IREDA gets approval of DIPAM to raise Rs 45 billion through QIP

Indian Renewable Energy Development Agency Limited (IREDA) has received approval from the Department of Investment and Public Asset Management (DIPAM) for raising approximately Rs 45 billion through a qualified institutional placement (QIP). Further equity issuance will dilute up to 7 per cent of the Government of India’s stake in the company in multiple tranches. The fundraising exercise aims to strengthen IREDA’s capital base, enabling the organisation to scale its financing for renewable energy projects and further accelerate India’s transition to clean energy.