Renewable Energy Development Agency to issue tenor bonds to raise Rs 400 cr

Indian Renewable Energy Development Agency, or IREDA, plans to raise at least Rs 400 crore ($50 million) through the sale of bonds maturing in October 2025 and 2032, three merchant bankers said on Wednesday.

The state-run company has invited coupon and commitment bids from bankers and investors on Friday, they said.

The bonds will mature in three years and 16 days and in 10 years and 15 days, and each issue has a greenshoe option to retain an additional 10 billion rupees.

The notes are rated AA+ by ICRA, CARE Ratings and India Ratings and will close for subscription next week.

In February, the company had raised 1.06 billion rupees via bonds maturing in three years, one month and 14 days at an annual coupon of 5.98%.