Govt May File Draft Papers For IREDA Public Offering By September: DIPAM Secretary

New Delhi: The government is planning to file draft papers for an initial public offering of the state-owned Indian Renewable Energy Development Agency (IREDA) by September, a top official said. "We have appointed the merchant bankers and they will proceed with the valuation. We should be able to file the DRHP in 3-4 months, could be by September," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told PTI.

A public sector enterprise under the Ministry of New and Renewable Energy (MNRE), IREDA is engaged in the financing of renewable energy and energy efficiency projects. (Also Read: Odisha Train Accident: LIC Relaxes Claim Settlement Process For Victims)

Last month, the Cabinet Committee on Economic Affairs (CCEA) approved the listing of IREDA through an initial public offer (IPO) to the part sale of the government's stake and raise funds for IREDA through the issue of fresh equity shares.

Earlier in March 2022, the government infused Rs 1,500 crore capital in IREDA, which is a non-banking finance company (NBFC).

The company posted an all-time high net profit of Rs 865 crore in the 2022-23 fiscal.