IREDA raises ₹2,005.90 crore via QIP; issue oversubscribed 1.34 times
New Delhi: State-run
Indian Renewable Energy Development Agency
Ltd (IREDA) has raised ₹2,005.90 crore through a
Qualified Institutions Placement
(QIP) of equity shares, the company said on Wednesday.
The capital was mobilised by issuing 12.15 crore equity shares at a price of ₹165.14 per share, including a premium of ₹155.14 per share over the face value of ₹10. The issue price reflected a 5 per cent discount to the floor price of ₹173.83 per equity share.
The QIP was launched on June 5 and closed on June 10. It received a strong response from qualified institutional buyers (QIBs), including insurance companies, scheduled commercial banks, and foreign portfolio investors. The QIP was oversubscribed with bids amounting to ₹2,005.90 crore against the base issue size of ₹1,500 crore, achieving a subscription rate of 1.34 times.
IREDA's Board approved the allotment of equity shares to eligible QIBs in its meeting held on Tuesday.
The proceeds from the issue are intended to strengthen IREDA's Tier-I capital base and enhance its Capital Adequacy Ratio (CAR), thereby improving its ability to finance renewable energy projects across India.
'The successful completion of this QIP in a short span after our IPO in November 2023 is a testament to the trust and confidence the investor community and the Ministry of New & Renewable Energy have reposed in IREDA,' said Pradip Kumar Das, Chairman and Managing Director, IREDA.
'This capital infusion will empower us to scale up our financing activities, enabling greater investments in renewable energy projects and accelerating India's transition towards a greener and sustainable energy future,' he added.
Das also expressed gratitude to Union Minister for New & Renewable Energy, Consumer Affairs and Food & Public Distribution Pralhad Joshi, Minister of State for Power and New & Renewable Energy Shripad Naik, MNRE Secretary Santosh Kumar Sarangi, the Department of Investment and Public Asset Management (DIPAM), and the IREDA Board of Directors for their support and guidance.
IREDA also thanked institutional investors and stakeholders for their continued support and reaffirmed its commitment to lead clean energy financing initiatives in the country.
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