IREDA is into Financial Services NBFC and is looking raise funds through Fresh Issue & Offer for Sale
IREDA IPO: Indian Renewable Energy Development Agency Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 10 per share via initial public offering.
Initial Public Offer comprising of a Fresh Issue aggregating up to 403,164,706 Equity shares and an Offer for Sale up to 268,776,471 Equity Shares.. IDBI Capital Markets & Securities, BOB Capital Markets, SBI Capital Markets have been appointed as lead merchant bankers for the proposed IPO. It has appointed Link Intime India Pvt. Ltd. as Registrar and Share transfer Agent. Company is yet to finalize issue size and some other important details relating to the IPO.
Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Fresh Issue of up to 403,164,706 Equity Shares offer-for-sale (OFS) of up to 268,776,471 equity shares by The President of India, acting through the Ministry of New and Renewable Energy, Government of India who will offload up to 268,776,471 Equity Shares..
Objects of the issue:
Augmenting capital base to meet future capital requirements and onward lending..
Promoters of IREDA are The President of India acting through The Ministry of New and Renewable Energy, Government of India and holds 100% stake in the company.
About Company:
Established in 1987, IREDA is a Government of India enterprise under the administrative control of the Ministry of New and Renewable Energy. It is a “Public Financial Institution”, registered as a Systemically Important Non-Deposittaking Non-Banking Financial (NBFC) Company, with Infrastructure Finance Company status. Having over 36 years of experience in promoting, developing and extending financial assistance for new and renewable energy projects, and energy efficiency and conservation projects. Company provide a comprehensive range of financial products and related services, from project conceptualisation to post-commissioning, for renewable energy projects and other value chain activities, such as equipment manufacturing and transmission.
About Industry:
In Fiscal 2023, the outstanding credit of key power financing Non-Banking Financial Companies (“NBFCs”) reached approximately ₹9,399billion, at a CAGR of approximately 10% since Fiscal 2019. In Fiscal 2024, power financing NBFCs are expected to continue this growth momentum, driven by increase in power demand, rise in population, renewable integration and sustainability goals of India. Financing requirement for renewable energy sectors such as solar and wind are set to expand prominently in line with the Government’s target of 500 GW installed non-fossil fuel-based power capacity by 2030.
Source: SEBI, BSE, NSE, DRHP, IREDA, Industry Data
Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.
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