Torrent Power will be seeking shareholders approval for raising Rs.2000 crore via the issuance of NCDs. This is likely to be taken up for approval when the board of Torrent Power meets on August 06. The NCDs are likely to be issued on a private placement. This issue will be within the overall approved borrowing limit of the company as already authorized.

The debt paper will be placed directly with qualified institutional buyers or QIBs. The company may also look to place the paper with banks other than scheduled commercial banks. While these will be unsecured, Torrent Power may also look to place these papers with bodies corporate, FPIs or even sovereign and pension funds.