State-owned IREDA files draft papers with Sebi
State-run Indian Renewable Energy Development Agency (IREDA) has filed preliminary papers with markets regulator Sebi to raise funds through an Initial Public Offering (IPO).
)
State-run Indian Renewable Energy Development Agency (IREDA) has filed preliminary papers with markets regulator Sebi to raise funds through an Initial Public Offering (IPO).
This is the third time that the state-owned company has filed its IPO papers and is proposing to take the firm public after two failed attempts in 2017 and 2019 in the backdrop of unfavourable market conditions.
The IPO consists of a fresh issue of up to 40.31 crore equity shares and an Offer For Sale (OFS) of up to 26.88 crore equity shares by the President of India, acting through the Ministry of New and Renewable Energy, Government of India, according to the Draft Red Herring Prospectus (DRHP) that was filed on Thursday.
The offer is being made through the book building process, wherein not more than 50 per cent of the issue shall be available for allocation to qualified institutional buyers. Not less than 15 per cent of the offer shall be available for allocation to non-institutional bidders and not less than 35 per cent for retail individual bidders.
It is the first public issue by a public sector enterprise after Life Insurance Corporation's IPO in May last year. Proceeds from the fresh issue will be used for augmenting IREDA's capital base to meet its future capital requirements and onward lending.
IREDA is a mini ratna firm with administrative controls with the Ministry of New and Renewable Energy. The organisation offers a comprehensive array of financial products (fund and non-fund based) and associated services, from project inception to post-completion, for renewable energy projects and related activities like equipment manufacturing and transmission.
As of June 30, its portfolio of outstanding term loans stood at Rs 47,206.66 crore, reflecting its diverse investment ventures. During FY23 and the first three months of the current fiscal, IREDA sanctioned total loans amounting to Rs 32,586.61 crore and Rs 1,892.45 crore, respectively.
BOB Capital Markets Ltd, SBI Capital Markets Ltd and IDBI Capital Markets & Securities Ltd are the book-running managers to the issue. The shares of the company will be listed on the BSE and NSE.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
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

SBI Senior Citizen FD Rates: Want to invest Rs 3,00,000 in SBI FD? You can get this much maturity amount in 1 year, 3 years, and 5 years

EPS Pension Calculation: Rs 40,000 basic salary, 30 years of service, what will be your monthly EPS pension amount?

Retirement Planning: How one-time investment of Rs 11,00,000 can create a Rs 3,30,00,000 retirement corpus

Top 5 SBI Mutual Fund Schemes: Rs 1 lakh lump sum investment has grown to Rs 2.84 lakh-3.50 lakh in 5 years; see list

IND VS PAK Live Cricket Score Streaming APPS: When and where to watch India vs Pakistan ICC Champions Trophy 2025

SBI vs PNB vs BoB- 5 year FD Scheme: Which bank can give you higher return on Rs 1 lakh and Rs 2 lakh investment?

Monthly Pension Calculations: Is your basic pension Rs 25,000, Rs 45,000, or Rs 55,000? Know what can be your total pension as per latest DR rates

Income Tax Calculations: Is your annual salary Rs 6.75 lakh, Rs 9.25 lakh, Rs 14.50 lakh, or Rs 18.50 lakh? Know how much tax you will pay in old and new tax regimes
07:01 PM IST