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Shareholders Approve IREDA’s Proposal to Raise INR 5,000 Crore Through QIP

IREDA shareholders have approved raising up to INR 5,000 crore through QIP in multiple tranches, supporting green financing and India's clean energy goals. The move will include dilution of government stake in the company by up to 7 percent.

February 25, 2025. By Mrinmoy Dey

Shareholders of Indian Renewable Energy Development Agency (IREDA) have approved the company’s proposal to raise up to INR 5,000 crore through Qualified Institutions Placement (QIP) of equity shares, in one or multiple tranches.

The approval was granted by the shareholders in favour of the resolution via remote e-voting during the 22nd Extra-Ordinary General Meeting (EGM) held on February 24, 2025 through video conferencing. The meeting was chaired by Pradip Kumar Das, Chairman and Managing Director, IREDA and attended by Directors on the Board and shareholders.

IREDA’s Board had earlier approved the fundraising plan on January 23, 2025, which includes the dilution of the Government of India’s shareholding in the company by up to 7 percent post-issue equity, in one or multiple tranches.

Addressing the shareholders, Pradip Kumar Das, CMD, highlighted IREDA’s strong financial performance in the first nine months of FY 2024-25, with a loan book of INR 68,960 crore, loan sanctions of INR 31,087 crore, and disbursements of INR 17,236 crore.

“The funds raised through QIP will strengthen our green financing capabilities, accelerate loan book growth, and support India’s clean energy targets,” he stated.

Das further informed shareholders that IREDA Global Green Energy Finance IFSC Ltd., a wholly-owned subsidiary of IREDA, recently received the Certificate of Registration from the International Financial Services Centre Authority (IFSCA), allowing it to commence business as a Finance Company at GIFT City, Gujarat. “This milestone strengthens IREDA’s commitment to lending and serving in foreign currency by reducing hedging risks,” he added.

In addition to the fundraising approval, shareholders also consented to amendments in IREDA’s Articles of Association. These amendments include provisions for formation of joint ventures and subsidiaries in India and abroad, along with empowering the Board to exercise enhanced powers under ‘Navratna’ status, subject to government guidelines.

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Investment & Trading

Indian Renewable Energy Development Agency

IREDA EGM

Pradip Kumar Das

Qualified Institutions Placement

Green financing