Indian Renewable Energy Development Agency (IREDA) on Thursday, January 23, said it will raise ₹5,000 crore through a qualified institutions placement (QIP) route in one or more tranches. In an exchange filing on Thursday, January 23, the Navratna PSU company said the board approved the fundraising plan at its meeting today.
“The board of the company, at its meeting held today, i.e., Thursday, January 23, 2025, has considered and approved the raising of funds by issue of equity shares through a qualified institutions placement (QIP), in one or more tranches, for an amount aggregating up to ₹5,000 crore,” IREDA said.
The company has a specific condition that the President of India’s shareholding (via the Ministry of New and Renewable Energy) must not decrease by more than 7 per cent of the company’s post-issue paid-up equity share capital.
A QIP is a fundraising method used by listed companies by issuing equity shares, fully or partly convertible debentures, or other securities to qualified institutional buyers (QIBs), such as mutual funds, foreign portfolio investors (FPIs), banks, insurance companies, and pension funds. Retail investors are not eligible for a QIP.
More to come…
