Ireda to seek shareholders' approval to raise ₹2,994 cr via equity
State-owned Indian Renewable Energy Development Agency will seek shareholders' approval to raise Rs 2,994 crore through the issuance of equity shares to investors, including qualified institutional buyers, through a postal ballot.
The issue will not dilute the shareholding of the President of India in the company by more than 3.76 per cent of the post-issue paid-up equity share capital, according to the postal ballot notice.
The company anticipates growth opportunities in its existing operations and continues to evaluate various avenues.
Towards this, the company continues to require capital for achieving such growth.
The company has proposed to raise additional capital to augment its capital base to meet future capital requirements, onward lending and general corporate purposes, as may be permissible under applicable laws and as approved by the board of directors.
The schedule of implementation and deployment of proceeds will be subsequently approved by the Board at the relevant