New Delhi, 11 June (IANS). The Indian Renewable Energy Development Agency Limited (IREDA) has successfully raised funds of Rs 2,005.90 crore from investors through the Qualified Institutional Placement (QIP).
According to an official statement released by the company on Wednesday, capital has been raised by issuing 12.15 crore equity shares at a price of Rs 165.14 per share.
IREDA has issued shares to investors at a 5 percent discount against the market price of Rs 173.83 per equity.
The QIP issue was launched on 5 June. It closed on June 10, which received good response from domestic and foreign institutional buyers (QIBs), including insurance companies, scheduled commercial banks and foreign portfolio investors.
The board has approved the allotment of equity shares to eligible QIB in its meeting held on Wednesday.
The capital raised through this successful issue will further strengthen the IREDA’s Tier-1 capital and overall capital adequacy ratio (CAR), which will increase the company’s capacity to support the extended renewable energy sector in India.
IREDA Chairman and Managing Director Pradeep Kumar Das said, “The successful completion of this QIP in a short time after our IPO in November 2023 is a proof of the trust and trust expressed on the IREDA by the Investor Community and Ministry of New and Renewable Energy.”
The IREDA recorded a 49 percent increase in net profit in the January-March quarter of FY 2024-25, registering a profit of Rs 502 crore, while it was Rs 337 crore in the same quarter of the previous financial year.
The country’s largest green finance NBFC recorded a revenue of Rs 1,392 crore during the fourth quarter, indicating an increase of Rs 37.7 crore from Rs 1,916 crore in the fourth quarter of FY 2023-24.
-IANS
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