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India Gazette
3 days ago
- Business
- India Gazette
IREDA successfully raises Rs 2,005.90 crore via QIP to boost green financing
New Delhi [India], June 11 (ANI): Indian Renewable Energy Development Agency Ltd (IREDA) has successfully raised Rs 2,005.90 crore through a Qualified Institutions Placement (QIP), said a statement from Ministry of New and Renewable Energy on Wednesday. The capital was mobilised by issuing 12.15 crore equity shares at a price of Rs 165.14 per share, which includes a premium of Rs 155.14 per share over the face value of Rs 10. The issue price of Rs 165.14 reflects a discount of 5.00% to the floor price of Rs 173.83 per equity share. Launched on June 5, 2025, the QIP issue closed on June 10, 2025, receiving an encouraging response from a diverse set of both domestic and foreign qualified institutional buyers (QIBs) including insurance companies, scheduled commercial banks and foreign portfolio investors. The Board has approved allotment of equity shares to eligible qualified institutional buyers in its meeting held today i.e. June 11, 2025. The QIP was oversubscribed with bids amounting to Rs 2,005.90 crore against the base issue size of Rs 1,500 crore, achieving a subscription of 1.34 times. The capital raised through this successful issue will further strengthen IREDA's Tier-I capital and overall Capital Adequacy Ratio (CAR), enhancing the company's capacity to support the expanding renewable energy sector in India. Reflecting on this achievement, Pradip Kumar Das, Chairman & Managing Director, IREDA, said: '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. 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.' CMD, IREDA expressed his gratitude to Pralhad Joshi, Union Minister of New & Renewable Energy, Consumer Affairs and Food & Public Distribution; Shripad Naik, Minister of State for Power and New & Renewable Energy; Santosh Kumar Sarangi, Secretary, MNRE; Department of Investment and Public Asset Management (DIPAM); and the Board of Directors for their support and invaluable guidance. IREDA extended its gratitude to all institutional investors and stakeholders for their continued support, reaffirming its commitment to leading the country's clean energy financing initiatives. (ANI)
Time of India
3 days ago
- Business
- Time of India
IREDA successfully raises Rs 2,005.90 crore via QIP to boost green financing
Representative image NEW DELHI: Indian Renewable Energy Development Agency Ltd (IREDA) has successfully raised Rs 2,005.90 crore through a Qualified Institutions Placement (QIP), said a statement from Ministry of New and Renewable Energy on Wednesday. The capital was mobilised by issuing 12.15 crore equity shares at a price of Rs 165.14 per share, which includes a premium of Rs 155.14 per share over the face value of Rs 10. The issue price of Rs 165.14 reflects a discount of 5.00% to the floor price of Rs 173.83 per equity share. Launched on June 5, 2025, the QIP issue closed on June 10, 2025, receiving an encouraging response from a diverse set of both domestic and foreign qualified institutional buyers (QIBs) including insurance companies, scheduled commercial banks and foreign portfolio investors. The Board has approved allotment of equity shares to eligible qualified institutional buyers in its meeting held today i.e. June 11, 2025. The QIP was oversubscribed with bids amounting to Rs 2,005.90 crore against the base issue size of Rs 1,500 crore, achieving a subscription of 1.34 times. The capital raised through this successful issue will further strengthen IREDA's Tier-I capital and overall Capital Adequacy Ratio (CAR), enhancing the company's capacity to support the expanding renewable energy sector in India. Reflecting on this achievement, Pradip Kumar Das, Chairman & Managing Director, IREDA, said: "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. 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." CMD, IREDA expressed his gratitude to Pralhad Joshi, Union Minister of New & Renewable Energy, Consumer Affairs and Food & Public Distribution; Shripad Naik, Minister of State for Power and New & Renewable Energy; Santosh Kumar Sarangi, Secretary, MNRE; Department of Investment and Public Asset Management (DIPAM); and the Board of Directors for their support and invaluable guidance. IREDA extended its gratitude to all institutional investors and stakeholders for their continued support, reaffirming its commitment to leading the country's clean energy financing initiatives. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hans India
3 days ago
- Business
- Hans India
IREDA raises Rs 2,006 cr via QIP to boost green financing
New Delhi: Indian Renewable Energy Development Agency Ltd. (IREDA) has successfully raised Rs 2,005.90 crore through Qualified Institutions Placement (QIP). The capital was mobilised by issuing 12.15 crore equity shares at a price of Rs 165.14 per share, which includes a premium of Rs 155.14 per share over the face value of Rs 10, according to an official statement issued on Wednesday. The issue price of Rs 165.14 reflects a discount of 5 per cent to the floor price of Rs 173.83 per equity share. Launched on June 5 this year, the QIP issue closed on June 10, receiving an encouraging response from a diverse set of both domestic and foreign Qualified Institutional Buyers (QIBs) including insurance companies, scheduled commercial banks and Foreign Portfolio Investors. The Board has approved allotment of equity shares to eligible QIBs at its meeting held on Wednesday. The QIP issue was oversubscribed with bids amounting to Rs 2,005.90 crore against the base issue size of Rs 1,500 crore, achieving a subscription of 1.34 times. The capital raised through this successful issue will further strengthen IREDA's Tier-I capital and overall Capital Adequacy Ratio (CAR), enhancing the company's capacity to support the expanding renewable energy sector in India. Pradip Kumar Das, Chairman & Managing Director, IREDA, said: '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 and Renewable Energy have reposed in 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.' IREDA has recorded a robust 49 per cent jump in net profit to Rs 502 crore for the January-March quarter of financial year 2024-25 compared to Rs 337 crore in the same quarter of the previous fiscal year. The country's largest pure-play green financing NBFC recorded a revenue of Rs 1,392 crore during the fourth quarter which represents a 37.7 per cent increase from Rs 1,916 crore in the Q4 of FY 2023-24. The Government-owned NBFC's loan sanctions for the fourth quarter recorded a 27 per cent rise to Rs 47,453 crore while loan disbursements for the quarter
Time of India
3 days ago
- Business
- Time of India
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.
