Green Energy Financier IREDA Gets Cabinet Nod For IPO


The Cabinet Committee on Economic Affairs approved the listing of Indian Renewable Energy Development Agency Ltd. on stock exchanges through an initial public offering—a move that will help in raising part of its funds for meeting growth plans.

The issue will include the sale of a part of the government’s stake in the agency as well as an issue of fresh equity, according to an official statement released on Friday.

The current approval supersedes an earlier decision taken by the CCEA in July 2017 for allowing IREDA to issue 13.90 crore fresh equity shares of Rs 10 each on a book-building basis through the IPO. The recent decision was necessitated after the capital structure of IREDA changed in the wake of Rs 1,500-crore capital infusion by the government in March last year.