Indian Renewable Energy Development Agency IPO Delayed

The initial public offering of Indian Renewable Energy Development Agency, the state-owned financier of green energy projects, has been delayed till the April-June quarter as it waits to comply with regulatory norms.

The company earlier planned to launch the IPO by the end of March, KS Popli, chairman and managing director at the agency, said today on the sidelines of an event in New Delhi. It’s waiting for “some compliance” with Securities and Exchange Board of India norms.

The government has already exceeded its Rs 72,500-crore divestment target for the year, with Oil and Natural Gas Corporation Ltd.’s acquisition of its stake in Hindustan Petroleum Corporation Ltd. contributing more than half of it. The divestment mop-up is expected to cross Rs 92,000 crore.

The Cabinet Committee on Economic Affairs had in June last year approved IREDA’s maiden offer.

A company official told BloombergQuint requesting anonymity is that it’s waiting for three independent directors to be appointed. SEBI rules mandate that half the directors in a listed company should be independent.

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