The Indian Renewable Energy Development Agency (IREDA) has successfully completed its qualified institutional placement (QIP), raising ₹2,005.90 crore through the allotment of over 12.14 crore equity shares. In a significant development, Life Insurance Corporation of India (LIC) emerged as the largest investor, acquiring 50% of the QIP issue size, or 6.07 crore shares.
The allotment was approved by IREDA’s board on Wednesday and priced at ₹165.14 per equity share, which includes a premium of ₹155.14 and a 5% discount on the floor price in accordance with SEBI regulations.
Following the QIP, IREDA’s paid-up equity capital has increased from ₹2,687.76 crore to ₹2,809.23 crore, with the total number of shares rising to 280.92 crore.
Other key investors in the QIP include:
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Societe Generale – ODI: 1.09 crore shares (8.98%)
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Morgan Stanley Asia (Singapore) Pte – ODI: 1.10 crore shares (9.12%)
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Vikasa India EIF I Fund: 62.34 lakh shares (5.13%)
IREDA plans to use the QIP proceeds to fund its future growth in the renewable energy sector. The company has been instrumental in financing clean energy projects across India and is expected to play a pivotal role in achieving the country’s green energy transition goals.
The successful closure of this QIP not only boosts IREDA’s financial flexibility but also highlights the growing investor confidence in India’s renewable energy financing ecosystem.
