IREDA, WAPCOS to hit capital markets next fiscal: DIPAM Secy

PTI Updated - February 05, 2023 at 11:58 AM.

The Government is targeting to launch the initial public offering (IPO) of clean energy lender, IREDA, and State-owned engineering consultancy firm, WAPCOS, in the next fiscal, DIPAM Secretary Tuhin Kanta Pandey said.

The proceeds from the stake sales would form part of the Budgeted disinvestment kitty of ₹51,000 crore for FY24.

Also read:Budget 2023: Union Budget adopts a pragmatic approach towards divestment

"IREDA is lined up for initial public offering (IPO) next fiscal. DRHP for WAPCOS has already been filed," Pandey told PTI.

The Department of Investment and Public Asset Management (DIPAM) manages Government equity holding in public sector companies.

WAPCOS, an engineering consultancy and construction services firm under the Jal Shakti Ministry, had in September last year filed draft papers with market regulator SEBI for launching an IPO by selling 3.25 crore shares held by the Government.

The company's revenue from operations stood at ₹2,798 crore, while net profit was ₹69.16 crore in 2021-22.

The IPO of the Indian Renewable Energy Development Agency (IREDA) was approved by the Cabinet in 2017. Under the listing proposal, IREDA had planned to issue fresh 13.90 crore shares.

Also read:IREDA’s net NPAs down to 2.72% in Q2 FY23

In January last year, the Cabinet approved ₹1,500 crore equity infusion in IREDA to raise its lending capacity and also create additional employment opportunities.

IREDA, a mini ratna company under the administrative control of MNRE (Ministry of New and Renewable Energy), was set up in 1987 to work as a specialised non-banking finance agency for the renewable energy sector.

With more than 35 years of techno-commercial expertise, the company plays a catalytic role in RE project financing, which gives confidence to the FIs/banks to lend in the sector.

Published on February 5, 2023 06:28

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