Ireda gets govt approval to raise up to Rs 4,500 crore via QIP route

State-owned Indian Renewable Energy Development Agency (Ireda) said it has received the government's approval to raise up to Rs 4,500 crore through an issue of equity shares to qualified institutions placement.

The approval was granted by the Department of Investment and Public Asset Management (Dipam) based on the recommendations of a high-level committee, a company statement said.

According to the statement, the fundraising will be carried out through the Qualified Institutions Placement (QIP) route, with a planned dilution of the Government of India's shareholding in Ireda by up to 7 per cent on a post-issue basis, to be executed in one or more tranches.

The fundraising exercise aims to strengthen Ireda's capital base, enabling the organisation to scale its financing for renewable energy projects and further accelerate India's transition to clean energy.

"DIPAM approval represents a critical step forward in our expansion plans," Pradip Kumar Das, Chairman and Managing Director of Ireda, said in the statement.