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  • November 21, 2023

IPO : Indian Renewable Energy Development Agency Ltd

 ISSUE TYPE Book Built Issue IPO
 ISSUE OPENS ON Tuesday, November 21, 2023
 ISSUE CLOSES ON Thursday, November 23, 2023
 ISSUE PRICE ₹30 to ₹32 per share
 ISSUE SIZE Up to Rs.1,290.13 Crores
 FACE VALUE Rs.10 per share

IREDA IPO is a book built issue of Rs 2,150.21 crores. The issue is a combination of fresh issue of 40.32 crore shares aggregating to Rs 1,290.13 crores and offer for sale of 26.88 crore shares aggregating to Rs 860.08 crores.

IREDA IPO opens for subscription on November 21, 2023 and closes on November 23, 2023. The allotment for the IREDA IPO is expected to be finalized on Wednesday, November 29, 2023. IREDA IPO will list on BSE, NSE with tentative listing date fixed as Monday, December 4, 2023.

 MINIMUM BID 460 shares
 MAXIMUM BID 5980 shares
 MAXIMUM AMOUNT  Rs.1,91,360
 PROMOTER HOLDING 75 % (Post-issue)
 LISTING DATE Monday, December 4, 2023

IREDA IPO price band is set at ₹30 to ₹32 per share. The minimum lot size for an application is 460 Shares. The minimum amount of investment required by retail investors is ₹14,720. The minimum lot size investment for sNII is 14 lots (6,440 shares), amounting to ₹206,080, and for bNII, it is 68 lots (31,280 shares), amounting to ₹1,000,960.

Objects of the Issue (IREDA IPO Objectives)

The Offer comprises the Fresh Issue and the Offer for Sale. The company will not receive any proceeds from the Offer for Sale. Further, the proceeds of the Offer for Sale shall be received by the Promoter Selling Shareholder and will not form part of the Net Proceeds. The company intends to utilize the net proceeds for the following objects:-

  1. Augmenting the capital base to meet future capital requirements and onwardlending.
  2. The Company expects to receive the benefits of listing the Equity Shares on the Stock Exchanges, including enhancing the brand image among existing and potential customers and creating a public market for the Equity Shares in India.
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