State-run green energy financing firm IREDA files for IPO

The Indian Renewable Energy Development Agency (IREDA) has filed draft papers with SEBI for the issue of an IPO. The IPO will involve the sale of 139 million fresh equity shares of IREDA and a reservation of 0.69 million equity shares for eligible employees. The IPO size is estimated at Rs 8.5 billion-Rs 9 billion ($133 million-$140 million). The proceeds from the issue will be utilised to expand the capital base of the company for meeting future capital requirements and funding other corporate objectives. The issue will be managed by Yes Securities (India) Limited, Elara Capital (India) Private Limited, IDBI Capital Markets and Securities Limited, and SBI Capital Markets Limited.