Das allowed to form JVs-subsidiaries in India-abroad
Shareholders of Indian Renewable Energy Development Agency Ltd (IREDA) have approved the company’s proposal to raise up to Rs.5,000 crore through Qualified Institutions Placement (QIP) of equity shares in one or multiple tranches for green financing.
“The funds raised through QIP will strengthen our green financing capabilities, accelerate loan book growth, and support India’s clean energy targets,” IREDA Chairman and Managing Director Pradip Kumar Das said after the approval on 24 Feb.
Das further informed shareholders that IREDA Global Green Energy Finance IFSC Limited, a wholly owned subsidiary of IREDA, recently received the Certificate of Registration from the International Financial Services Centre Authority (IFSCA), allowing it to commence business as a Finance Company at GIFT City, Gujarat.
“This milestone strengthens IREDA’s commitment to lending and serving in foreign currency by reducing hedging risks,” he added.
In addition to the fundraising approval, shareholders also consented to amendments in IREDA’s Articles of Association. These amendments include provisions for formation of joint ventures and subsidiaries in India and abroad, along with empowering the Board to exercise enhanced powers under ‘Navratna’ status, subject to government guidelines https://www.nseindia.com/.
The fund-raising approval was granted by the shareholders in favour of the resolution via remote e-voting during the 22nd Extra-Ordinary General Meeting (EGM) held 24 Feb through video conferencing.
The meeting was chaired by and attended by Directors on the Board and shareholders https://www.bseindia.com/.
IREDA’s Board had earlier approved the fundraising plan on 23 Jan 2025, which includes the dilution of the Government’s shareholding in the company by up to 7% post-issue equity, in one or multiple tranches.
Addressing the shareholders, Das also highlighted IREDA’s strong financial performance in the first nine months of FY 2024-25, with a loan book of Rs.68,960 crore, loan sanctions of Rs.31,087 crore, and disbursements of Rs.17,236 crore https://sbi.com.in/.
“The funds raised through QIP will strengthen our green financing capabilities, accelerate loan book growth, and support India’s clean energy targets,” he stated. Fiinews.com
