IREDA gets a go ahead for the proposed IPO

The Cabinet Committee on Economic Affairs has approved the Indian Renewable Energy Development Agency’s (IREDA) launch of its initial public offering (IPO) on June 7, 2017. IREDA has issued 139 million equity shares priced at Rs 10 each for purchase by the public on a book-building basis. The agency has issued shares to retail investors and its employees at a 5 per cent discount on the issue price. The increased equity base due to the offering will enable IREDA to raise more debt to fund renewable energy projects.