Comments
The Indian Renewable Energy Development Agency’s ₹1,000-crore tax-free bond issue will open for subscription on January 8. The returns offered on the bond range between 7.28 per cent and 7.74 per cent and subscription will close on January 22.
While the company is looking to raise ₹1,000 crore from the issue, it may consider retaining oversubscription of up to ₹716 crore; thereby the total issue can result in the company raising ₹1,716 crore. Forty per cent of the bond issue is reserved for retail investors.
A senior official of IREDA said that the company would gauge the success of the bond issue and may consider an IPO after the second half of 2016-17. However, the decision will be left to the Centre.
IREDA has 3.52 per cent of its outstanding loans of over ₹9,000 crore classified as non-performing assets (NPAs). According to the company’s Chairman and Managing Director, KS Popli, most of the NPAs are from the bio-gas and small hydro power sector.
Popli also said that IREDA has a disbursement target of ₹3,600 crore for the current fiscal, of which ₹2,300 crore has already been disbursed.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.