IREDA Board okays Rs 5,000-crore fundraising via QIP

The Board of Directors of IREDA has approved the raising up to Rs 5,000 crore through QIP of equity shares, in one or more tranches
Alt="IREDA"
IREDA Board okays Rs 5,000-crore fundraising via QIPPSU Watch
Published on

New Delhi: The Board of Directors of Indian Renewable Energy Development Agency (IREDA) Ltd in its meeting on Thursday approved the raising up to Rs 5,000 crore through Qualified Institutions Placement (QIP) of equity shares, in one or more tranches. “The initiative is aimed at strengthening IREDA’s financial resources to support the growing demand for green energy financing. The issuance will proceed after obtaining necessary approvals from shareholders and regulatory authorities,” said a statement.

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

QIP will help scale up financial support for clean energy projects: IREDA CMD

Commenting on the decision, Pradip Kumar Das, Chairman & Managing Director, IREDA, said, “This fundraising initiative through QIP reflects IREDA’s steadfast commitment to strengthening India’s renewable energy ecosystem. It will enable us to scale up financial support for clean energy projects and further reinforce our leadership in the sector.”

Alt="IREDA"
MNRE Secretary reviews IREDA's performance & strategic vision

“The planned issuance ensures that the Government of India’s shareholding in IREDA will remain strong, up to 7 percent dilution in the post-issue equity,” said the statement.

(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.)

logo
PSU Watch
psuwatch.com