India gives green light to IREDA listing

India’s Cabinet Committee on Economic Affairs approved on Wednesday a planned listing of the Indian Renewable Energy Development Agency (IREDA).

The Cabinet has cleared the issue of 139 million new equity shares of IREDA at INR 10.00 (USD 0.15/EUR 0.14) each through an initial public offering (IPO), according to a press statement. It said that the listing will enable IREDA to increase its equity base in order to raise more debt resources for the purpose of financing renewable energy projects. The public issue will also help increase its visibility in local and international financial markets.

The Cabinet also approved conducting a book building process for the IPO by the Ministry of New and Renewable Energy (MNRE) or IREDA through a Book Running Lead Manager (BRLM).

India is pursuing a target of having 175 GW of renewable energy capacity by 2022, which requires substantial investments, the Cabinet noted.

(INR 1.0 = USD 0.156/EUR 0.138)

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