The Indian Renewable Energy Development Agency Limited (IREDA) has approved a plan to raise up to Rs 50 billion through qualified institutions placement (QIP) of equity shares in one or more tranches.
Additionally, IREDA Global Green Energy Finance IFSC Limited, a wholly owned subsidiary, has received a certificate of registration from the International Financial Services Centre Authority to commence operations as a finance company at GIFT City, Gujarat. The development will enable foreign currency lending while mitigating hedging risks. The shareholders also approved amendments to IREDA’s articles of association, allowing the formation of joint ventures and subsidiaries in India and abroad.