Ireda Plans To Raise Rs 4,500 Crore Through Multiple Instruments

The Indian Renewable Energy Developmnent Agency Ltd. has announced that it will hold a board meeting on Aug. 29 to consider raising Rs 4,500 crore through equity share capital.

The funds will be raised in one or more tranches via further public offer, qualified institutional placement, right issue, preferential issue or through other permitted modes, according to an exchange filing on Wednesday.

The trading window of the company will be closed from Aug. 21 till 48 hours from the conclusion of the meeting, halting the deals in the securities of the company, it said.

Earlier, the public sector enterprise planned to invest Rs 290 crore through special purpose vehicles for setting up a 900-megawatt hydropower project in Nepal.

The 900-megawatt hydropower project is in advanced stages of development and will be the country's largest hydropower plant after completion.