Torrent Power plans around $500 million bond sale, bankers say
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 funds will be directed towards the acquisition of Nabha Power for approximately 69 billion rupees, reflecting a growing trend of companies exploring funding avenues beyond traditional banks.
In a pivotal decision, India's Supreme Court declared that the write-off of Yes Bank's 84 billion rupee AT-1 bonds is unlawful, causing a steep decline in Yes Bank shares. The ruling offers solace to bondholders, who successfully argued that their investments were misrepresented. This landmark decision raises critical questions about regulatory practices and bondholder rights, potentially reshaping market attitudes toward similar financial instruments.
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