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Renewable energy financier Ireda raises Rs.2,000-Cr via QIP

Business Line   IREDA  

State-owned, New Delhi-headquartered IREDA (Indian Renewable Energy Development Agency) has raised over INR 2,000 crore, through a qualified institutions placement (QIP) issue, from both domestic and foreign insurance companies, scheduled commercial banks and foreign portfolio investors.The QIP was oversubscribed with bids amounting to INR 2,005.90 crore against the base issue size of INR 1,500 crore, achieving a subscription of 1.34 times.The capital was mobilised by issuing 12.15 crore equity shares at INR 165.14 per share (reflecting a discount of 5% to the floor price of INR 173.83 per equity share), which includes a premium of INR 155.14 per share over the face value of INR 10.IREDA, under the Ministry of New and Renewable Energy (MNRE), is into financing and promoting renewable energy and energy efficiency projects across the country.