Shareholders of the Indian Renewable Energy Development Agency Ltd. have approved a proposal to raise to ₹5,000 crore through Qualified Institutions Placement of equity shares. The approval was granted through remote e-voting during the 22nd Extra-Ordinary General Meeting, which was held through video conferencing. The meeting was chaired by Pradip Kumar Das, Chairman and Managing Director of IREDA, and attended by board members and shareholders.
The company’s board had earlier approved the fundraising plan on January 23, 2025. This plan includes the dilution of the Government of India’s shareholding in the company by up to 7% post-issue equity, in one or multiple tranches.
Addressing shareholders, Pradip Kumar Das highlighted IREDA’s strong financial performance in the first nine months of FY 2024-25, with a loan book of ₹68,960 crore, loan sanctions of ₹31,087 crore, and disbursements of ₹17,236 crore. He stated that the funds raised through QIP will enhance IREDA’s green financing capabilities, accelerate loan book growth, and support India’s clean energy goals.
He also announced that IREDA Global Green Energy Finance IFSC Limited, a wholly owned subsidiary, has received a Certificate of Registration from the International Financial Services Centre Authority. This allows it to operate as a finance company at GIFT City, Gujarat, strengthening IREDA’s ability to lend in foreign currency while reducing hedging risks.
Additionally, shareholders approved amendments to IREDA’s Articles of Association, which allow the company to form joint ventures and subsidiaries in India and abroad. These changes also empower the Board with enhanced decision-making powers under the ‘Navratna’ status, subject to government guidelines.
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