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Torrent Power Limited has informed the stock exchanges about the Monitoring Agency Report for the quarter ended March 31, 2025, concerning the utilization of proceeds from its Qualified Institutions Placement (QIP).

Key highlights from the report:

• The company raised ₹ 3,500 crore through a QIP during December 2-5, 2024, by issuing 2,32,86,759 equity shares at ₹ 1,503 per share.
• The Monitoring Agency, India Ratings & Research Private Limited, has confirmed that there has been no deviation from the objects stated in the offer document for the QIP.
• As of March 31, 2025, the entire QIP proceeds of ₹ 3,500 crore have been fully utilized.
• Utilization details:
• ₹ 2,625 crore was utilized for repayment/pre-payment of certain outstanding borrowings of the company and/or its subsidiaries.
• ₹ 822.10 crore was utilized for General Corporate Purposes (GCP).
• ₹ 52.90 crore was utilized for issue-related expenses.
• The amount utilized for GCP includes statutory dues (advance tax), electricity duty, power purchase, interest payment, and payment towards gas purchase/transmission.
• An amount of ₹ 6.23 crore earmarked for issue expenses was utilized for GCP as the company decided not to claim reimbursement for certain taxes and advances paid from non-monitoring accounts.
• The report, reviewed by the Audit Committee, confirms that the utilization is in line with the disclosures made in the offer document.

Torrent Power Limited announced that its Board of Directors, at a meeting held on May 14, 2025, has approved the appointment of M/s. M. C. Gupta & Co., Company Secretaries, Ahmedabad, as the Secretarial Auditor of the Company.

Key details of the appointment:

• The appointment is for a term of five consecutive years.
• The term commences from FY 2025-26 and will continue till FY 2029-30.
• The appointment is subject to the approval of the Members of the Company at the ensuing Annual General Meeting.

A brief profile of M/s. M. C. Gupta & Co. was provided, noting it is a proprietorship firm established in 1986, is Peer and Quality reviewed, and has been ranked highly for conducting Secretarial Audits from Gujarat-based companies amongst Top 500 companies in India.

Torrent Power Limited (TORNTPOWER) announced the incorporation of a new step-down subsidiary, Torrent Urja Projects Private Limited (TUPPL), on April 10, 2025. TUPPL is a wholly-owned subsidiary of Torrent Green Energy Private Limited (TGEPL), which is already a wholly-owned subsidiary of TORNTPOWER.

• TUPPL's authorized and paid-up share capital is ₹ 5,00,000 each.
• TUPPL will focus on the development of renewable energy projects and provide EPC and associated solutions for various infrastructure projects, including thermal, hydro, solar, wind, and green hydrogen.
• It will also engage in trading, manufacturing, transmission, and distribution in the energy sector.
• The cost of acquisition is ₹ 5,00,000 for 50,000 equity shares of ₹ 10 each, representing 100% shareholding by TGEPL.
• TUPPL is yet to commence business operations.