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State-run Indian Renewable Energy Development Agency (IREDA) has filed its draft red herring prospectus (DRHP) with capital market regulator SEBI to raise funds through for its initial public offering (IPO).
The IPO with a face value of ₹10 includes a fresh issue of up to 403.16 million equity shares and an offer for sale (OFS) of up to 268.78 million shares by the President of India, acting through the Ministry of New and Renewable Energy (MNRE).
The offer includes a reservation of up to for subscription by eligible employees.
The offer is being made through the book building process, wherein not more than 50 per cent of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15 per cent of the offer shall be available for allocation to non-institutional bidders and not less than 35 per cent of the offer shall be available for allocation to retail individual bidders.
As mentioned, the DRHP the proceeds from the fresh issue will be used for augmenting its capital base to meet its future capital requirements and onward lending.
- Also read: Govt clears stock market listing for IREDA
The Mini Ratna company is a systemically important non-banking financial company (NBFC). As of August 21, 2023, the company has financed 3,137 renewable energy projects with cumulative loan sanction of ₹1,55,694 crore and loan disbursement of ₹1,05,245 crore and has supported Renewable Energy capacity addition of 22,061 megawatt (MW) in the country.
IREDA achieved a revenue from operations of ₹3,482 crore in FY23, against a target of ₹3,361 crore. It marked an impressive 272 per cent jump in loan disbursements and a 30 per cent growth in Profit After Tax (PAT) during the first quarter of FY24, compared to the same period in FY23.
IREDA also achieved a remarkable reduction in Net Non-Performing Assets (NPAs), lowering the figure to 1.61 per cent in Q1 FY24 from 2.92 per cent in Q1 FY23.
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