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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Augmenting capital base for onward lending
Fresh issue proceeds are intended to strengthen the company's capital base, supporting future lending and business growth after covering issue related expenses.
(₹ in Crore)
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Indian Renewable Energy Development Agency Limited (IREDA) is a public sector financial institution incorporated in 1987 as a wholly owned enterprise of the Government of India, functioning under the administrative control of the Ministry of New and Renewable Energy. The company holds Mini Ratna (Category I) status and was upgraded to Schedule A public sector enterprise standing in September 2023. Its core business is providing term loans and other financial assistance for the development, operation and expansion of renewable energy and energy-efficiency projects across technologies such as solar, wind and hydro power. Over more than three decades of operation the company has built a large financing portfolio for clean-energy developers, positioning itself as one of the earliest and most established institutional lenders to India's renewable energy sector. Its registered and corporate office is located at the India Habitat Centre in New Delhi. As of the financial year ended March 2023, the company reported total assets of about Rs 50,447 crore, with income and profit that have grown steadily over the preceding three fiscal years. The company is wholly owned by the Government of India through the Ministry of New and Renewable Energy, which held the entire pre-issue share capital. Its lending model, government ownership and long operating history give it a distinctive position among specialized financiers to the Indian power and renewable energy sectors, with growth linked to the pace of national renewable energy capacity addition and related government policy support.
The company raised approximately Rs 643 crore from anchor investors on November 20, 2023, at the issue price of Rs 32 per share. Marquee participants included Goldman Sachs, ICICI Prudential, SBI Mutual Fund, HDFC Mutual Fund, Nippon Life India, Kotak Mutual Fund, Societe Generale and BNP Paribas Arbitrage, among others.
Source: RHP • Analysis provided for informational purposes
Last Updated: 17 July 2026, 5:30 AM
Leading government-backed renewable energy financier
As a Mini Ratna Category I public sector enterprise under the Ministry of New and Renewable Energy, the company has built a multi-decade track record financing solar, wind, hydro and other clean energy projects across India.
Consistent growth in revenue and profitability
Total income and net profit both rose steadily across the three most recent reported fiscal years, reflecting an expanding loan book.
Valuation reflects near-term earnings growth
The offer price, based on annualized recent-period earnings, already priced in much of the company's projected near-term profit growth, leaving limited additional valuation headroom.
Sector-concentrated lending exposure
As a specialized lender to the renewable energy sector, the company's asset quality and growth are closely tied to government policy shifts and project financing cycles in that single sector.
Indian Renewable Energy Development Agency Limited
Core-4A, East Court, 1st Floor, India Habitat Centre, Lodhi Road, New Delhi 110003
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