IREDA’s Rs 2,150-cr IPO to open on Nov 21

New Delhi: State-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday fixed a price band of Rs 30-32 per share for its Rs 2,150-crore initial public offering (IPO).

The maiden public issue will open for subscription on November 21 and conclude on November 23 and the anchor book of the offer will be opened for a day on November 20, according to a public announcement. This would be the first public issue by a public sector enterprise after Life Insurance Corporation’s IPO in May last year. IREDA would issue up to 40.31 crore fresh shares to mobilize around Rs 1,290 crore at the upper end of the price band. Besides, Government of India, currently the sole shareholder, will offer up to 26.88 crore shares in an offer for sale (OFS) in a bid to collect Rs 860 crore.