Business Standard

IREDA gets Govt nod to raise Rs 4,500-cr via QIP

Image

The PSU company informed that it has received approval of the Department of Investment and Public Asset Management (DIPAM) to dilute up to 7% government holding via qualified institutions placement (QIP) for Rs 4,500 crore.

Earlier, on 29 August 2024, the companys board approved raising of funds by way of equity capital for an amount upto Rs 4,500 crore in one or more tranches through further public offer (FPO) / QIP / right issue / preferential issue or any other permitted mode or a combination thereof.

The companys committee recommended for an approval of the alternative mechanism on the proposal of the raising of funds to DIPAM.

 

The DIPAM on 18 September 2024, approved the alternative mechanism for the dilution of Government of India (GOI) shareholding in IREDA, owing to issue fresh equity through QIP route upto an extent of 7% of the paid-up equity of the company on post issue basis in one or more tranches.

Indian Renewable Energy Development Agency (IREDA) is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). It is also conferred with the Mini Ratna (Category-I) status. As on 30th June 2024, GoI held 75% stake in IREDA.

The companys consolidated net profit jumped 30% to Rs 383.69 crore in Q1 FY25 as compared with Rs 294.58 crore in Q1 FY24. Revenue from operations increased 32% YoY to Rs 1510.28 crore in Q1 FY25.

Shares of IREDA rose 0.81% to currently trade at Rs 229.35 on the BSE.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 19 2024 | 12:31 PM IST

Explore News