Indian Renewable Energy Development Agency (IREDA) has received approval from the Department of Investment and Public Asset Management (DIPAM) for raising approximately Rs 4500 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.
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.
IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: ‘Energy For Ever’.
