IREDA plans to float taxable bond issue worth Rs 500 crore

20 Dec 2023 , 12:50 PM

Indian Renewable Energy Development Agency Limited informed the bourses that the company is planning to raise unsecured, redeemable, non-convertible, non-cumulative, taxable, bonds amounting to Rs 500 crore for cash at par, on a private placement basis.

The company further stated that the issue will also have the option to retain oversubscription through a green shoe option up to Rs 1,500 crore. Therefore, the aggregate amount of the issue can go up to Rs 2,000 crore.

The bonds scheduled to be issued (after the Company accepts bids) under the Series XV-C issuance have a tenor of ten years. According to the terms and conditions of the taxable bonds uploaded to the EBP platform, the issue starting date is 20-12-2023, the pay-in date is 22-12-2023, and the allotment date has been fixed at 22-12-2023.

The company has received the board approval for the borrowing program of FY23-24 amounting to RS 26,000 crore in its meeting held on April 25, 2023.

The above-mentioned bond-based fund raise is part of the said borrowing scheme. The revenues obtained through issue of taxable bonds will be used for financing RE projects and other general company purposes, said the company in its filing with the bourses.

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