IREDA raises Rs 2,006 crore from QIP, LIC picks 50% shares at Rs 1,003 crore

IREDA QIP: Nearly 12.15 crore equity shares were issued at an issue price of Rs 165.14 apiece via the QIP, marking a discount of over 4.5 percent from the floor price of Rs 173 apiece.

Debaroti Adhikary

June 11, 2025 / 10:50 IST

IREDA

26 Aug, 2025 12:21

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Indian Renewable Energy Development Agency (IREDA) on June 11 said it has raised Rs 2,005.90 crore through a qualified institutional placement (QIP) of shares at an issue price of Rs 165.14 apiece.

Life Insurance Corporation of India (LIC) was allotted 50 percent of the total offer size, worth nearly Rs 1,003 crore at the issue price.

In an exchange filing, IREDA announced that LIC, Societe Generale, Morgan Stanley Asia (Singapore) PTE and Vikasa India EIF I Fund were the entities who were allotted more than 5 percent of the total offering. Nearly 12.15 crore equity shares were issued at an issue price of Rs 165.14 per share via the QIP, marking a discount of over 4.5 percent from the floor price of Rs 173 apiece.

Here's a list of the major allottees and shares allotted to them, as part of the QIP:

Allottees	Shares allotted	Percentage
Life Insurance Corporation of India	6,07,33,280	50%
Societe Generale - ODI	1,09,10,257	8.98%
Morgan Stanley Asia (Singapore) PTE. - ODI	1,10,78,144	9.12%
Vikasa India EIF I Fund	62,34,433	5.13%

"Pursuant to the allotment of equity shares under the QIP, the paid-up equity share capital of the company stands increased from Rs 26,87,76,47,060 crore consisting of 2,68,77,64,706 equity shares to Rs 28,09,23,12,680 crore consisting of 2,80,92,31,268 equity shares each," the company said in its exchange filing.

IREDA had earlier announced plans to raise Rs 5,000 crore through the QIP at a floor price of Rs 173 crore. IDBI Capital Market Services, BNP Paribas, SBI Capital Markets, Emkay Global Financial Services and Motilal Oswal Investment Advisors were appointed as the merchant bankers managing the QIP process.

IREDA shares were flat in early trade on June 11, up 0.7 percent to hover around Rs 184 apiece, as of 10.14 am. The stock has gained nearly 4 percent in the past five days, and nearly 9 percent in the past one month, however it is down nearly 17.5 percent in 2025 so far.