New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) on Tuesday said that it has raised Rs 910.37 crore through the issuance of privately placed subordinated tier-II bonds for a 10-year tenor at an annual coupon rate of 7.74 percent.
The raising of tier-II bonds aims to tap liquidity in the current financial market and support the borrowing plan of the company. The funds raised will enhance IREDA’s Tier-II capital, increasing its Net-worth and Capital to Risk-Weighted Assets Ratio (CRAR), thereby strengthening the company’s ability to support country’s clean energy transition through financing.
Commenting on the development, IREDA's Chairman and Managing Director (CMD) Pradip Kumar Das said, "The successful raising of Tier-II capital reflects investors' strong confidence in IREDA’s financial strength and strategic vision. This will further empower us to accelerate green energy financing, aligning with the Government of India’s target to achieve 500 GW of non-fossil fuel-based energy capacity by 2030.
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