Indian Renewable Vitality Improvement Company (IREDA) on Thursday, January 23, mentioned it would elevate ₹5,000 crore by way of a certified establishments placement (QIP) route in a number of tranches. In an trade submitting on Thursday, January 23, the Navratna PSU firm mentioned the board authorised the fundraising plan at its assembly right this moment.
“The board of the corporate, at its assembly held right this moment, i.e., Thursday, January 23, 2025, has thought-about and authorised the elevating of funds by situation of fairness shares by way of a certified establishments placement (QIP), in a number of tranches, for an quantity aggregating as much as ₹5,000 crore,” IREDA mentioned.
The corporate has a particular situation that the President of India’s shareholding (by way of the Ministry of New and Renewable Vitality) should not lower by greater than 7 per cent of the corporate’s post-issue paid-up fairness share capital.
A QIP is a fundraising technique utilized by listed corporations by issuing fairness shares, totally or partly convertible debentures, or different securities to certified institutional patrons (QIBs), reminiscent of mutual funds, overseas portfolio buyers (FPIs), banks, insurance coverage corporations, and pension funds. Retail buyers aren’t eligible for a QIP.
Extra to return…
