Indian Renewable Energy Development Agency Ltd. (IREDA) shareholders have approved the firm’s proposal to raise up to INR 5,000 crore through Qualified Institutions Placement (QIP) of equity shares, in one or multiple tranches. The approval was granted by the shareholders in favour of the resolution via remote e-voting during the 22nd Extra-Ordinary General Meeting (EGM) held through video conferencing.
The meeting was chaired by IREDA CMD Pradip Kumar Das and attended by Directors on the Board and shareholders.
Earlier this year, IREDA approved the fundraising plan which includes the dilution of the Government of India’s shareholding in the company by up to 7 percent post-issue equity, in one or multiple tranches.
Das highlighted IREDA’s strong financial performance in the first nine months of FY 2024-25, with a loan book of INR 68,960 crore, loan sanctions of INR 31,087 crore, and disbursements of INR 17,236 crore and added that the funds raised through QIP will strengthen green financing capabilities, accelerate loan book growth, and support India’s clean energy targets.
He informed that IREDA Global Green Energy Finance IFSC Limited, a wholly owned subsidiary of IREDA, recently bagged 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.
Additionally, shareholders consented to amendments in IREDA’s Articles of Association which also include provisions for 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.