Shares of the Indian Renewable Energy Development Agency (IREDA) surged by over 2% on Wednesday, following the announcement of the closure of its Qualified Institutional Placement (QIP) earlier that day. The firm successfully raised ₹2,000 crore through this process by issuing equity to qualified institutions.
IREDA’s board sanctioned the issuance of 12.14 crore equity shares of the company as part of this initiative. The issue price for the QIP has been set at ₹155.14 per share, which reflects a 5% discount to the established floor price of the issue.
Life Insurance Corporation of India (LIC), which is the largest insurance provider in India, has been allocated 50% of the total shares authorized for the QIP. Additionally, Societe Generale, Morgan Stanley, and Vikasa India EIF I Fund have each received more than 5% of the total shares available through the QIP.
