The cabinet today is likely to announce the Indian Renewable Energy Development Agency Limited (IREDA) IPO, reports CNBC-TV18’s Anshu Sharma quoting sources.
IREDA expects to raise at least Rs 139 crore in addition to the premium if any from the initial public offering. It is likely to issue 15 percent of fresh equity for 13.9 crore shares at a face value of Rs 10.
The government of India will decide to offload 10 percent stake in IREDA at a later stage.
The listing will help increase networth, lending & borrowings of renewable energy financing company. The governmnet has a target of 175 Gega Watt of renewable energy from wind,solar etc by 2022. So it will be crucial for a financial company to be listed for transparency and visibility.
The government-owned IREDA is a NBFC committed to funding for clean energy.
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