State-owned NBFC IREDA files DRHP with Sebi for IPO
IREDA) has filed its draft red herring prospectus (DRHP) with capital market regulator Sebi to raise funds through an IPO.
It is the first IPO by a public sector enterprise after Life Insurance Corporation's public issue in May last year.
The IPO with a face value of Rs 10 consists of fresh issue of up to 40.3 crore equity shares and an offer for sale (OFS) of up to 26.8 crore units by the government
The offer includes a reservation for eligible employees. About 50% of the IPO will be available for allocation on a proportionate basis to qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.
The proceeds from the fresh issue will be used for augmenting its capital base to meet its future capital requirements and onward lending.
IREDA has an impressive track record spanning over 36 years in the field of fostering and providing financial support for fresh and sustainable energy (RE) projects, as well as energy efficiency and conservation (EEC) initiatives.
The company is India's largest dedicated green financing non-banking financial company (NBFC).
The organization offers a comprehensive array of financial products (fund and non-fund based) and associated services, from project inception to post-completion, for RE projects and related activities like equipment manufacturing and transmission.
As of June, its portfolio of outstanding term loans stood at Rs 47,206 crore, reflecting its diverse investment ventures.
The company has a geographically diversified portfolio, with term loans outstanding across 23 states and five union territories.
IREDA also extends lines of credit to other NBFCs for lending to RE and EEC projects. Additionally, it offers loans to government entities and
