IREDA To Raise Rs 4,500 Crore Via QIP

IREDA (Indian Renewable Energy Development Agency), recently received approval to raise Rs 4,500 Crore Fundraise Via qualified institutional placement (QIP).

The public limited government company in principle received approval from the Board of Directors of IREDA to raise funds in one or more tranches. The Department of Investment and Public Asset Management (DIPAM), conveyed the approval of the Alternative Mechanism upon the recommendation of the High-Level Committee on the proposal of the raising of funds by IREDA.

The alternative mechanism allowed for the dilution of government of India (GOI) shareholding in IREDA, owing to the issue of fresh equity through Qualified Institutions Placement (QIP) route up to an extent of 7% of the paid-up equity of IREDA on the post-issue basis in one or more tranches.

Loan Sanctions Up 383%, Disbursements 68% For IREDA In Q1 2024-25.

For the first quarter ended 30th June 2024, IREDA (Indian Renewable Energy Development Agency Ltd.) reported a strong performance. According to provisional figures, subject to audit, the company recorded substantial increases in loan sanctions, disbursements, and its loan book. The renewables-focused firm, which has also been the preferred nodal agency for many key government schemes targeted at the sector, was listed last year and has enjoyed a stellar run since, with a current market capitalization of almost Rs 520 billion currently.

During the first quarter of FY 2024-25, IREDA sanctioned loans amounting to Rs. 9,136 crore, reflecting a significant growth of 382.62% compared to Rs. 1,893 crore in the corresponding quarter of the previous fiscal year. Disbursements during the same period stood at Rs. 5,320 crore, marking an increase of 67.61% year-on-year compared to Rs. 3,174 crore in the first quarter of FY 2023-24. The total loan book outstanding as of 30^th June 2024, reached Rs. 63,150 crore, representing a notable growth of 33.77% from Rs. 47,207 crore in the previous year.