The Indian Renewable Energy Development Agency, which is owned by the government, has been given the green light by the authorities to issue as much as Rs 4,500 crore in equity shares to eligible organizations for investment.
The green light came through from the Department of Investment and Public Asset Management (Dipam) following the suggestions of an expert panel, as mentioned in a company announcement. For more information, please click here to message us on WhatsApp.
Based on the declaration, the campaign for raising funds is going to be conducted via the Qualified Institutions Placement (QIP) method, which involves the Government of India’s stake in Ireda being reduced by as much as 7 percent following the initial issue, to be completed in several installments.
The goal of the fundraising effort is to bolster Ireda’s financial standing, allowing the organization to expand its funding for green energy initiatives and more rapidly push India towards adopting sustainable energy sources.
“Reaching DIPAM authorization marks a significant advancement in our growth strategies,” Pradip Kumar Das, the Chairman and CEO of Ireda, stated in the press release.
Only the headline and photo of this report saw changes by the staff at Business Standard; the remaining material was automatically created from a shared source.
Ireda’s stock price rockets by 9% on August 22; has seen a 26% increase over the last three monthsIreda intends to secure approximately Rs 29,500 crore through debt and equity by the fiscal year-end, as approved by the board;Initial agreements are signed with SJVN and GMR Energy for a project in Nepal; Ireda has commenced discussions with SJVN and GMR Energy for a 900 MW hydropower project in Nepal; Ireda is preparing to issue up to Rs 4,500 crore through further public offerings for fund raising; Ireda’s stock value has surged by 7% following its partnerships with SJVN and GMR Energy.