On June 21st, the PSU Indian Renewable Energy Development Agency (IREDA) announced that it had raised a sum of Rs. 1500 crores by issuing bonds — consisting of a base issue of Rs. 500 crores and a Green shoe option of Rs. 1000 crores, that received an overwhelming response from investors and was oversubscribed 2.65 times! The funds were raised at an annual interest rate of 7.44% for a tenure of 10 years and 2 months.
Mr. Pradip Kumar Das, the Chairman and Managing Director of the IREDA, was elated to announce, “We are happy with the overwhelming response to our bond issuance. The oversubscription by 2.65 times underscores the trust and confidence that investors have in IREDA’s vision and its crucial role in driving renewable energy growth in the country. This successful capital raising will enable us to further strengthen our efforts in financing green energy projects, contributing to India’s goal of achieving 500 GW non-fossil fuel installed capacity target by 2030.”
