Indian Renewable Energy Development Agency (IREDA) has announced that its board of directors approved a proposal to raise funds through a Qualified Institutions Placement (QIP) for an amount aggregating up to ₹5,000 crore. This issuance aims to bolster the company’s financial standing and advance renewable energy initiatives.
Key Points:
- QIP Details: The equity shares will be issued in one or more tranches under applicable laws, subject to shareholder and regulatory approvals. The shareholding of the President of India, acting through the Ministry of New and Renewable Energy, will not dilute more than 7% of the post-issue paid-up equity share capital.
- Extraordinary General Meeting (EGM): The board also approved the notice for the 22nd EGM to seek shareholder consent for the QIP and to amend the Articles of Association.
- Timelines: The board meeting commenced at 12:34 PM and concluded at 1:22 PM on January 23, 2025.
This initiative aligns with IREDA’s mission to expand its role in renewable energy development, driving India’s clean energy transition.
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IREDA