Indian Renewable Energy Development Agency Limited (IREDA) has raised Rs 20.06 billion through a qualified institutions placement (QIP).
The capital was mobilised through the issuance of 121.5 million equity shares at a price of Rs 165.14 per share, including a premium of Rs 155.14 per share over the face value. The issue price reflected a 5 per cent discount to the floor price of Rs 173.83 per share. The QIP was oversubscribed, receiving bids worth Rs 20.06 billion against a base size of Rs 15 billion. The capital raised will enhance IREDA’s Tier-I capital and capital adequacy ratio.