IREDA plays a strategic role in the GoI’s initiatives for the promotion and development of the Renewable Energy sector
MUMBAI, Nov 21 (The CONNECT) - The Initial Public Offering of Mini-Ratna company Indian Renewable Energy Development Agency Limited was fully subscribed on the first day of bidding as the issue received a strong response from all the categories of investors.
The issue received bids of 92,07,68,200 equity shares against the offered figure of 47,09,21,451, at a price band of ₹30-32.
Data from the bourses shows that the Non-Institutional Investors portion was subscribed 2.73 times, Retail Portion 1.97 times, Qualified Institutional Buyer Portion 1.34 times. Employee Portion was subscribed 2.11 times. The issue will close on Thursday.
The company yesterday raised Rs 643 crores from anchor investors - SBI Banking & Financial Services Fund, HDFC Mutual Fund, ICICI Prudential Midcap Fund, Nippon Life India AMC, Kotak India Equity Contra Fund, Aditya Birla Sunlife Mutual Fund, Goldman Sachs (Singapore), DSP Tax Saver Fund, BNP Paribas Arbitrage, Societe Generale, Gam Star Emerging Equity, White Oak Midcap Fund, Sundaram Mutual Fund, Copthall Mauritius Investment.
IDBI Capital Markets & Securities Limited, BOB Capital Markets Limited, and SBI Capital Markets Limited are the book-running lead managers.
Leading brokerages like Ajcon Global, BP Equities, Choice Broking, Chola Securities, Dalal & Broacha, Hensex Securities, Indsec Securities, Nirmal Bang, Reliance Securities, SMIFS, Stoxbox, Sushil Finance, and Ventura Securities have given a “SUBSCRIBE” rating to the issue, highlighting its consistent track record focused on diversified asset books, high-quality assets, improving GNPA and NNPA and steady profitability. IREDA plays a strategic role in the GoI’s initiatives for the promotion and development of the Renewable Energy sector in India.
The company's experienced senior management with in-depth sector expertise and professionally qualified employee base intends to leverage this expertise to enhance presence in new and emerging green technologies.
Indian Renewable Energy Development Agency Limited, a Government of India enterprise notified as a Public Financial Institution registered as a Systemically Important Non-Deposit-taking Non-Banking Finance Company with Infrastructure Finance Company status.
It is a financial institution with over 36 years of experience in promoting, developing and extending financial assistance for new and renewable energy projects, and energy efficiency and conservation projects. It provides a comprehensive range of financial products and related services, from project conceptualisation to post-commissioning, for renewable energy projects and other value chain activities, such as equipment manufacturing and transmission.
