Indian Renewable Energy Development Agency Limited (IREDA) has successfully raised ₹453.00 crore through its second issue of perpetual bonds, demonstrating strong investor confidence in the renewable energy financing company. The bond issue, which offered a 7.70% annual rate, was met with overwhelming demand, resulting in an oversubscription of 2.69 times.

Strong Investor Demand

The perpetual bond issue, which had a base size of ₹100.00 crore with a green shoe option of ₹400.00 crore, received total bids worth ₹1,343.00 crore. This significant oversubscription reflects the growing interest in IREDA's debt instruments and the company's pivotal role in financing India's renewable energy sector.

Strengthening Capital Base

IREDA's Chairman and Managing Director, Shri Pradip Kumar Das, commented on the successful fund-raising, stating, "These bonds will strengthen our Tier-I Capital and help scale up renewable energy financing, accelerating India's transition to a greener and more sustainable future." He expressed gratitude to the investors for their overwhelming response and continued trust in IREDA.

Unique Bond Features

The perpetual bonds issued by IREDA carry distinctive characteristics:

• No maturity or redemption date
• Callable only at the company's option
• 7.70% annual coupon rate
• Step-up of 50 basis points once in the bond's lifetime if not called after 10 years
• Rank senior only to share capital

These hybrid instruments provide equity-like features while offering IREDA a stable, long-term source of capital. This capital infusion is expected to play a crucial role in supporting IREDA's mission to finance green energy projects and contribute to India's sustainable energy goals.

Implications for Renewable Energy Financing

The successful bond issue underscores the financial market's confidence in IREDA and the renewable energy sector in India. As a leading financier in the country's renewable energy landscape, IREDA's enhanced capital base is likely to accelerate the funding of various green energy initiatives, supporting India's transition towards a more sustainable energy future.

The oversubscription of IREDA's perpetual bond issue not only highlights the company's strong market position but also signals growing investor appetite for instruments supporting renewable energy development in India.

IREDA , a key player in India's renewable energy sector, has significantly strengthened its leadership team with the appointment of seven new senior management personnel. The decision, approved by IREDA's Board of Directors on August 7, marks a strategic move to enhance the company's expertise across various critical domains.

Key Appointments

The new appointments include:

1. Shailendra Kumar Malviya - General Manager (Projects)
2. Koushi Goswami - General Manager (Projects)
3. Rajeev Kumar - Additional General Manager (Projects)
4. Kuber Malhotra - Chief Technology Officer and General Manager (Information Technology)
5. Bhagirath Siyag
6. Rahul Kamal
7. Sujith V Surendran

Diverse Expertise

These new senior management personnel bring a wealth of experience to IREDA:

• Shailendra Kumar Malviya holds a degree in Electrical Engineering and an MBA, with over 20 years of experience, including stints at NHPC Limited and NTPC Limited.
• Koushi Goswami brings more than 22 years of experience, with a background in Electronics and Telecom and an MBA. He previously worked with Power Grid Corporation of India Limited.
• Rajeev Kumar has over 23 years of experience and holds a degree in Mechanical Engineering.
• Kuber Malhotra, the new Chief Technology Officer, has more than 20 years of experience in the IT sector. He holds a B.E. in Computer Science and an MBA, with prior experience at Central Warehousing Corporation, IRCON International Limited, and Solar Energy Corporation of India.

Strategic Timing

The appointments come at a crucial time for IREDA, as the renewable energy sector in India continues to grow rapidly. The diverse backgrounds of the new appointees, ranging from project management to information technology, suggest a comprehensive approach to strengthening the company's capabilities across various sectors.

Effective Dates

Most of the appointments are effective from August 7, with some personnel having joined the company in early August. Kuber Malhotra, for instance, assumed his role as Chief Technology Officer on August 1.

Compliance and Transparency

In line with regulatory requirements, IREDA has duly informed the stock exchanges about these appointments, adhering to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This move underscores the company's commitment to transparency and corporate governance.

The strategic expansion of IREDA's senior management team is expected to drive innovation, enhance operational efficiency, and support the company's growth in the dynamic renewable energy sector. As India continues to push for greater adoption of clean energy, IREDA's strengthened leadership is poised to play a crucial role in facilitating and financing renewable energy projects across the country.