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State-run Indian Renewable Energy Development Agency (IREDA) on Friday said that it has successfully raised ₹1,500 crore today through issuance of bonds.
The bond issuance, which consisted of base issue of ₹500 crore and Green shoe option of ₹1,000 crore, received an overwhelming response from investors and was oversubscribed 2.65 times. The funds have been raised at an annual interest rate of 7.44 per cent for a tenure of 10 years and 2 months, the green energy sector financer said.
IREDA CMD Pradip Kumar Das said: “We are happy with the overwhelming response to our bond issuance. The oversubscription by 2.65 times underscores the trust and confidence that investors have in IREDA’s vision and its crucial role in driving the renewable energy growth in the country. This successful capital raising will enable us to further strengthen our efforts in financing green energy projects, contributing to India’s goal of achieving 500 GW non-fossil fuel installed capacity target by 2030.”
The non-banking financial company (NBFC) is also planning a follow-on public offer (FPO) in the current financial year to meet its capital requirement and for lending to green energy projects. The lender is eyeing the second half of the current financial year or H1 FY26 for the FPO.
IREDA’s net worth is around ₹8,559.43 crore and the loan book is around ₹59,698 crore. In FY24, the company disbursed around ₹25,089 crore. In FY23, it was around ₹21,639 crore and ₹16,071 crore and around ₹11,000 crore in FY22 and FY21, respectively.
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