Union Government approves IREDA’s IPO
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The Central Government on Friday approved the initial public offering (IPO) of the Indian Renewable Energy Development Agency (IREDA). Under this issue, the government will sell part of its stake and at the same time fresh equity shares will also be issued to raise capital.
The Central Government on Friday approved the initial public offering (IPO) of the Indian Renewable Energy Development Agency (IREDA). Under this issue, the government will sell part of its stake and at the same time fresh equity shares will also be issued to raise capital. According to an official statement, “The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the listing of IREDA. The government’s stake will be partially sold through an initial public offering (IPO). Along with this, fresh equity shares will also be issued to raise capital for IREDA.
IREDA is a public sector undertaking under the Ministry of New and Renewable Energy. The Department of Investment and Public Asset Management (DIPAM) will go ahead with the IPO process. Earlier, in June 2017, the CCEA had approved the issue of 13.90 crore fresh equity shares to IREDA. The latest decision will supersede the June 2017 decision. The government had decided to infuse Rs 1,500 crore in the company in March 2022. In such a situation, it was necessary to take this decision due to the change in capital structure.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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