Indian Renewable Energy Development Agency Ltd (IREDA), a non-banking financial institution under the control of the Ministry of New and Renewable Energy (MNRE), launched its initial public offering (IPO) today. It is looking to raise up to INR 2,150.21 crore ($258 million) through this IPO of 671,941,177 equity shares, which comprises a fresh issue of up to 403,164,706 equity shares and an offer for sale (OFS) of up to 268,776,471 equity shares by the promoter selling shareholder.
The price is fixed at INR 30 to INR 32 per equity share. Bids can be made for a minimum of 460 equity shares and in multiples of 460 equity shares thereafter.
The offer is open until Nov. 23, with listing planned on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
IREDA is engaged in promoting, developing, and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
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