TD Power Systems closes its QIP, allocating 77.4 lakh shares at ₹775 to raise about ₹600 crore

TD Power Systems Limited has told the exchanges that the Fund Raising Committee of its board, at a meeting on 12 Oct 2026 that ran from 7:15 PM to 7:30 PM, approved the closure of its qualified institutions placement (QIP) of equity shares of ₹1 face value. It followed the company’s earlier intimation of 7 Oct 2026, and the committee closed the issue after receiving application forms and funds in the escrow account from eligible qualified institutional buyers.

The committee approved the allocation of 77,41,935 equity shares at an issue price of ₹775 per share, which includes a premium of ₹774. That is a discount of 0.05%, or ₹0.35 per share, to the floor price of ₹775.35. At that price the shares come to about ₹600 crore. The committee also adopted the placement document dated 12 Oct 2026 and approved the confirmation of allocation note to be sent to the investors.

Inference

The issue priced almost at the floor price, with a discount of only 5 paise in a hundred rupees, so the final price was close to the minimum the regulations allow. The amount raised, about ₹600 crore, is calculated from the number of shares and the price, and the filing does not state it.

The new shares add to the company’s share count and so dilute existing holders’ percentages. The filing does not say how the proceeds will be used, which the placement document would cover.