The perpetual bonds were issued at an annual coupon rate of 8.40 per cent.
Renewable energy sources (Photo:SNS)
Indian Renewable Energy Development Agency Ltd (IREDA) has launched its first-ever issue of perpetual bonds to raise Rs 1,247 crore, a strategic move aimed at enhancing Ireda’s Tier-I capital, according to a statement by the state-owned company.
The perpetual bonds were issued at an annual coupon rate of 8.40 per cent.
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“The issuance of perpetual bonds is a strategic move aimed at enhancing Ireda’s Tier-I capital, ensuring a stronger financial foundation to support the rapid expansion of India’s green energy infrastructure,” it said.
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Speaking on the development, Pradip Kumar Das, Chairman and Managing Director, Ireda, said, “Strengthening our capital base through perpetual bonds will enable us to scale up financing for renewable energy projects, accelerating India’s transition to a cleaner and more sustainable future.”
Notably, in a separate development, IREDA also received a Rs 24.48 crore tax refund from the Income Tax Department on Wednesday.
The refund relates to partial relief granted by the Commissioner of Income Tax (Appeals) for the 2011-12 assessment year regarding certain disallowances.
It also expects an additional refund of approximately Rs 195 crore for similar relief granted for assessment years between 2010-11 and 2018-19, which is still being processed.
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