The QIP, launched on June 5 and closed on June 10, saw the allotment of 12.15 crore equity shares at ₹165.14 per share—including a premium of ₹155.14 over the ₹10 face value—representing a 5% discount to the floor price of ₹173.83, the ministry said.
Representative Image (IANS)
The Indian Renewable Energy Development Agency Ltd. (IREDA) has successfully raised ₹2,005.90 crore through a Qualified Institutions Placement (QIP), reinforcing its financial strength and commitment to clean energy financing in India, Ministry of New and Renewable Energy said in a statement on Wednesday.
The QIP, launched on June 5 and closed on June 10, saw the allotment of 12.15 crore equity shares at ₹165.14 per share—including a premium of ₹155.14 over the ₹10 face value—representing a 5% discount to the floor price of ₹173.83, the ministry said.
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The issue was oversubscribed, receiving bids worth ₹2,005.90 crore against the base size of ₹1,500 crore, achieving a subscription rate of 1.34 times.
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The funds raised will augment IREDA’s Tier-I capital and Capital Adequacy Ratio (CAR), enabling enhanced support for India’s growing renewable energy sector.
Speaking on the development, CMD Pradip Kumar Das stated, “The success of this QIP, soon after our IPO in November 2023, reflects strong investor confidence and support from the Ministry of New & Renewable Energy. This infusion empowers us to expand our financing capabilities for renewable energy projects, driving India’s green energy transition.”
The CMD further expressed gratitude to Union Minister Pralhad Joshi, Hon’ble Minister of State Shripad Naik, Secretary MNRE Santosh Kumar Sarangi, DIPAM, the Board of Directors, and institutional investors for their steadfast support.
IREDA extended its gratitude to all institutional investors and stakeholders for their continued support, reaffirming its commitment to leading the country’s clean energy financing initiatives.
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