IREDA Shareholders Approve Rs 50 Billion Fundraising Plan

25 Feb 2025 CW Team

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)

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