IREDA to Launch IPO

In Clean News, Clean Truth, News, Renewable Energy

he Indian Renewable Energy Development Agency (IREDA) has received a green signal from the Securities and Exchange Board of India (SEBI) for the launch of its Initial Public Offering (IPO).

Now, the IREDA can pursue its plans to issue 139 million equity shares as part of IPO.

This IPO will help IREDA increase its equity base by creating a larger debt resource for lending. The shares will be issued at a base price of ₹10 each for purchase by the public on a book-building basis.

The agency will issue shares to retail investors and its employees at a discount of 5 percent on the issue price of each share. The agency has reserved 695,000 equity shares for its employees.

YES Securities (India) Limited, Elara Capital (India) Private Limited, IDBI Capital Markets & Securities Limited, SBI Capital Markets Limited, and Link Intime India Private Limited will be managing IREDA’s IPO. The shares will be traded on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

IREDA is the only renewable energy specific financing company in India and the government hopes that by increasing its equity base, it will enable IREDA to raise more debt to fund renewable energy projects. The move will also make the agency more visible in domestic and international markets.

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