Ireda gets government approval to raise up to Rs 4,500 crore through QIP route
IREDA | Source: Company website
State-owned Indian Renewable Energy Development Agency (Ireda) said it has received government approval to raise up to Rs 4,500 crore through issuance of shares to qualified institutions.
The approval was given by the Department of Investment and Public Asset Management (Dipam) based on the recommendations of a high-level committee, the company said in a statement.
According to the statement, the fundraising will be done through the Qualified Institutions Placement (QIP) route, with a planned dilution of the Indian government’s equity stake in Ireda by up to 7 percent on a post-issue basis, executed in one or more tranches.
The aim of the fundraise is to strengthen Ireda’s capital base, enabling the organisation to scale up its financing for renewable energy projects and further accelerate India’s transition to clean energy.
“The approval from DIPAM is a significant step forward in our expansion plans,” Pradip Kumar Das, chairman and managing director of Ireda, said in the statement.
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First publication: Sep 18, 2024 | 6:37 PM IST