Torrent Power receives shareholders’ nod to raise debt

Torrent Power Limited has received shareholders’ approval to raise debt with an option for lenders to convert it into equity upon certain conditions. As per the resolution passed by the shareholders, this would apply to loans, debentures or other financial assistance categorised as loans, up to an amount that would be approved by the shareholders.

The shareholders of SpiceJet have approved the airline’s plans to raise loans up to Rs 50 billion through various instruments. The airline recorded a net profit of Rs 237.7 million in the quarter ended September 2015. Meanwhile, SpiceJet has plans to induct new aircraft in 2015-16 for which it is in talks with aircraft manufacturers.

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