(MC)
State-owned renewable energy developer and financier Indian Renewable Energy Development Agency (IREDA) has launched its first-ever perpetual bond, to raise Rs 1,247 crore, triggering a modest uptick in early trade on March 20, however the shares have cooled off and slipped into the red. Additionally, the company has also received a tax refund of Rs 24.48 crore.
In an exchange filing shared on March 20, IREDA said the perpetual bonds have been issued at an annual coupon rate of 8.4 percent. “This landmark initiative marks a major step in optimizing the company’s capital structure while capitalizing on the current supportive market conditions,” IREDA said.
The PSU called the issuance of perpetual bonds a ‘strategic move’ to enhance Tier-I capital to back the expansion of green energy infrastructure. Speaking on issuance, IREDA Chairman and Managing Director Pradip Kumar Das said, “Strengthening our capital base through Perpetual Bonds will enable us to scale up financing for renewable energy projects, acceerating India’s transition to a cleaner and more sustainable future.”
