Fund will be raised through QIP route in one or more tranches
Indian Renewable Energy Development Agency Limited (IREDA) received approval on 18 Sept from the Department of Investment and Public Asset Management (DIPAM) for raising approximately Rs.4,500 crore through fresh equity issue.
The approval was granted by DIPAM based on the recommendations of a High-Level Committee. The fund-raising will be carried out through the Qualified Institutions Placement (QIP) route, with a planned dilution of the Government of India’s shareholding in IREDA by up to 7% on a post-issue basis, to be executed in one or more tranches bse.
The fund-raising exercise aims to strengthen IREDA’s capital base, enabling the organization to scale its financing for renewable energy projects and further accelerate India’s transition to clean energy nse .
Commenting on this approval, IREDA CMD Pradip Kumar Das said, “DIPAM approval represents a critical step forward in our expansion plans sbi .
“With fresh capital infusion, we will be better positioned to support India’s ambitious renewable energy goals and continue playing a pivotal role in financing clean energy projects across the country climatebonds .” Fiinews.com
