IREDA Board approves fund raising amount via QIP to Rs 5,000 crore

State-owned Indian Renewable Energy Development Agency Board has approved raising a sum of Rs 5,000 crore in one or more tranches through a Qualified Institutional Placement (QIP) route.

According to the exchange filing made, "Board of the company, at its meeting held today, i.e., Thursday, January 23, 2025, has considered and approved the raising of funds by issue of equity shares through a qualified institutions placement (“QIP”), in one or more tranches, under applicable laws, for an amount aggregating up to Rs 5,000 Crore.

Earlier in 2024, IREDA's board had approved raising a sum of Rs 4,500 crore by selling shares to eligible institutions.  Additionally, IREDA had also approved setting up a retail subsidiary and Das mentioned that it has submitted its business plan to the Reserve Bank of India and is awaiting approval from the banking regulator on the same.

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Shares of IREDA are currently trading 1.48% lower on Thursday at Rs 197.30. The stock has already corrected 37% from its peak of Rs 310, hit in July last year.

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