IREDA to raise Rs 50 billion via QIP

The Indian Renewable Energy Development Agency Limited (IREDA) has approved plans to raise up to Rs 50 billion through a qualified institutions placement (QIP) of equity shares in multiple tranches.

Additionally, IREDA’s wholly owned subsidiary, IREDA Global Green Energy Finance IFSC Limited, has received registration from the International Financial Services Centre Authority to operate as a finance company at GIFT City, Gujarat. This will enable foreign currency lending while mitigating hedging risks. The move aligns with tax benefits at GIFT IFSC, such as corporate tax exemptions, lower minimum alternate tax, and exemptions on dividend distribution tax, capital gains, stamp duty, and GST on services.

Shareholders have also approved amendments to IREDA’s articles of association, allowing the formation of joint ventures and subsidiaries in India and abroad.