NEW DELHI: State-owned IREDA on Thursday said its board has approved a plan to raise up to Rs 5,000 crore fund through the qualified institutions placement (QIP) route. The decision was taken during a board meeting held on Thursday, IREDA said in a regulatory filing.
The board approved raising of funds in one or more tranches "provided that the shareholding of the President of India, acting through the MNRE does not dilute more than 7 per cent of the post-issue paid-up equity share capital of the company", the filing said.
In a statement, the company said the financial resources will support the growing demand for green energy financing. The issuance will proceed after obtaining necessary approvals from shareholders and regulatory authorities.
"This fundraising initiative through QIP reflects IREDA's steadfast commitment to strengthening India's renewable energy ecosystem. It will enable us to scale up financial support for clean energy projects and further reinforce our leadership in the sector," Pradip Kumar Das, Chairman and Managing Director of IREDA, said.
The planned issuance ensures that the Government of India's shareholding in IREDA will remain strong, with up to 7 per cent dilution in the post-issue equity, the statement added.
Indian Renewable Energy Development Agency Ltd (IREDA) is a non-banking financial institution under the Ministry of New and Renewable Energy.
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