IREDA Board Approves ₹29.94 Billion QIP; Government Stake Dilution Capped at 3.76%

The board of directors at the Indian Renewable Energy Development Agency Limited (IREDA) approved the raising of funds through the issuance of equity shares in one or more tranches. According to a regulatory filing submitted to the stock exchanges, the state-owned lender will raise an aggregate amount of up to ₹29.94 billion through a Qualified Institutions Placement (QIP).

The filing stated that the fundraising carries a specific stipulation regarding the shareholding of the President of India, acting through the Ministry of New and Renewable Energy. The government stake must not dilute more than 3.76% of the post-issue paid-up equity share capital of the company.