IREDA QIP: PSU allots Rs 2,006 cr worth shares to LIC, 3 others at Rs 165.14 apiece

Indian Renewable Energy Development Agency Ltd (IREDA) on Wednesday said it has allotted 12,14,66,562 equity shares of face value of Rs 10 each, to eligible qualified institutional buyers (QIBs) at an issue price of Rs 165.14 per equity share. This included a discount of Rs 8.69 per share or 5 per cent on the floor price, as determined in terms of SEBI ICDR Regulations. Net-net, the Navratna PSU raised Rs 2,005.90 crore, pursuant to the QIP in accordance with provisions of SEBI ICDR Regulations.

To recall, the floor price for the issue was set at Rs 173.83 per share. The company was earlier looking to raise up to Rs 5,000 crore. Life Insurance Corporation of India has been allotted 6,07,33,280 shares, which was 50 per cent of the total allotment. Morgan Stanley Asia (Singapore) PTE ODI has been allotted 1,10,78,144 shares or 9.12 per cent of the total issue. Societe Generale - ODI has been allotted 1,09,10,257 shares or 8.98 per cent stake. Vikasa India EIF I Fund, meanwhile, is allotted 62,34,433 shares or 5.13 per cent of the issue.

Following the development, IREDA shares were trading 0.33 per cent lower at Rs 181.85 on BSE.

IREDA said its the board of directors on June 10 approved the closure of issue period, pursuant to the receipt of application forms and the funds in the escrow account from the eligible qualified institutional buyers in accordance with the terms of the issue. The issue opened on June 5.

Pursuant to the allotment of equity shares under the QIP, the paid-up equity share capital of the company stands increased from Rs 26,87,76,47,060 crore, consisting of 2,68,77,64,706 Equity Shares to Rs 28,09,23,12,680 crore consisting of 2,80,92,31,268 equity shares each.

"The shareholding pattern of the company, before and after the issue, will be submitted along with listing application in the format specified in Regulation 31 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”)," IREDA said in an exchange filing.