rediff.com

IREDA Approves Rs 4,500 Cr Fundraise for Renewable Energy

Share on:

By Rediff Money Desk, New Delhi   Aug 29, 2024 15:27

IREDA, a state-owned renewable energy finance company, has approved a plan to raise Rs 4,500 crore to support India's ambitious renewable energy targets.
IREDA Approves Rs 4,500 Cr Fundraise for Renewable Energy
New Delhi, Aug 29 (PTI) The board of state-owned IREDA on Thursday approved a proposal to raise Rs 4,500 crore.

The funds will be raised in one or more tranches through further public offer (FPO)/qualified institutional placement (QIP)/rights issue/preferential issue or any other permitted mode or combination, subject to the statutory or government approval, IREDA said in an exchange filing.

The type and the number of securities to be issued shall be decided subsequently, it said.

IREDA, under the Ministry of New & Renewable Energy, is engaged in providing finance to mainly renewable energy projects.

The fundraising assumes significance as India has an ambitious target of having 500 GW renewable energy by 2030 and needs to add about 50 GW capacity per annum to achieve the goal.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

TODAY'S MOST TRADED COMPANIES

  • Company Name
  • Price
  • Volume

More »

Moneywiz Live!