New Delhi: Indian Renewable Energy Development Agency Limited (IREDA), a leading public sector enterprise under the Ministry of New & Renewable Energy (MNRE), has successfully mobilized ₹2,005.90 crore through a Qualified Institutions Placement (QIP). This strategic capital raise will strengthen IREDA’s Tier-I capital and overall Capital Adequacy Ratio (CAR), significantly enhancing its ability to finance India’s growing renewable energy needs.
QIP Oversubscribed by 1.34x Amid Strong Investor Response
Launched on June 5 and concluded on June 10, the QIP involved the issuance of 12.15 crore equity shares at ₹165.14 per share, including a premium of ₹155.14 over the ₹10 face value. The final issue price reflected a 5% discount to the floor price of ₹173.83 per share.
Despite the discount, the QIP received an enthusiastic response from a diversified group of qualified institutional buyers (QIBs), including foreign portfolio investors, insurance companies, and scheduled commercial banks. The offering was oversubscribed, garnering bids worth ₹2,005.90 crore against the base issue size of ₹1,500 crore – achieving a subscription rate of 1.34 times.
The Board of Directors approved the allotment of shares to eligible investors at its meeting held today, June 11, 2025.
CMD Praises Investor Confidence and Government Support
Pradip Kumar Das, Chairman and Managing Director of IREDA, lauded the successful fundraising and expressed confidence in the agency’s expanded capacity to support India’s clean energy transformation.
“The successful completion of this QIP in a short span after our IPO in November 2023 is a testament to the trust and confidence the investor community and the Ministry of New & Renewable Energy have reposed in IREDA,” Das said.
“This capital infusion will empower us to scale up our financing activities, enabling greater investments in renewable energy projects and accelerating India’s transition towards a greener and sustainable energy future.”
He also extended his gratitude to Union Minister of New & Renewable Energy Pralhad Joshi, Minister of State Shripad Naik, MNRE Secretary Santosh Kumar Sarangi, the Department of Investment and Public Asset Management (DIPAM), and IREDA’s Board of Directors for their support.
IREDA’s Clean Energy Commitment Gets a Financial Boost
This QIP marks a significant financial milestone for IREDA, especially following its landmark IPO in late 2023. The fresh capital will enable the agency to deepen its commitment to renewable energy financing—facilitating projects across solar, wind, biomass, and emerging green technologies.
By broadening its financial base, IREDA is better positioned to support India’s ambitious goal of achieving 500 GW of non-fossil fuel-based energy capacity by 2030.
About IREDA
IREDA, a government-owned non-banking financial institution under the Ministry of New and Renewable Energy, is dedicated to promoting and financing renewable energy and energy efficiency projects across India. Formed in 1987, IREDA is a Navratna organisation owned by the Government of India and administratively controlled by the Ministry of New and Renewable Energy (MNRE).
