State-run Indian Renewable Energy Development Agency (IREDA) has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to float its initial public offering (IPO). The public offer will comprise a sale of 13.90 crore equity shares of the company.
The objects of the Offer is to augment the company's capital base for meeting future capital requirements and on-lending and other general corporate purpose. The book running lead managers to the issue are Yes Securities (India), Elara Capital (India), IDBI Capital Markets & Securities and SBI Capital Markets.
IREDA, a non-banking financial company, provides financing for renewable energy and energy efficiency sectors in India. The company offers financing for the hydro energy, wind energy, solar energy, new and emerging technologies, and bio energy sectors; developmental activities/initiatives covering the market development assistance, as well as establishment of energy centers; and energy efficiency and conservation projects.