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IREDA KIP: Indian Renewable Energy Development Agency (IREDA) has taken a decision on the proposal to raise funds through QIP. The company informed on Thursday that the proposal to raise Rs 5,000 crore through QIP has been approved in the board meeting. IREDA plans to raise money by issuing equity shares.
IREDA said in the regulatory filing that in the meeting held today, the board has given the green signal to the proposal to issue equity shares through QIP. Under this, Rs 5,000 crore will be raised at once or in installments. The company also said that the government’s stake in QIP will not be more than 7 percent, whereas at present the government’s stake in the company is 75 percent.
The money will be used for this work
In an earlier conversation with CNBC-TV18, the company’s CMD Pradeep Kumar Das had said, the company is in line with the company’s plan for the current quarter, thereby ensuring a strong base of capital. The money raised from this will be used in renewable energy sector projects across the country, which will strengthen India’s commitment towards clean energy and environmental sustainability.
IREDA, a company providing financial assistance for renewable energy, aims to increase its capacity to support the country’s goals towards green energy. The company wants to achieve 500 gigawatt renewable energy capacity by 2030. After the discussion on the proposal to raise funds through QIP, IREDA shares closed down by about 2 per cent at Rs 196.85 per share on BSE.
What is green energy?
Green energy is a source of renewable energy, which generates environmentally friendly power, due to which there is no fear of pollution. This will also help in meeting the increasing demand for energy in the country. Solar energy, wind energy, geothermal energy, water energy are major sources of green energy.
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