IREDA looks to raise up to ₹3,000 crore via QIP: Exclusive

Indian Renewable Energy Development Agency (IREDA) Ltd. the state-run renewable energy financier, is looking to raise up to ₹3,000 crore by selling shares to eligible institutions, sources with knowledge of the matter told CNBC-TV18.

The Qualified Institutional Placement is likely to be priced at a discount of 5% to the current market price, the sources said.

Motilal Oswal, SBI Cap, IDBI Capital, and Emkay are the likely bankers to the QIP issue, according to the sources.

CNBC-TV18 has reached out to IREDA and is awaiting a response.

IREDA's board has approved raising ₹5,000 crore through the QIP process, which was approved by the board earlier this year and was also approved by shareholders. The potential fund raise comes just five months after it raised ₹2,000 crore through a QIP issue back in June this year.

IREDA's board, back then, had approved the issue of 12.14 crore equity shares at an issue price of ₹155.14 per share. The stock is trading marginally below those levels.

LIC was allotted 50% of the total shares issued as part of the QIP process, along with funds like Societe Generale, Morgan Stanley and Vikasa India EIF I.

At the end of the September quarter, the government had a 71.76% shareholding in IREDA.

Shares of IREDA are currently trading 1.2% lower at ₹148.82. The stock has snapped a two-day losing streak and is down over 50% from its all-time high level of ₹310.