IREDA board to consider raising up to Rs 4,500 crore next week 
News Updates

IREDA board to consider raising up to Rs 4,500 crore next week

IREDA on Wednesday said its board will consider a proposal to raise up to Rs 4,500 crore through issuance of shares in its meeting on August 29

PTI

New Delhi: The Indian Renewable Energy Development Agency Ltd (IREDA) on Wednesday said its board will consider a proposal to raise up to Rs 4,500 crore through issuance of shares in its meeting on August 29.

PSU Watch is now on Whatsapp Channels. Click here to join

The funds would be raised in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue or any other permitted mode or combination, subject to the statutory or government approval, a BSE filing said.

IREDA, under Ministry of New & Renewable Energy, is engaged in providing finance to mainly renewable energy projects.

The fundraising assumes significance as India has an ambitious target of having 500GW renewable energy by 2030 and needs to add about 50GW capacity per annum to achieve the goal.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

SECI issues showcause notices to Reliance Power, its arm over fake bank guarantees

COP29: India demands USD 1.3 trn for developing countries, says NCQG can't be 'investment goal'

Nepal to export 40 MW of electricity to Bangladesh via India on Nov 15

IREDA CSR: MNRE Minister flags off 10 battery-operated vehicles at Jagannath Temple in Puri

RECPDCL hands over project-specific SPV to Tata Power Company Ltd