IREDA files IPO papers with SEBI

The Indian Renewable Energy Development Agency (IREDA) has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). IREDA aims to issue 139 million equity shares priced at Rs 10 to the public on a book-building basis. The agency will issue shares to retail investors and its employees at a discount of 5 per cent on the issue price of each share. It has reserved 695,000 equity shares for its employees. YES Securities, Elara Capital, IDBI Capital Markets & Securities, SBI Capital Markets, and Link Intime India will be managing the IPO. The shares will be traded on the Bombay Stock Exchange and the National Stock Exchange.