IREDA board approves plan to raise up to Rs 5,000 cr via QIP

State-owned IREDA connected Thursday said its committee has approved a program to rise up to Rs 5,000 crore money done the qualified institutions placement (QIP) route.

The determination was taken during a committee gathering held connected Thursday, IREDA said successful a regulatory filing.

The committee approved raising of funds successful 1 oregon much tranches "provided that the shareholding of the President of India, acting done the MNRE does not dilute much than 7 per cent of the post-issue paid-up equity stock superior of the company", the filing said.

In a statement, the institution said the fiscal resources volition enactment the increasing request for greenish vigor financing. The issuance volition proceed aft obtaining indispensable approvals from shareholders and regulatory authorities.

"This fundraising inaugural done QIP reflects IREDA's steadfast committedness to strengthening India's renewable vigor ecosystem. It volition alteration america to standard up fiscal enactment for cleanable vigor projects and further reenforce our enactment successful the sector," Pradip Kumar Das, Chairman and Managing Director of IREDA, said.

The planned issuance ensures that the Government of India's shareholding successful IREDA volition stay strong, with up to 7 per cent dilution successful the post-issue equity, the connection added.

Indian Renewable Energy Development Agency Ltd (IREDA) is simply a non-banking fiscal instauration nether the Ministry of New and Renewable Energy.