IREDA launches Qualified institutions placement to raise Rs 5000 crore
IREDA shares drop as the company launches a Rs 5000 crore Qualified Institutional Placement (QIP) of equity shares at a floor price of Rs 173.83 per share to raise capital.
IREDA shares slip down as the company has announced to launch Qualified institutions placement (QIP) of equity shares of face value of Rs 10 each to raise Rs 5000 crore.
The exchange filing stated that pursuant to the approval of the Board of Directors at its meeting held on January 23, 2025, and approval of the shareholders of the Company (“Shareholders”) by way of a special resolution passed on February 24, 2025, the Boad of Directors, in its meeting held today, i.e., June 5, 2025, has inter alia considered and approved the authorizing of the opening of the proposed Issue today, i.e., on June 5, 2025, to eligible qualified institutional buyers, approved the floor price for the Issue, being Rs 173.83 per Equity Share (“Floor Price”), based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulations; and the preliminary placement document dated June 5, 2025 (“Preliminary Placement Document”) and the draft of the application form, in connection with the QIP.
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Further, 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 (Rupees Five Thousand Crore only) or an equivalent amount thereof.
According to the exchange filing the ‘Relevant Date’ for the purpose of the QIP is June 5, 2025; and accordingly, the Floor Price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations, is Rs 173.83 per Equity Share.
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Shares of IREDA are trading down by 0.87% at Rs 174.85 at the BSE.
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