IREDA Planning FPO in Second Half of Financial Year to Raise Funds
The Indian Renewable Energy Development Agency Ltd (IREDA) plans to raise money through a follow-on public offer (FPO), according to a report on Tuesday. IREDA’s chairman, Pradip Kumar Das said they need the funds to support future projects and loans, mainly for renewable energy.
The non-banking financial company (NBFC) plans to raise money for green energy projects and its own needs. It aims to do this by launching a follow-on public offer (FPO) either in the second half of this year or at the beginning of the next financial year. Das, the company’s chairman, didn’t say how much they plan to raise through the FPO. They’re also thinking about issuing perpetual debt to raise funds.
“We might ask the government for permission to do another public offering,” Das told reporters.
IREDA, having just received Navratna status, held its initial public offering (IPO) in December 2023. This followed two failed attempts in 2017 and 2019.
In March, IREDA’s board approved a borrowing program of up to Rs.24,200 crore for FY25. Das explained that this amount wouldn’t be enough for IREDA’s future plans, so they’re considering an FPO.
