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Indian green energy agency IREDA files IPO papers with SEBI

Power News - Published on Thu, 28 Dec 2017

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Economic Times reported that state run Indian Renewable Energy Development Agency has filed draft papers with markets regulator Sebi to float an initial public offering. The proposed share-sale comes at a time when the government is working on ramping up renewable energy generation capacity as part of larger efforts to increase clean energy portfolios.

The initial public offer will see sale of 13.90 crore equity shares of the company, according to the draft red herring prospectus filed with Sebi. The issue includes a reservation of up to 6.95 lakh equity shares for eligible employees.

Proceeds from the issue will be used to augment the company's capital base for meeting "future capital requirements and on-lending; and other general corporate purpose".

The company said that "In addition, we believe that the listing of our equity shares will enhance our visibility and brand name among existing and potential customers.”

The listing of IREDA is expected to increase the paid-up share capital of the company from INR 784 crore to INR 923 crore. At present, the company has 78.46 crore equity shares.

Yes Securities (India), Elara Capital (India) Pvt Ltd, IDBI Capital Markets & Securities and SBI Capital Markets will manage the company's public issue.

Earlier in June, the Cabinet Committee on Economic Affairs had approved listing of the state-run firm to help it mobilise more funds for renewable projects.

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Posted By : Nanda Koijam on Thu, 28 Dec 2017
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