The government is preparing to file the draft paper with the securities and commodity market watchdog- the Securities and Exchange Board of India- for the initial public offering of the state-owned Indian Renewable Energy Development Agency (IREDA). The draft paper may be submitted by September, as per media reports.
“We have appointed the merchant bankers and they will proceed with the valuation. We should be able to file the DRHP in 3-4 months, could be by September,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told PTI.
IREDA is a public sector enterprise under the aegis of the Ministry of New and Renewable Energy (MNRE). It finances renewable energy and energy efficiency projects.
The Cabinet Committee on Economic Affairs (CCEA) allowed the listing of IREDA through an initial public offer (IPO) by partially selling the government’s stake. It approved issuing fresh equity shares for fundraising.
Also Read: IREDA IPO: Centre Approves Diluting Government’s Part-Stake Via IPO
Earlier in March 2022, the government injected Rs 1,500 crore capital into the renewable energy enterprise, whose nature is that of a non-banking finance company (NBFC). The company recorded a top-notch net profit of Rs 865 crore in the 2022-23 fiscal.
( With inputs from PTI)