Latest news with #IREDA
Business Upturn
an hour ago
- Business
- Business Upturn
IREDA board approves QIP launch at floor price of ₹173.83 per share
By Aditya Bhagchandani Published on June 5, 2025, 20:32 IST Indian Renewable Energy Development Agency Limited (IREDA) has officially launched its Qualified Institutional Placement (QIP) offering on June 5, 2025, following approval from its Board of Directors during a meeting held today. The company aims to raise capital by issuing equity shares of ₹10 face value each to qualified institutional buyers under Chapter VI of the SEBI ICDR Regulations and Sections 42 and 62 of the Companies Act, 2013. The Board has approved a floor price of ₹173.83 per equity share for the QIP, determined in accordance with the pricing formula under Regulation 176(1) of SEBI ICDR Regulations. As per shareholder approval on February 24, 2025, IREDA also has the option to offer a discount of up to 5% on the floor price. The preliminary placement document and draft application form were approved in the same meeting. The relevant date for the issue is also June 5, 2025. The final issue price will be set in consultation with the book running lead managers appointed for the QIP. The trading window will remain closed until further notice in relation to the QIP proceedings. A copy of the preliminary placement document is available on the company's website at Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Mint
2 days ago
- Business
- Mint
NCLT issues notices to BluSmart Mobility and Gensol on three fresh insolvency pleas
The National Company Law Tribunal (NCLT) on Tuesday issued notices to electric vehicle (EV) ride-hailing startup BluSmart Mobility Ltd and Gensol Engineering Ltd on three new insolvency petitions by financial creditors over alleged unpaid dues. Spectrum Trimpex Pvt. Ltd and Catalyst Trusteeship Ltd moved the tribunal under Section 7 of the Insolvency and Bankruptcy Code (IBC) against BluSmart over unpaid dues worth ₹ 1 crore each. Equentia Financial Services Pvt. Ltd claimed that Gensol Engineering owed it around ₹ 9 crore. The NCLT's Ahmedabad bench has directed both companies to file their responses within seven days. Separately, the tribunal adjourned the hearing on an earlier insolvency plea filed by the Indian Renewable Energy Development Agency (IREDA) against Gensol, involving a ₹ 510 crore loan default. The IREDA plea is now scheduled to be heard on 11 June. During previous proceedings, IREDA described Gensol as 'headless' and urged the tribunal to immediately appoint an interim resolution professional to protect the company's assets, alleging that its directors had fled following an order by the Securities and Exchange Board of India (Sebi). The tribunal also ordered the freezing and attachment of all bank accounts and lockers belonging to Gensol Engineering Ltd and its associated entities, based on findings by the ministry of corporate affairs (MCA), Sebi, and the Serious Fraud Investigation Office (SFIO). The MCA had sought urgent action, which the tribunal approved. On 28 May, the Debt Recovery Tribunal (DRT) restrained Gensol Engineering and its subsidiary, Gensol EV Lease Ltd, from selling, transferring, or creating third-party rights over their immovable and movable secured assets. This followed petitions by state-run lenders IREDA and Power Finance Corp. Ltd, seeking to recover dues totalling approximately ₹ 992 crore. BluSmart and Gensol Engineering are facing allegations of corporate fraud and financial misconduct by the MCA, alongside Sebi's ongoing probe. In an interim order on 15 April, Sebi barred Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing the securities market, citing governance lapses and fund diversion. Sebi also prohibited the promoters from holding any directorial or key managerial positions at Gensol until further notice. According to the regulator, Gensol had secured ₹ 977.75 crore in loans, including ₹ 663.89 crore intended for the purchase of 6,400 EVs, which were later leased to BluSmart, a related party. On 12 May, the Jaggi brothers resigned from their positions as managing director and whole-time director, respectively.
