The Indian Renewable Energy Development Agency Limited (IREDA) successfully launched its inaugural perpetual bonds, raising ₹1,247 crore at an annual coupon rate of 8.40 percent, as per a regulatory filing. The company’s shares were trading at ₹149.76, down by ₹2.11 or 1.39 percent on the NSE at 11.47 am today.
IREDA, a state-owned renewable energy financier, indicated that the bond issuance is aimed at reinforcing its Tier-I capital base to support the growing green energy infrastructure in India. The move was strategically designed to optimize the company’s capital structure while capitalizing on favorable market conditions. Additionally, IREDA received a tax refund of ₹24.48 crore from the Income Tax Department on March 19, related to certain disallowances from the 2011-12 assessment year.
IREDA anticipates an additional refund of approximately ₹195 crore for similar relief granted for assessment years between 2010-11 and 2018-19, which is currently in process. The Chairman and Managing Director of IREDA, Pradip Kumar Das, hailed the bond issuance as a historic achievement and expressed gratitude to investors for their enthusiastic response. He emphasized that the strengthened capital base would enable IREDA to provide increased financing for renewable energy projects, thereby supporting India’s shift towards cleaner energy sources.