Torrent Power plans around $500 million bond sale, bankers say
Torrent Power pursued an acquisition.
· Economic Times Markets
Torrent Power is set to launch a substantial bond sale of rupee-denominated bonds, aiming to raise around $500 million. This comes after their earlier issuance of 38 billion rupees. The company's initiative to diversify funding sources includes discussions with potential investors.
The analysis
Against that, the stock is -0.1% on the day at ₹1,238.60, and has returned -14.1% over three months. It sits 30% below its 52-week high, which means a good deal of bad news was already in the price. The power sector has moved -13.3% over the same period, so Torrent Power is running 0.8 points behind its peers.
For Torrent Power, the question is how much of this is already reflected in the price and how much re-rates the power peer set alongside it.
Market context
- The company directly in focus is TORNTPOWER.
- Sector exposure: Power, Banks.
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