Key Highlights
- IREDA raised ₹2,005.90 cr via QIP, oversubscribed 1.34×, attracting both domestic and foreign QIBs.
- Issued 12.15 cr equity shares at ₹165.14 each (5% discount), boosting Tier‑I capital for RE expansion.
Ireda, a state-owned company, raised more than ₹2,000 crore through qualified institutional placement.
The QIP issue, open from June 5-10, received a positive response from domestic and foreign QIBs, including insurance companies, scheduled commercial banks, and foreign portfolio investors.
The board approved the allotment of equity shares to qualified institutional buyers during its meeting on Wednesday. The QIP received bids worth ₹2,005.90 crore, exceeding the base issue size of ₹1,500 crore by 1.34 times.
Ireda reported that the capital was raised by issuing 12.15 crore equity shares at ₹165.14 per share, with a premium of ₹155.14 per share over the face value of ₹10. The issue price of ₹165.14 represents a 5% discount to the floor price of ₹173.83 per equity share.
Also Read: IREDA and Indian Overseas Bank Join Forces for Renewable Energy Financing
The capital raised through this issue will strengthen Ireda's tier-I capital and overall capital adequacy ratio (CAR), increasing its ability to support India's expanding renewable energy sector.
"The successful completion of this QIP in a short period of time following IPO in November 2023 demonstrates the trust and confidence that the investor community and the MNRE have placed in the company," Ireda Chairman and Managing Director Pradip Kumar Das said.
Ireda, which operates under the Ministry of New and Renewable Energy (MNRE), finances and promotes renewable energy and energy efficiency projects throughout the country.
