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Green energy agency IREDA files IPO papers

The issue includes a reservation of up to 6.95 lakh equity shares for eligible employees

Press Trust of India  |  New Delhi 

Representative Image (Photo: Shutterstock)
Representative Image (Photo: Shutterstock)

State-run (IREDA) has filed draft papers with regulator to float an initial public offering.

The proposed share-sale comes at a time when the is working on ramping up as part of larger efforts to increase

The initial public offer (IPO) will see the sale of 13.90 crore equity of the company, according to the draft red herring prospectus (DRHP) filed with

The issue includes a reservation of up to 6.95 lakh equity for eligible employees.

Proceeds from the issue will be used to augment the company's capital base for meeting "requirements and on-lending, and other general corporate purposes".

"In addition, we believe that the listing of our equity will enhance our visibility and brand name among existing and potential customers," the company said.

The listing of IREDA is expected to increase the paid-up capital of the company from Rs 784 crore to Rs 923 crore. At present, the company has 78.46 crore equity shares.

(India), Elara Capital (India) Pvt Ltd, IDBI Capital & Securities and will manage the company's public issue.

Earlier in June, the had approved listing of the state-run firm to help it mobilise more funds for renewable projects.

IREDA is a public financial institution established in March 1987 under the Company's Act, 1956. It is registered as a Non-with the

Since its inception, IREDA has played a pioneering role in supporting and facilitating the policies and programme of the (MNRE) that has nurtured the in the country.

IREDA has primarily worked with the private sector enterprises operating in the power sector. For the last three decades, IREDA has been supporting establishment of and has greatly succeeded in commercialisation of in the country.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, December 26 2017. 20:17 IST