India Gazette
26-05-2025
- Business
- India Gazette
S&P Global Ratings projects strong growth for Indian PSU nonbank financial institutions
New Delhi [India], May 26 (ANI): India's government-owned non-bank financial institutions are expected to grab more market share in the coming year or two, according to S&P Global Ratings. It projected a sustained strong growth for the government-owned non-bank financials. According to a report titled 'Indian Government-Owned Financial Institutions: In The Fast Lane,' these firms' roles in supporting economic development will strengthen their franchises. 'Financial services is one of the four strategic sectors in India. As such, government-related entities (GREs) in the sector are more likely to benefit from government support,' said S&P Global Ratings credit analyst Deepali Seth-Chhabria. 'This is particularly so for those that play policy roles. In our view, government linkages provide financial flexibility, access to cheaper funding, and a mechanism for asset quality support,' said Deepali Seth-Chhabria. Government-owned entities dominate the financial sector in India. Many state-owned nonbanks operate in segments that are of national interest. 'We expect loan growth for financial GREs to stay at about 15 per cent per annum over the next two years, aided by mandates to drive the development of strategic sectors,' said the report. They expect relatively higher growth for entities like the National Bank for Financing Infrastructure and Development (NaBFID); and the Indian Renewable Energy Development Agency Ltd. (IREDA), both of which are expected to scale up their business from a low base. 'Asset quality is a mixed bag. Some nonbank financial institutions are exposed to weak borrowers, though sovereign exposure and guarantees from the government partially mitigate the risk,' said S&P Global Ratings credit analyst Geeta Chugh. 'Credit costs for the sector have improved and are better than peers'. However, we expect credit costs for the sector to rise as their loans season, recoveries dwindle, and benefit of excess provisions created in previous years tails off,' Geeta Chugh added. Earnings are moderate for the development financial institutions, including those that focus on small industries (SIDBI), agriculture (NABARD), and housing (NHB). 'The same follows for the two financial GREs in India we rate, Indian Railway Finance Corp. (IRFC; BBB-/Positive/--) and the Export-Import Bank of India (EXIM; BBB-/Positive/A-3),' it noted. In contrast, Power Finance Corp, REC, and IREDA make higher margins as they lend to relatively weaker borrowers, the S&P report added. (ANI)
Mint
23-05-2025
- Business
- Mint
DRT Delhi orders status quo on Gensol assets
The Debts Recovery Tribunal (DRT)-III, Delhi, has directed Gensol Engineering Ltd and its subsidiary, Gensol EV Lease Pvt. Ltd, to maintain the status quo on their secured assets and vehicles. State-run lenders—the Indian Renewable Energy Development Agency (IREDA) and Power Finance Corp. Ltd (PFC)—had approached the tribunal seeking to recover dues totalling approximately ₹ 992 crore. The 22 May order was issued by DRT presiding officer Shiv Kumar, who also issued notices to the Gensol entities and sought their responses. 'In the meantime, defendants (Gensol) are directed to maintain status quo with regard to secured assets/vehicles till the next date fixed,' the tribunal said. The matter is scheduled to be heard next on 28 May. In an exchange filing on 21 May, IREDA said it had filed an original application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, before the DRT-III on 20 May. It is seeking recovery of ₹ 510 crore from Gensol Engineering and ₹ 218.95 crore from Gensol EV Lease. To be sure, IREDA has already initiated bankruptcy proceedings against the two entities. The National Company Law Tribunal (NCLT), Ahmedabad, admitted the matter on 16 May and is set to hear the insolvency plea on 3 June. During the NCLT proceedings, IREDA described the company as 'headless' and urged the tribunal to immediately appoint an interim resolution professional to safeguard Gensol's assets, alleging that its directors had fled following the Securities and Exchange Board of India's (Sebi) order. In an interim order on 15 April, Sebi barred Gensol Engineering and its promoters—Anmol Singh Jaggi and Puneet Singh Jaggi—from accessing the securities market, citing governance lapses and fund diversion. It was probing a June 2024 complaint that alleged the two manipulated the share price and misappropriated funds. The markets regulator also prohibited them from holding any directorial or key managerial positions at Gensol until further notice. According to the regulator, Gensol secured ₹ 977.75 crore in loans, including ₹ 663.89 crore earmarked for the purchase of 6,400 electric vehicles, which were later leased to BluSmart, a related party. It accused the promoters of treating the listed company as a personal entity, using funds to buy a luxury apartment in The Camellias, DLF Gurugram, purchase a premium golf set, pay off personal credit card bills, and transfer money to close relatives. Sebi also directed Gensol to appoint a forensic auditor to examine its books and related-party transactions. On 12 May, the Jaggi brothers resigned from their posts as managing director and whole-time director, respectively.
Mint
22-05-2025
- Business
- Mint
Gensol Engineering share price hits lower circuit as IREDA moves to debt recovery tribunal for ₹510 crore claim
Stock Market Today: Gensol Engineering share price hit lower circuit in the morning trades on the NSE on Thursday. The reason for the decline in Gensol Engineering share price was that IREDA or Indian Renewable Energy Development Agency Limited announced moving to debt recovery tribunal for ₹ 510 crore claim Indian Renewable Energy Development Agency Limited or IREDA intimated the National Stock Exchange of India and the BSE or the Bombay Stock Exchange on Wednesday 21 May 2025 post market hours about Filing of Application before Hon'ble Debt Recovery Tribunal, Delhi against M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited As per its release by Indian Renewable Energy Development Agency Limited or IREDA and referring to their earlier letter dated 14.05.2025 and 16.05.2025 with respect to M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited respectively, intimated about its fresh Debt recovery intiatives against Gensol. Indian Renewable Energy Development Agency Limited or IREDA informed that the Company has filed an Original Application under Section 19 of The Recovery of Debts and Bankruptcy Act, 1993 before Hon'ble Debt Recovery Tribunal Delhi on 20.05.2025 for a default amount of Rs. 510,00,52,672/- (Rupees Five Hundred Ten Crore and Fifty Two Thousand Six Hundred and Seventy Two Only) and Rs. 218.95 Crore (Rupees Two Hundred and Eighteen Crore Ninety Five Lakh Only) against M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited respectively. Gensol Engineering share price opened at ₹ 68.30 on the NSE on Thursday. Gensol Engineering share price had opened much lower than the previous days closing price of ₹ 69.70 Notably the opening price of Gensol Engineering share price of ₹ 68.30 on Thursday was also the lower price band for Gensol Engineering share price. Hence the Gensol Engineering share price hit lower circuit at the time of opening on Thursday
