Cabinet nod for IREDA public issue to fund green energy

The Cabinet Committee on Economic Affairs on Wednesday approved the initial public offering of Indian Renewable Energy Development Agency for issue of 13.9 crore fresh equity shares of Rs 10 each to fund its renewable energy programmes, an official statement said.

"Public issue of equity will enable IREDA to increase its equity base which will help them raise more debt resources for funding renewable energy projects," said a New and Renewable Energy Ministry statement.

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

The government has set a renewable energy generation target of 175 gigawatt by 2022.

--IANS

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