IREDA Shareholders Approve Rs 50 Billion Fundraising Plan
POWER & RENEWABLE ENERGY

IREDA Shareholders Approve Rs 50 Billion Fundraising Plan

Indian Renewable Energy Development Agency Ltd. (IREDA) shareholders have approved a plan to raise up to Rs 50 billion through Qualified Institutions Placement (QIP) in one or multiple tranches. The approval came via remote e-voting during IREDA’s 22nd Extra-Ordinary General Meeting (EGM) held virtually on February 24, 2025, chaired by IREDA CMD Shri Pradip Kumar Das and attended by board members and shareholders. 

The fundraising plan, approved by IREDA’s Board on January 23, 2025, includes diluting the Government of India’s shareholding by up to 7% post-issue equity. Shri Das highlighted IREDA’s robust financial performance in the first nine months of FY 2024-25, with a loan book of Rs 689.6 billion, loan sanctions of Rs 310.87 billion, and disbursements of Rs 172.36 billion. He stated that the QIP funds will strengthen green financing capabilities and support India’s clean energy goals. 

Shri Das also announced that IREDA Global Green Energy Finance IFSC Limited, IREDA’s wholly owned subsidiary, recently received registration from the International Financial Services Centre Authority (IFSCA) to operate as a finance company at GIFT City, Gujarat. This development will enable lending in foreign currency while minimising hedging risks. 

Additionally, shareholders approved amendments to IREDA’s Articles of Association, allowing the formation of joint ventures and subsidiaries in India and abroad and empowering the Board to exercise enhanced powers under ‘Navratna’ status, subject to government guidelines. 

(PIB)         

Indian Renewable Energy Development Agency Ltd. (IREDA) shareholders have approved a plan to raise up to Rs 50 billion through Qualified Institutions Placement (QIP) in one or multiple tranches. The approval came via remote e-voting during IREDA’s 22nd Extra-Ordinary General Meeting (EGM) held virtually on February 24, 2025, chaired by IREDA CMD Shri Pradip Kumar Das and attended by board members and shareholders. The fundraising plan, approved by IREDA’s Board on January 23, 2025, includes diluting the Government of India’s shareholding by up to 7% post-issue equity. Shri Das highlighted IREDA’s robust financial performance in the first nine months of FY 2024-25, with a loan book of Rs 689.6 billion, loan sanctions of Rs 310.87 billion, and disbursements of Rs 172.36 billion. He stated that the QIP funds will strengthen green financing capabilities and support India’s clean energy goals. Shri Das also announced that IREDA Global Green Energy Finance IFSC Limited, IREDA’s wholly owned subsidiary, recently received registration from the International Financial Services Centre Authority (IFSCA) to operate as a finance company at GIFT City, Gujarat. This development will enable lending in foreign currency while minimising hedging risks. Additionally, shareholders approved amendments to IREDA’s Articles of Association, allowing the formation of joint ventures and subsidiaries in India and abroad and empowering the Board to exercise enhanced powers under ‘Navratna’ status, subject to government guidelines. (PIB)         

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?