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The fundraising, which will be executed in one or multiple tranches, includes a dilution of the Government of India’s shareholding in IREDA by up to 7% post-issue. The proposal was previously cleared by the company’s board on January 23, 2025. The meeting was chaired by IREDA Chairman and Managing Director Pradip Kumar Das and attended by board members and shareholders.
The approval was granted via remote e-voting during the company’s 22nd Extra-Ordinary General Meeting (EGM) held on February 24, 2025, through video conferencing.
Also Read: IREDA subsidiary secures provisional registration as finance company in GIFT City
Addressing the shareholders, Pradip Kumar Das, CMD, highlighted IREDA’s strong financial performance in the first nine months of FY 2024-25, with a loan book of ₹68,960 crore, loan sanctions of ₹31,087 crore, and disbursements of ₹17,236 crore. “The funds raised through QIP will strengthen our green financing capabilities, accelerate loan book growth, and support India’s clean energy targets,” he stated.
Das further informed shareholders that IREDA Global Green Energy Finance IFSC Ltd, a wholly owned subsidiary of IREDA, recently received the Certificate of Registration from the International Financial Services Centre Authority (IFSCA), allowing it to commence business as a Finance Company at GIFT City, Gujarat. “This milestone strengthens IREDA’s commitment to lending and serving in foreign currency by reducing hedging risks,” he added.
In addition to the fundraising approval, shareholders also consented to amendments in IREDA’s Articles of Association. These amendments include provisions for the formation of joint ventures and subsidiaries in India and abroad, along with empowering the Board to exercise enhanced powers under ‘Navratna’ status, subject to government guidelines.
Also Read: IREDA Q3 Results: Net profit rises 26.8% YoY to ₹425.4 crore
Shares of India Renewable Energy Development Agency Ltd ended at ₹172.00, down by ₹5.15, or 2.91% on the BSE.
