The Union Cabinet on Wednesday approved the initial public offer (IPO) of Indian Renewable Development Agency (IREDA) to issue 13.9 crore fresh equity shares of Rs 10 each to the public on a book-building basis, said a tweet by the Press Information Bureau.
The Cabinet also approved issue of shares to retail investors and IREDA employees at a discount of 5 per cent on the issue price of each equity share on a book-building basis.
“This will enable IREDA to increase its equity base which will help them raise more debt resources for funding renewable energy projects,” said the statement.