Eyeing public issue in Q3, IREDA is looking for a registrar

The government’s principal clean energy financing arm, the Indian Renewable Energy Development Agency (IREDA), has completed the appointment of fund managers for its initial public offering.

According to officials in the know, YES Securities, IDBI Capital, SBI Capital and Elara Capital have been appointed as fund managers.

IREDA is now in the process of appointing the registrar for the IPO. According to a statement on the company’s website, the last date for submission of bids for the same has been extended to September 20. The Cabinet Committee on Economic Affairs (CCEA) had approved IREDA’s IPO on June 7.

BusinessLine had reported on March 24 that IREDA was targeting to hit the bourses in the third quarter of FY18. The IPO process is expected to be completed within six months from the date of approval by the CCEA.

In a statement, IREDA said that the public issue of equity will enable it to increase its equity base, which will help it to raise more debt resources to fund renewable energy projects.

CCEA had also approved the issue of 13.90 crore fresh equity shares of IREDA of ₹10 each to the public on a book-building basis through the IPO.

IREDA will also issue shares to retail investors and its employees at a discount of 5 per cent on the issue price of each equity share, on a book-building basis.

As on March 31, IREDA’s cumulative sanctions were at ₹48,832 crore and disbursements stood at ₹27,790 crore (provisional).

The loan portfolio of the company stood at ₹13,604.66 crore. The net worth of the company is ₹2,510 crore. Profit before tax is ₹28.18 crore and profit after tax is ₹365.02 crore.