IREDA gets shareholders’ nod to raise ₹5,000 Crore via QIP

25 Feb 2025 , 09:00 AM

Indian Renewable Energy Development Agency (IREDA) announced on Monday that it has received shareholders approval for its plan to raise ₹5,000 Crore via a Qualified Institutional Placement (QIP) of equity shares.

The fundraising shall be executed in one or more tranches. This shall include a dilution of the Government of India’s shareholding in IREDA by up to 7% following issue. The proposal previously received board approval on January 23, 2025. The meeting was chaired by Chairman, IREDA and Managing Director Pradip Kumar Das and was attended by board members and shareholders.

The proposal received approval via remote e-voting during the company’s 22nd Extra-Ordinary General Meeting (EGM) which was conducted on February 25, 2025.

IREDA’s robust financial performance in the first nine-months of FY 2024-25. It has a loan book of ₹68,960 Crore, loan sanctions of ₹31,087 Crore, and disbursements of ₹17,236 Crore. 

Pradip Kumar Das, CMD, informed the shareholders that its wholly-owned subsidiary IREDA Global Green Energy Finance IFSC Limited, recently received a certificate of Registration from International Financial Services Centre Authority (IFSCA). With this, it can now commence business as a Finance Company at Gift City, Gujarat. 

Further, apart from fundraising approval, shareholders have also given their consent to amendments in the company’s Articles of Association. These amendments include provisions for setting up Joint Ventures and subsidiaries in India and abroad. This shall allow the Board to exercise enhanced powers under ‘Navratna’ status, subject to regulatory guidelines. 

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