IREDA's Historic Leap: Unlocking ₹1,247 Crore for a Greener Tomorrow

Indian Renewable Energy Development Agency (IREDA) has issued its maiden perpetual bonds, raising ₹1,247 crore with an annual coupon rate of 8.40%. This move is part of the strategic decision to bolster IREDA's Tier-I capital in support of the speedy development of India's green energy infrastructure. The perpetual bonds, without any maturity date, will give a perpetual stream of interest, enabling IREDA to grow the funding of renewable energy projects. This move is considered a big leap in pushing India towards cleaner energy faster. Apart from this, IREDA has also been granted a ₹24.48 crore refund of tax by the Income Tax Department and is waiting for another refund of ₹195 crore. The stock of the company has also responded positively to this move, indicating investors' faith in its financial strategy.

 

Source: Business Upturn