Govt okays IREDA public issue

The move will help mobilise funds for the clean energy sector.

To boost clean energy, the government has approved an IPO of Indian Renewable Energy Development Agency (IREDA).

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday allowed the govt's principal clean energy financing arm to issue 13.9 crore fresh equity shares, increasing the paid-up share capital of the company from Rs 784 crore to Rs 923 crore.

According to a tweet by the Press Information Bureau, the Cabinet also approved issue of shares to retail investors and IREDA employees at a discount of 5 per cent on the issue price of each equity share on a book-building basis.

“This will enable IREDA to increase its equity base which will help them raise more debt resources for funding renewable energy projects,” said the statement.
 

Source: BusinessLine


 

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