IREDA's Perpetual Bonds: A Boost to Green Energy Financing
IREDA successfully raised Rs 453 crore through perpetual bonds, receiving bids significantly above expectations. This highlights investor confidence in IREDA as a key player in India's renewable energy sector. The funds will bolster the company's capital base, aiding in financing sustainable energy projects.
- Country:
- India
State-owned Indian Renewable Energy Development Agency (IREDA) reported a successful raising of Rs 453 crore through the issuance of perpetual bonds, demonstrating significant investor interest and trust in the agency's capabilities.
Bidding far exceeded initial expectations, with investors providing total bids amounting to Rs 1,343 crore. This figure is substantially above the base size of Rs 100 crore and the Green-Shoe option of Rs 400 crore, resulting in an oversubscription of 2.69 times.
Pradip Kumar Das, IREDA's Chairman and Managing Director, emphasized that the raised capital will bolster the agency's Tier-I Capital, enabling enhanced financing for renewable energy projects and supporting India's shift towards a sustainable future.
(With inputs from agencies.)
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