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.
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.”
“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.