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IREDA IPO Plans, Aiming to Raise Funds for Expanding Renewable Energy Capacity in India
The Indian Renewable Energy Development Agency (IREDA), led by Pradip Kumar Das, has revealed plans for its IREDA IPO (initial public offering) scheduled for November 21-23. The share price is set between Rs 30 and Rs 32. This move marks the second central government entity to go public after last year’s Life Insurance Corporation of India (LIC) offering.
IREDA, recognized as a Mini-Ratna Category-I Public Sector Undertaking (PSU) and a Systemically Important Non-Banking-Non-Depository Financial Corporation (NBFCND-SI), has played a crucial role in financing renewable energy projects in India for almost three decades. With a current market share of about one-third, IREDA aims to expand India’s installed capacity from two-fifths to three-quarters by the end of this decade.
IREDA’s financial health seems robust, evident in its net interest income, which exceeded thirteen hundred crore INR, and net profit, which increased to eight hundred crore INR for the fiscal year 2023. The company’s capital adequacy ratio stands at more than eighteen percent for FY23.
The IPO aligns with India’s focus on transforming its energy sector and playing a significant role in supporting other developing countries through initiatives like the International Solar Alliance. IREDA’s efforts are crucial for India to achieve its ambitious renewable energy goals and contribute to global sustainable development objectives.
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