The Indian Renewable Energy Development Agency Limited (IREDA) has received in-principle approval from its Board of Directors to raise up to Rs 45 billion in equity capital. The funds will be raised in one or more tranches through methods such as Further Public Offer (FPO), Qualified Institutional Placement (QIP), Rights Issue, or Preferential Issue. The exact number of securities to be issued will be determined later, pending approval from the Government of India and other regulatory bodies.
IREDA, a mini Ratna firm under the Ministry of New and Renewable Energy, supports renewable energy projects with financial products and services. The company reported a 30% year-on-year increase in net profit to Rs 3.84 billion for the quarter ending June 30, 2024, with revenue from operations rising 32% to Rs 15.02 billion.