Govt may file draft papers for IREDA public offering by Sept: DIPAM Secy

The government is planning to file draft papers for an initial public offering of state-owned Indian Renewable Energy Development Agency (IREDA) by September, a top official said.

"We have appointed the merchant bankers and they will proceed with valuation. We should be able to file the DRHP in 3-4 months, could be by September," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told PTI.

A public sector enterprises under Ministry of New and Renewable Energy (MNRE), IREDA is engaged in the financing of renewable energy and energy efficiency projects.

Last month, the Cabinet Committee on Economic Affairs (CCEA) approved the listing of IREDA through an initial public offer (IPO) to part sale the government's stake and raise funds for IREDA through the issue of fresh equity shares.

Earlier in March 2022, the government infused Rs 1,500 crore capital in IREDA, which is a non-banking finance company (NBFC).

The company posted an all-time high net profit of Rs 865 crore in 2022-23 fiscal.