Torrent Power falls on share subscription deal with Torrent Saurya Urja 3, Automotive Axles

Torrent Power will hold 74 percent stake in TSU3PL and Automotive Axles will hold 26% shares, the filing said.

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Shares of Torrent Power fell 1.24 percent at open on the NSE on December 11, after an amendment agreement to the share subscription and shareholders’ agreement (SSSA) was signed among Torrent Power, its subsidiary Torrent Saurya Urja 3 (TSU3PL), and Automotive Axles. At 9:20am, the Torrent Power stock was trading at Rs 954.50.

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In a regulatory filing on December 8, Torrent Power said that it signed an agreement for off-taking an additional quantum of 4 MWp (Megawatt Peak) solar power electricity generated from the project of TSU3PL to the production unit of Automotive Axles at Mysore, Karnataka, by Automotive Axles. Torrent Power will hold 74 percent stake in TSU3PL and Automotive Axles will hold 26 percent shares, the filing said.

Torrent Power is a leading Indian power and energy company under the Torrent Group. It is an integrated power utility player with interests in power generation, transmission, distribution and manufacturing and supply of power cables. The company has an aggregate installed generation capacity of 4,281 MW, comprising 2,730 MW of gas-based capacity, 1,189 MW of renewable capacity, and 362 MW of coal-based capacity. The power major distributes energy to around 4 million customers across Ahmedabad, Gandhinagar, Surat and Dahej SEZ and Dholera SIR, Bhiwandi, Shil, Mumbra and Kalwa, Agra as well as Dadra & Nagar Haveli and Daman and Diu.

Also read: Torrent Power Consolidated September 2023 Net Sales at Rs 6,960.92 crore, up 3.85% Y-o-Y

Torrent Power Ltd reported a 9.2 percent year-on-year (YoY) increase in net profit at Rs 525.9 crore for the second quarter that ended September 30, 2023. At the operating level, the EBITDA grew 4.9 percent to Rs 1,221.4 crore in the second quarter of this fiscal over Rs 1,164.2 crore in the year-ago period.

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