Indian Renewable Energy Development Agency files draft paper for IPO
offer for sale (OFS) of up to 268.78 million equity shares by the president of India, acting through the ministry of new and renewable energy, government of India. According to the DRHP, proceeds from the fresh issue will be used to augment Ireda's its capital base to meet its future capital requirements and onward lending. The company has appointed IDBI Capital Markets & Securities Ltd., BOB Capital Markets Ltd., and SBI Capital Markets Ltd.
as managers to the issue. Ireda was formed in 1987 as a Mini Ratna firm, with administrative controls with the Ministry of New and Renewable Energy (MNRE). Irda is enganed in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
It is India's largest dedicated green financing non-banking finance company (NBFC) and has a diverse investment portfolio worth ₹47,206.66 crore, spanning 23 states and five union territories. Ireda offers long-term, medium-term, and short-term loans, top-up loans, bridge loans, takeover financing, loans secured against future cashflows, and lines of credit to NBFCs. It also offers non-fund-based products such as letters of comfort, letters of undertaking, payment on order instruments, guarantee assistance schemes, and consultancy services.
During FY23 and the first three months ended 30 June 2023, Ireda sanctioned total loans amounting to ₹32,586.61 crore and ₹1,892.45 crore, respectively. Its debt instruments have been rated India Ratings (AAA Stable), ICRA (AAA Stable), and Acuite (AAA Stable). For fiscal year 2023, standalone revenue from operations rose 21.75% on year to ₹3,481.97 crore.
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