Ireda mulls FPO of Rs 4,500 crore, will hold meet on Aug 29

State-owned NBFC Ireda Limited will issue a follow-on public offering (FPO) of Rs 4,500 crore and will hold a meeting of the board of directors on August 29 to get the approval for the same.

“This is to inform that board meeting of Ireda Ltd is scheduled to be held on Thursday, August 29, 2024, inter-alia, thttps://www.psuconnect.in/ministry/ministry-of-new-and-renewable-energy-32o consider and approve the proposal for raising of funds by way of equity share capital for an amount aggregating of upto Rs 4,500 crore in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue or any other permitted mode or a combination, as may be deemed appropriate, subject to the Statutory or Govt. Approval,” said the company’s announcement on the exchanges on Wednesday.

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The NBFC, which is under the aegis of the Ministry of New and Renewable Energy (MNRE), aims to raise Rs 24,200 crore in 2024-25. The FPO is in line with its plan to increase its equity capital. Ireda launched its IPO in December 2023 and debuted on Dalal Street after two failed attempts over the last decade. Ireda is currently the only listed public-sector NBFC solely focused on green energy sectors.

Ireda recently incorporated a subsidiary in Gift City, Gujarat. As of March 31, 2024, its net worth grew by 44.2 percent over the last financial year to Rs 8,559.43 crore.

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