Indian Renewable Energy Development Agency, a state-owned enterprise, raised Rs 1,500 crore through a bond issue, which was oversubscribed by 2.65 times.
The bond issuance, which consisted of a base issue of Rs 500 crore and a green shoe option of Rs 1,000 crore, received an "overwhelming response from investors", according to a company statement .
According to the statement, Ireda successfully raised Rs 1,500 crore on Friday through the issuance of bonds. Funds have been raised at an annual interest rate of 7.44% for a tenure of 10 years and 2 months.
Ireda Chairman and Managing Director Pradip Kumar Das said that the oversubscription underscores the trust and confidence that investors have in IREDA's vision and its crucial role in driving the renewable energy growth in the country.
"This successful capital raising will enable us to further strengthen our efforts in financing green energy projects, contributing to India's goal of achieving 500 GW non-fossil fuel installed capacity target by 2030," Das said.
(Text Inputs From PTI)
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