IREDA Board approves Rs 4,500 cr fundraise plan
The board of IREDA has approved raising Rs 4,500 crore through various funding methods including FPO, QIP, rights issue, or preferential issue. This move supports India’s renewable energy goals, targeting 500 GW capacity by 2030
)
The board of state-owned IREDA on Thursday approved a proposal to raise Rs 4,500 crore.
The funds will be raised in one or more tranches through further public offer (FPO)/qualified institutional placement (QIP)/rights issue/preferential issue or any other permitted mode or combination, subject to the statutory or government approval, IREDA said in an exchange filing.
The type and the number of securities to be issued shall be decided subsequently, it said. IREDA, under the Ministry of New & Renewable Energy, is engaged in providing finance to mainly renewable energy projects.
The fundraising assumes significance as India has an ambitious target of having 500 GW renewable energy by 2030 and needs to add about 50 GW capacity per annum to achieve the goal.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
03:47 PM IST
Up over 610% in less than 1 year, this Navratna PSU stock spurts over 4% as centre stake sale gets go-ahead
IREDA to raise Rs 29,500 crore through debt and equity in FY25
IREDA to invest Rs 290 crore in 900 MW project in Nepal