IREDA Raises Rs 643.26 Crore From Anchor Investors Ahead Of IPO
The Indian Renewable Energy Development Agency Ltd. has raised Rs 643.26 crore from anchor investors ahead of its initial public offering on Nov. 21.
The integrated facilities management company allotted 20.1 crore shares at Rs 32 apiece to 58 anchor investors.
The investors included SBI Banking and Financial services Fund, HDFC Mutual Fund, ICICI Prudential, Nippon Life India Trustee, and Kotak Mahindra Trustee, among others.
SBI Banking and Financial services Fund secured 5.05% of the allocation, while HDFC Mutual Fund-HDFC Multi Cap Fund and HDFC Mutual Fund- HDFC Business Cycle Fund each netted 2.33%.
13 mutual funds have applied through a total of 32 schemes, the company said in an exchange filing. They have collectively netted 42.36% of the anchor portion of Rs 272 crore.
About The IPO
The state-run company plans to raise Rs 2,150 crore via a fresh issue and an offer for sale.
Incorporated in 1987, Indian Renewable Energy Development Agency is a public limited government company. It is a Mini Ratna (Category - I) government enterprise and is administratively controlled by the Ministry of New and Renewable Energy.
The company operates in four key sectors: solar, wind, hydro, biomass, biofuels and cogeneration.
IREDA is a non-banking financial institution that promotes, develops and extends financial assistance for new and renewable projects. With 36 years of experience, the company 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.
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