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The Indian Renewable Energy Development Agency Ltd. (IREDA) has announced plans to raise up to ?5,000 crore through a Qualified Institutions Placement (QIP) of equity shares. The decision, approved by IREDA’s Board of Directors, aims to enhance the agency’s financial capacity to meet the rising demand for renewable energy financing. The QIP will be carried out in one or more tranches, following requisite approvals from shareholders and regulatory bodies. This move aligns with IREDA’s commitment to bolstering India’s renewable energy infrastructure and advancing the nation’s clean energy goals. IREDA Chairman and Managing Director Shri Pradip Kumar Das highlighted the significance of the initiative, stating, “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.” The issuance is structured to maintain a robust Government of India shareholding in IREDA, with a dilution cap of up to 7% in post-issue equity. The funds raised will be directed toward scaling financial assistance for renewable energy projects across the country, ensuring continued support for India’s transition to clean energy. This development underscores IREDA’s pivotal role in driving the growth of sustainable energy and reaffirms its position as a key player in the sector. |
