In a regulatory filing, the company said, “IREDA is planning to raise unsecured, redeemable, non-convertible, non-cumulative, taxable, bonds amounting to Rs 500 crore for cash at par (base issue) with an option to retain oversubscription by way of green shoe option upto Rs 1,500 crore, aggregating to Rs 2000 crore (Series XV-C) on private placement basis.”

The company stated that the bonds are proposed to be issued (post acceptance of the bids by the company) under the Series XV-C issue and has a tenor of 10 years. As per the terms and conditions of the taxable bonds uploaded on the electronic debt bidding (EBP) platform, the issue opening date is 20 December 2023, pay-in date and allotment date is 22 December 2023.

The borrowing programme for FY 2023-24 amounting to Rs 26,000 crore was approved by the board in its meeting held on 25 April 2023. The above proposed resource raising by way of bonds is part of the said borrowing programme. The funds to be raised by way of the issuance of the taxable bonds will be utilized for on lending towards the RE projects and other general corporate purposes, IREDA stated.

IREDA is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). It is also conferred with the Mini Ratna (Category-I) status.

The firm reported a net profit of Rs 579.32 crore and net sales of Rs 2,285.69 crore for the six months ended on 30 September 2023.

The scrip entered the stock exchanges on 29 November 2023. It was listed at Rs 50, exhibiting a premium of 56.25% over the issue price of Rs 32. On that day, it settled at Rs 59.99, a premium of 87.47% over the issue price.

Shares of IREDA declined 1.76% to Rs 110.45 on the BSE.