Stocks to Watch Today, June 29, 2026: Indian Railway Finance Corporation (IRFC), IIFL Finance, PTC Industries, Kotak Mahindra Bank, Torrent Power

Mumbai, June 29: IRFC OFS raises ₹2,084 crore with Greenshoe, IIFL Finance eyes ₹10k-crore raise, PTC Industries plans ₹1,800-Cr QIP, Kotak MD CEO Exit, and Torrent Power completes Nabha acquisition to keep markets busy on Monday. Here is what you should track. 

Indian Railway Finance Corporation (IRFC) OFS Raises ₹2,084 Crore; Greenshoe Option Exercised 

The Centre’s Offer for Sale (OFS) in Indian Railway Finance Corporation (IRFC) garnered robust investor demand over the course of the offer window, enabling the government to raise an estimated ₹2,084 crore while also triggering the exercise of the greenshoe option. The greenshoe, or overallotment option, allows the selling shareholder to allocate additional shares beyond the base offer size when demand exceeds supply, and its activation here reflects the strength of institutional and retail appetite for the state-owned infrastructure financing entity. IRFC, which funds rolling stock and project assets for Indian Railways through market borrowings and on-lends to the railway ministry, has been a consistent favourite among yield-seeking investors given its quasi-sovereign credit profile and predictable earnings model. The OFS outcome will be watched for its impact on the government’s disinvestment receipts for the current fiscal, as well as for any near-term overhang on the stock as new shareholders digest their allocations. 

IIFL Finance (IIFL) Board Clears ₹10,000-Crore Capital Raise; GMTN Programme Doubled 

The board of IIFL Finance has cleared a proposal to raise up to ₹10,000 crore through equity and other eligible securities, in a move that signals the non-bank lender’s intent to significantly scale its balance sheet and strengthen its capital adequacy position. The board also approved doubling the limit for its global medium-term note (GMTN) programme, which expands the company’s access to offshore debt capital markets, and increased the company’s overall borrowing capacity. IIFL Finance has been working to rebuild investor confidence following a period of regulatory scrutiny on its gold loan business, and the scale of the proposed capital raise — if successfully executed — would provide significant headroom for loan book growth across its retail lending verticals, including home loans, business loans, and microfinance. Markets will watch closely for the pricing, timing, and structure of the equity raise to assess potential dilution impact on existing shareholders. 

PTC Industries (PTCIL) Board Approves ₹1,800-Crore QIP; Borrowing Limit Raised to ₹600 Crore 

The board of PTC Industries has approved a fundraise of up to ₹1,800 crore through a combination of a qualified institutional placement (QIP), preferential issue, and other permissible modes. The board also cleared loans, guarantees, securities, and investments worth up to ₹2,000 crore, and approved raising the company’s borrowing limit to ₹600 crore from the existing ₹350 crore. PTC Industries is a precision castings and advanced alloy manufacturer with growing exposure to aerospace, defence, and energy sectors — segments that are seeing strong order inflows as India’s indigenisation agenda and global supply chain diversification accelerate. The combination of a large equity raise and an expanded borrowing ceiling suggests the company is gearing up for a significant capacity expansion cycle, and investors will track the deployment roadmap and the mix of growth areas targeted by the fresh capital. 

Kotak Mahindra Bank (KOTAKBANK) MD & CEO Ashok Vaswani to Step Down; Board Initiates Search for Successor 

Ashok Vaswani, Managing Director and CEO of Kotak Mahindra Bank, has indicated that he does not wish to seek reappointment upon the completion of his current term on December 31, 2026. The board has initiated the process for the appointment of a new Managing Director and CEO. Vaswani took charge at Kotak Mahindra Bank in January 2024, succeeding founder Uday Kotak, and has been steering the private sector lender through a period of digital transformation, regulatory engagement, and business normalisation following the Reserve Bank of India’s restrictions on digital customer onboarding that were later lifted. The announcement of a CEO transition at one of India’s largest and most closely watched private banks is likely to generate significant investor attention, with markets focused on whether the board opts for an internal candidate or conducts an external search, and what it signals for the bank’s strategic direction heading into 2027. 

Torrent Power (TORNTPOWER) Completes Acquisition of Nabha Power from L&T for ₹3,632 Crore; Entity Now Wholly Owned Subsidiary 

Torrent Power has completed the acquisition of 100% equity shares and convertible instruments of Nabha Power from L&T Power Development for ₹3,632.35 crore, with Nabha Power now a wholly owned subsidiary of the company. Nabha Power operates a large thermal power plant in Punjab, and its addition to Torrent Power’s portfolio marks a meaningful expansion of the Gujarat-based utility’s generation capacity and geographic presence in northern India. The deal is significant for Torrent Power as it transitions from a primarily distribution-focused utility to one with a broader generation footprint, giving it greater control over the power value chain. For L&T Power Development, the divestiture is consistent with the L&T group’s broader strategy of pruning non-core infrastructure assets. Investors will assess the impact on Torrent Power’s consolidated debt levels, the plant’s capacity utilisation outlook, and the long-term earnings contribution from the Nabha asset. 

Sources

• bseindia.com
• nseindia.com
• Company regulatory filings