The Cabinet on Wednesday approved an IPO by the Indian Renewable Energy Development Agency.
It approved the issue of 13.9 crore equity shares of ₹10 each. It also approved the issue of shares to retail investors and IREDA employees at a discount of 5% on the issue price, with a cap of 0.5% on equity post issue for central public sector enterprise employees.
IREDA is registered as a non-banking financial company. It has worked closely with the Ministry of New and Renewable Energy to help implement policies.
The number of shares to be issued to employees and retail investors will be finalised in consultation with the lead managers and as per the SEBI regulations.
