Indian Renewable Energy Development Agency (IREDA), a mini ratna under the Union ministry of new and renewable energy, is set to launch its IPO on Tuesday. Registered as a Systemically Important Non-Deposit-taking Non-Banking Finance Company with Infrastructure Finance Company status, IREDA is looking to raise up to Rs 2,150 crore through its IPO.
The offer comprises fresh issuance of equity shares up to 40.3 crore and an Offer for Sale of up to 26.9 crore equity shares. Investors can bid for a minimum of 460 equity shares and in multiples of 460 equity shares thereafter. The bidding process will end on Thursday (November 23, 2023).
IREDA extends financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects. It has a geographically diversified portfolio with term loans across the country and has four branches including one in Chennai.
As of September 30, 2023, IREDA had a diversified portfolio of term loan outstanding amounting to Rs 47,514 crore.
