IREDA's Perpetual Bonds: A New Era in Green Energy Financing

IREDA has launched its first-ever perpetual bonds issue to raise Rs 1,247 crore. This strategic move is intended to boost Tier-I capital, aiding the expansion of India's green energy infrastructure. The bonds carry an 8.40% annual coupon rate, enhancing IREDA's financial foundation.

The Indian Renewable Energy Development Agency Ltd (IREDA) has unveiled a groundbreaking financial initiative, marking its debut issue of perpetual bonds to garner Rs 1,247 crore.

This issuance represents a strategic effort to reinforce IREDA's Tier-I capital, providing a robust base to propel the rapid expansion of India's green energy infrastructure. Issued with an annual coupon rate of 8.40%, these bonds capitalize on favorable market conditions, aiming to optimize the company's capital structure.

According to Pradip Kumar Das, IREDA's Chairman and Managing Director, this move will bolster financing for renewable energy projects, driving India's shift towards a sustainable future. Concurrently, IREDA has received a partial tax refund of Rs 24.48 crore, with additional refunds under process, further solidifying its financial standing.

(With inputs from agencies.)