinal Mehta as Vice Chairman and Managing Director of the company with effect from June 1, 2024, till the end of his current tenure, i.e., 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 the approval of the members for the appointment of Jigish Mehta in the category of whole-time director and the remuneration payable to him and nominating him as Director (Production).
Approval will be sought in the annual general meeting to be held on July 30, 2024.
There is a continued requirement of working capital and capital expenditure for upgradation/expansion of the company's power generation, distribution businesses and ongoing projects, the company said in a notice.
The creation of internal funds may not be sufficient to meet all the requirements of the company's growth plans, it said, adding that the fund requirement would be met through issuance of appropriate securities from both equity and debt and from domestic and international sources. There is a proposal to complete it from both. market.
The board of the company, in a meeting held on May 22, 2024, recommended its members to give their consent to raise up to Rs 5,000 crore by issuing equity shares and/or foreign currency convertible bonds (FCCBs) and/or convertible bonds. / Debentures or any equity-linked instruments (securities).
The company will also seek shareholders' approval to appoint Jinal Mehta as its vice-chairman and managing director in the July 30 meeting.
In August 2022, the members of the company, through ordinary resolution, approved the re-appointment of Jinal Mehta as its Managing Director for a period of 5 years from April 1, 2023, liable to retire by rotation.
The Board, in its meeting held on May 22, 2024, approved the promotion of Jinal Mehta as Vice Chairman and Managing Director of the company with effect from June 1, 2024, till the end of his current tenure, i.e., 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 the approval of the members for the appointment of Jigish Mehta in the category of whole-time director and the remuneration payable to him and nominating him as Director (Production).
