Saraf and Partners selected as legal adviser.
The government has appointed IDBI Capital, BOB Capital and SBI Capital to manage the initial public offer (IPO) of the Indian Renewable Energy Development Agency (IREDA). IDBI Capital is the lead banker for the transaction.
Separately, Saraf and Partners has been appointed as the legal adviser for the IPO.
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The IPO, which is expected in FY24, will likely consist of a 10% stake sale by the government and 15% fresh equity issuance by the renewable energy project financier to fund its business growth.
“We want the IREDA listing to be completed in the current financial year,” an official said.
On Monday, the government invited applications for hiring an advertising agency and a registrar for the IREDA IPO.
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Listing of the unlisted state-owned firms is a priority of the Centre to unlock value in those companies and also improve corporate governance.
On March 17, the Cabinet Committee on Economic Affairs (CCEA) approved the IREDA IPO.
IREDA is currently a wholly owned Government of India enterprise incorporated in 1987 and is engaged in the financing of Renewable Energy (RE) and Energy Efficiency (EE) projects in India.
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The company as of date has financed more than 3,068 RE projects loan accounts with cumulative loan sanction and disbursement to the tune of Rs 1.42 trillion and Rs 0.9 trillion respectively and has supported RE capacity addition of 19,502 MW in the country. The company’s net profit rose 50% on year to Rs 611 crore in the first nine months of FY23.
