Torrent Power Seeks Conversion of Debt Into Equity

New Delhi: Torrent Power Ltd has sought shareholders' approval for allowing its lenders to convert their loans into equity by passing a special resolution.

The company has moved a special resolution to approve availing of the financial assistance having an option available to the lenders for conversion of such financial assistance into equity shares of the Company upon occurrence of certain event, Torrent Power Ltd said in a filing to the BSE.

Earlier, the company had got shareholders' nod for raising Rs 13,500 crore in September last year including creating charges on its properties for borrowings.

Torrent Power is one of the leading players in Indian power sector, promoted by Torrent Group. Torrent Pharmaceuticals, the flagship company of the Torrent Group, is a major player in the Indian pharmaceuticals industry.