Government approves IPO of state-owned renewable energy provider IREDA

Government approves IPO of state-owned renewable energy provider IREDA

The Department of Investment and Public Asset Management (DIPAM) will oversee the listing.

FPJ Web DeskUpdated: Friday, March 17, 2023, 09:13 PM IST
article-image

Amidst its push for renewable energy, the government has approved the initial public offering of the Indian Renewable Energy Development Agency (IREDA) that comes under the Ministry of New & Renewable Energy.

For the stock market debut, the government will sell a part of its stake to raise funds for IREDA through issue of fresh equity shares.

The Department of Investment and Public Asset Management (DIPAM) will drive the listing process.

Why list it now?

This decision follows changes in IREDA's capital structure following an investment of ₹ 1500 crore by the government in March, 2022.

The IPO will release the value of the government’s investment while allowing the public to acquire stake in the state-owned asset.

It will allow IREDA to raise a part of its capital requirement for meeting growth plans without depending on the government.

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Work-Life Balance and the quest for improving employee wellness

Work-Life Balance and the quest for improving employee wellness

Mamaearth says its IPO is awaiting SEBI clearance, after reports of holding back debut

Mamaearth says its IPO is awaiting SEBI clearance, after reports of holding back debut

Oyo cuts down target price for IPO as tech firm valuations drop

Oyo cuts down target price for IPO as tech firm valuations drop

Angel One grants 4,40,684 performance stock options to employees

Angel One grants 4,40,684 performance stock options to employees

Sri Lanka seeks another $1 billion from India to buy medicines and food, after securing IMF bailout

Sri Lanka seeks another $1 billion from India to buy medicines and food, after securing IMF bailout