Modi cabinet approves listing of IREDA on stock exchanges via IPO by part sale of govt stake – Business News India

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There is good news for investors betting on Initial Public Offerings (IPOs). The Central Government has approved the IPO of the Indian Renewable Energy Development Agency (IREDA). This means that IREDA’s IPO will come, in which retail investors will also get a chance to stake. Through this IREDA will be listed in the stock market.

What is the plan: The government will sell part of its stake under this IPO 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, approved the listing of IREDA. Partial sale of government’s stake will be done through 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. 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.

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