The IREDA board approved funding ₹4,500 crore through QIP, FPO, and other mechanisms.

On July 1 Pradip Kumar Das, IREDA CMD had said that the company may go for FPO to raise funds and it may be between ₹4,000 crore to 5,000 crore.

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(IREDA)’s board authorised the fund raising amounting to ₹4,500 crore at end of board meeting on Thursday August 29.

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It may be done through Follow-On Public Offer (FPO) Qualified Institutional Placement (QIP), rights issue, preferential issue or any other means permitted by law.

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On July 1 Pradip Kumar Das had said that the FPO company might raise capital of around ₹4,000 crore to ₹5,000 crore.

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Das indicated further that an application for FPO has been submitted to the authorities but this procedure requires time; he added that it is possible for the FPO to occur between November and February of this year.

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IREDA made its entry into the stock market last November and appreciated by almost seven times its initial public offering price before declining ever since.

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Currently, IREDA shares are virtually unchanged at Rs 254.2 apiece while, in view of 143% increase during this year only, they have lost 20% from their highest point of Rs310 reached so far in all time history.

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