Renewable co IREDA eyes Rs 2,150 crore in IPO

CHENNAI: Indian Renewable Energy Development Agency (IREDA), a mini ratna under the Union ministry of new and renewable energy, will launch its IPO on Tuesday.

Registered as a Systemically Important Non-Deposit-taking Non-Banking Finance Company with Infrastructure Finance Company status,It has set the price band at Rs 30-32 per share and is looking to raise up to Rs 2,150 crore.

A statement here said, the offer comprises fresh issuance of equity shares up to 40.3 crore and an Offer for Sale of up to 26.9 crore equity shares. While investors can bid for a minimum of 460 equity shares and in multiples of 460 equity shares thereafter, the bid closes on Thursday (November 23, 2023).

IREDA is looking to raise up to ₹2,150 crore through its IPO.

IREDA extends financial assistance for new & renewable energy projects, energy efficiency and conservation projects. It has a geographically diversified portfolio with term loans across the country and has four branches including one in Chennai.

As of September 30, 2023, it had a diversified portfolio of term loan outstanding amounting to Rs 47,514 crore.