IREDA QIP: A big decision has been taken regarding IREDA, which is owned by the Central Government. The government has approved IREDA to raise about Rs 4,500 through Qualified Institutional Placement (QIP). In this, the company will launch its fresh shares in the market. The government has decided to sell about 7 percent of its stake in this company.
Shares can be sold to investors like banks and mutual funds
The Indian Renewable Energy Development Agency said on Wednesday that it has received approval from the government to bring a QIP (Qualified Institutions Placement). Through this, it will try to raise about Rs 4,500 crore. Through this QIP, the company will be able to give its shares to institutional investors like banks and mutual funds. The central government has a majority stake in IREDA. With this QIP, the government’s stake in the company will also be reduced. Earlier, the board of IREDA had approved raising funds of Rs 4,500 crore through FPO, Rights Issue or Preferential Issue.
The company will remain under the control of the government even after selling the stake
According to the Economic Times report, IREDA has informed the stock exchange that it has received the approval of the Department of Investment and Public Asset Management for QIP. Earlier, a high-level committee of the government had approved the sale of shares. The committee had told the company that it can sell 7 percent of the government’s stake in one go or in parts. Even after selling this stake, the central government will still have control over IREDA.
Target to generate 500 GW of electricity from renewable energy
The Government of India has set a target of generating 500 GW of electricity from renewable energy by the year 2030. To achieve this, the power generation capacity will have to be increased by about 50 GW every year. IREDA’s role is going to be important in this. IREDA had a profit of Rs 384 crore in the June quarter. There was a jump of 30 percent in this compared to Rs 295 crore a year ago.
Read this also
Swiggy IPO: Madhuri Dixit fell in love with Swiggy’s IPO, invested crores of rupees
