IREDA raises ₹910.37 Crore through Privately Placed Tier-II Bonds

Indian Renewable Energy Development Agency Limited (IREDA) has raised ₹910.37 crore through the issuance of Privately Placed Subordinated Tier-II Bonds for a 10-year tenor at an annual coupon rate of 7.74%.

The raising of Tier-II Bonds aims to tap liquidity in the current financial market and support the borrowing plan of the company. The funds raised will enhance IREDA's Tier-II capital, increasing its Net-worth and Capital to Risk-Weighted Assets Ratio (CRAR), thereby strengthening the company's ability to support country's clean energy transition through financing.

Commenting on the development, Shri Pradip Kumar Das, Chairman and Managing Director, IREDA said, "The successful raising of Tier-II capital reflects investors' strong confidence in IREDA's financial strength and strategic vision. This will further empower us to accelerate green energy financing, aligning with the Government of India's target to achieve 500 GW of non-fossil fuel-based energy capacity by 2030.

Shares of Indian Renewable Energy Development Agency Limited was last trading in BSE at Rs. 169.85 as compared to the previous close of Rs. 170.05. The total number of shares traded during the day was 5670962 in over 37718 trades.

The stock hit an intraday high of Rs. 176.80 and intraday low of 168.00. The net turnover during the day was Rs. 979637464.00.

Source : Equity Bulls

Keywords

IndianRenewableEnergyDevelopmentAgency IREDA INE202E01016 FinancialInstitution FundRaising Tier2Bonds