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					</table><p>The Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) has received the cabinet nod for listing on stock exchanges after an Initial Public Offering (IPO) via a part sale of the government’s stake in the company.</p>
<p>The approval was granted due to the recent change in capital structure in IREDA following the <a href="https://www.mercomindia.com/center-%e2%82%b915-billion-ireda-boost-lending-renewable-sector" target="_blank" rel="noopener">infusion</a> of ₹15 billion (~$181.75 million) by the government early last year.</p>
<p>The Department of Investment and Public Asset Management (DIPAM) will be responsible for the listing process.</p>
<p>The approval was granted by the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi to help raise funds for the government-owned lender through the issue of fresh equity shares.</p>
<p>The Central Public Sector Enterprise (CPSE) stock listing will help the public acquire the government’s stake in the company and unlock the value of the government’s investment.</p>
<p>The IPO is also expected to help IREDA raise a part of its capital requirement for meeting the growth plans without depending on the public exchequer and improve governance through greater market discipline and transparency arising from listing requirements and disclosures.</p>
<p>The Government had <a href="https://www.mercomindia.com/ireda-revenue-target-%e2%82%b933-61-billion-fy23" target="_blank" rel="noopener">set</a> a revenue target of ₹33.61 billion (~$407.24 million) for the financial year (FY) 2022-23 for IREDA, 18% higher than the previous year’s revenue from operations.</p>
<p>IREDA has played a vital role in the government&#8217;s target for achieving the set renewable target by 2030 by financing renewable energy projects in the country.</p>
<p>The government-owned lender has sanctioned renewable energy loans amounting to more than ₹1.45 trillion (~$17.57 billion) and financed renewable energy loans exceeding ₹920 billion (~$11.15 billion) to date, with a loan book size exceeding ₹400 billion (~$4.85 billion).</p>
<p>In June 2017, the CCEA allowed IREDA to issue 139 million fresh equity shares of ₹10 (~$0.12) each to the public through IPO on a book-building basis.</p>
<p>The organization was recently <a href="https://www.mercomindia.com/ireda-infrastructure-finance-company-status-rbi" target="_blank" rel="noopener">granted</a> an ‘Infrastructure Finance Company’ status by the Reserve Bank of India, enabling better exposure to renewable energy sector financing and achieving competitive fundraising rates by providing access to a broader investor base.</p>
<p>It also <a href="https://www.mercomindia.com/ireda-plan-finance-renewable-projects-foreign-currency" target="_blank" rel="noopener">announced</a> plans to finance renewable energy projects in foreign currency for which an office would be established in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.</p>
<p>IREDA <a href="https://www.mercomindia.com/renewable-lender-iredas-q3-profit-jumps-88-yoy" target="_blank" rel="noopener">posted</a> a profit of ₹2 billion (~$24.23 million) for the third quarter (Q3) of FY 2022-23, a jump of 88% year-over-year (YoY).</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
<a href="https://mercomindia.com/author/satish-shetty/" rel="noopener noreferrer">More articles from Satish Shetty.</a></div>
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Government Approves Renewable Sector Lender IREDA’s IPO

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