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Cabinet approves listing of IREDA through IPO route
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IANS | 17 Mar, 2023
The Union Cabinet on Friday approved listing of Indian Renewable Energy
Development Agency Ltd (IREDA) on stock exchanges through an initial
public offer (IPO) by part sale of government's stake in the public
sector entity.
The aim is to raise funds through issue of fresh equity shares by the IREDA, official sources said.
Department of Investment and Public Asset Management (DIPAM) will drive the listing process, the sources added.
This
decision supersedes the earlier Cabinet Committee on Economic Affairs
(CCEA) decision taken in June 2017 which had allowed the IREDA to issue
13.90 crore fresh equity shares of Rs 10 each to the public on book
building basis through IPO route.
The instant decision has been
necessitated due to change in capital structure following infusion of
capital to the tune of Rs 1,500 crore by the government in March 2022.
The
IPO will help in unlocking the value of government's investment on one
hand, and on the other hand, will provide an opportunity to the public
to acquire stake in the national asset and draw benefits therefrom.
Besides,
it will help the IREDA in raising a part of its capital requirement for
meeting growth plans without depending on the public exchequer, and
improve governance through greater market discipline and transparency
arising from listing requirements and disclosures.
The IREDA is a
wholly owned mini-Ratna company, engaged in financing of renewable
energy and energy efficiency projects in India.
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