BOB, IDBI, SBI Capital in race to manage IREDA IPO
时间:2024-06-26 08:16:19 阅读(143)
Three merchant bankers – BOB Capital, IDBI Capital and SBI Capital – are in the race to manage the initial public offering (IPO) of Indian Renewable Energy Development Agency (IREDA). Separately, Saraf and Partners, Luthra & Luthra and Crawford Bayley & Company are in the race to act as the legal adviser for the IPO.
The merchant bankers and law firms made their presentations to the Department of Investment and Public Asset Management on Wednesday. The IPO, which is expected in FY24, will likely comprise a 10% stake sale by the government and 15% fresh equity issuance by the renewable energy project financier to fund its business growth.
Listing of unlisted state-owned firms is a priority for the Centre to unlock value in these companies and also improve corporate governance.
On March 17, the Cabinet Committee on Economic Affairs (CCEA) approved the IREDA IPO. This decision superseded the earlier CCEA decision taken in June 2017 to allow IREDA to issue 139 million fresh equity shares of Rs 10 each to the public on a book-building basis through IPO. The instant decision has been necessitated due to a change in capital structure following an infusion of capital to the tune of Rs 1,500 crore by the government in March 2022.
Also read: Where is share market headed after Nifty closes below 18300, Bank Nifty above 43470; check support, resistance
IREDA currently is a wholly owned GoI enterprise incorporated in 1987. It is engaged in financing of renewable energy (RE) and energy efficiency (EE) projects in India.
It is registered as a non-banking financial company with the Reserve Bank of India.
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