State-run Indian Renewable Energy Development Agency (IREDA) is contemplating a follow-on public offering (FPO) in the latter half of this fiscal year to bolster its capital and fund green energy initiatives, Chairman and Managing Director Pradip Kumar Das announced on May 21.
Das indicated that the non-banking financial company (NBFC) plans to launch the FPO either in the second half of FY24 or at the onset of FY26. However, he did not disclose the amount the company aims to raise through the FPO. Additionally, IREDA is exploring the option of raising funds via perpetual debt.
“We may come back to the market through a follow-on public offering. We will be requesting the Government of India for the FPO,” Das informed reporters during a media roundtable.
IREDA, which recently attained Navratna status, successfully launched an initial public offering (IPO) in December 2023. This success came after the company’s IPO attempts in 2017 and 2019 did not materialize.
The funds raised through the FPO will be crucial in meeting IREDA’s capital requirements and supporting its various green energy projects, reflecting its commitment to promoting sustainable energy solutions in India.
