Indian Renewable Energy Development Agency (IREDA), a green financing NBFC, is contemplating a fundraise of up to Rs 4,500 crore through Qualified Institutional Placement (QIP), a rights issue, or other methods, as announced in its exchange filing on August 21.
The company’s board will convene on Thursday, August 29, to discuss and potentially approve the proposal.
In the regulatory filing, IREDA stated that the funds could be raised through equity share capital in one or more tranches via Further Public Offer (FPO), QIP, rights issue, preferential issue, or any other approved mode or combination thereof.
Since its listing in November 2023, IREDA’s stock has surged nearly 130% in 2024. The shares made an impressive stock market debut on November 29, opening at Rs 50—a 56.25% premium over the issue price of Rs 32—on both the BSE and NSE.
IREDA, a Mini Ratna firm under the Ministry of New and Renewable Energy, offers a wide range of financial products and services, both fund- and non-fund-based, covering all stages from project inception to post-completion for renewable energy projects, as well as related activities such as equipment manufacturing and transmission.
