September 11, 2023
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Mini-ratna PSU IREDA files papers with Sebi for IPO
State-owned Indian Renewable Energy Development Agency Ltd (IREDA) has filed the DRHP with capital markets regulator Sebi to raise funds through an IPO. This will be the first IPO by a public sector enterprise after Life Insurance Corporation’s public issue in May 2022.
The IPO of 67.19 crore equity shares will consist of a fresh issue of 40.31 crore equity shares by the financial services company and an offer for sale (OFS) of 26.88 crore shares by the government.
The net proceeds from the fresh issue will be utilised towards augmenting the capital base to meet future capital requirements and onward lending. The company will not receive any proceeds from the OFS.
IDBI Capital Markets & Securities, BOB Capital Markets, and SBI Capital Markets are the book-running lead managers to the issue while Link Intime India has been appointed as the registrar.
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