IREDA raises ₹1,247 cr through first perpetual bond issue, shares in focus
The Indian Renewable Energy Development Agency Limited (IREDA) launched its first-ever perpetual bonds yesterday, raising ₹1,247 crore at an 8.40 per cent annual coupon rate, the company announced in a regulatory filing today.
The shares of the Indian Renewable Energy Development Agency Limited (IREDA) were trading at ₹149.76 down by ₹2.11 or 1.39 per cent on the NSE today at 11.47 am.
The state-owned renewable energy financier said the bond issuance aims to strengthen its Tier-I capital base to support India’s expanding green energy infrastructure. IREDA characterised the move as strategic, designed to optimise its capital structure while taking advantage of favourable market conditions.
In a separate development, IREDA also received a ₹24.48 crore tax refund from the Income Tax Department on March 19. The refund relates to partial relief granted by the Commissioner of Income Tax (Appeals) for the 2011-12 assessment year regarding certain disallowances.
The company expects an additional refund of approximately ₹195 crore for similar relief granted for assessment years between 2010-11 and 2018-19, which is still being processed.
IREDA Chairman and Managing Director Pradip Kumar Das called the bond issuance “a historic milestone” and thanked investors for their “enthusiastic response.” He added that the strengthened capital base would allow IREDA to increase financing for renewable energy projects, supporting India’s transition to cleaner energy.
