The Indian Renewable Energy Development Agency (IREDA) has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).
The state-owned financial institution intends to issue up to 139 million shares, as previously announced. The issue would constitute 15.05% of IREDA’s post-issue paid up equity share capital.
According to knowledgeable sources, cited by VCCircle, the IPO could reach INR 9 billion (USD 140m/EUR 118m). IREDA says in the prospectus that the proceeds would augment its capital base, allowing it to meet future capital requirements and on-lending. Some of the proceeds would also go for general corporate purposes.
IREDA offers financial assistance to projects, companies and manufacturers in India in the fields of wind, solar, hydro and biomass power generation, co-generation and waste to energy, and energy efficiency and conservation. As of the end of September 2017, 34.27% of IREDA’s outstanding loans and advances were related to wind and 25.11% to solar assets and projects.
India’s Cabinet Committee on Economic Affairs approved in June the planned listing of IREDA. The book-running lead managers of the IPO are YES Securities (India) Ltd, Elara Capital (India) Pvt Ltd, IDBI Capital Markets & Securities Ltd, SBI Capital Markets Ltd and Link Intime India Pvt Ltd.
(INR 100 = USD 1.56/EUR 1.31)
Choose your newsletter by Renewables Now. Join for free!