State-run Indian Renewable Energy Development Agency (IREDA) is considering to issue a follow-on public offering (FPO) in the current financial year, Chairman and Managing Director Pradip Kumar Das said on May 21.
To meet the company’s capital requirements and to fund green energy projects, the non-banking financial company (NBFC) plans to launch the FPO either in the second half of the current year or in the beginning of FY26, said Das without disclosing the FPO amount. The company would also look at perpetual debt for raising funds.
“We may come back to the market through follow-on public offering. We will be requesting the government of India (for FPO),” Das told reporters in media round table.
IREDA, which has recently been awarded with the Navratna status, had launched an initial public offering (IPO) in December 2023. The company’s IPO plans had earlier failed twice in 2017 and 2019.
In March, IREDA’s board of directors approved a borrowing programme for up to Rs 24,200 crore for FY25. Das said the company is planning to issue an FPO as the amount of Rs 24,200 crore would not be adequate for future ambitions of IREDA.
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