IREDA to raise Rs. 1,000cr through 10-year bonds
What's the story
The Indian Renewable Energy Development Agency (IREDA) is gearing up to raise a Rs. 1,000 crore through the issuance of bonds that have a 120-month maturity period, reported Moneycontrol.
The bidding for these bonds took place today from 11am to 12 noon, on the electronic bidding platform of the Bombay Stock Exchange (BSE).
With a 'AAA' rating and a 'stable' outlook from ICRA and India Ratings, these bonds showcase a high level of creditworthiness.
Details
Pay-in date and recent bond issuances
October 12 marks the pay-in date for the bonds, when bonds and money change hands between the issuer and investors.
Just a day before, on October 9, two companies, Chaitanya India Fin Credit Pvt Ltd. and Manba Finance, successfully raised funds through bond issuances.
Together, they raised Rs. 75 crore, with Chaitanya India Fin Credit securing Rs. 25 crore through three-year bonds and Manba Finance obtaining Rs. 50 crore from two-year bonds.
What Next?
IREDA's role in renewable energy development
So, what's the deal with IREDA? This government-owned financial institution plays a vital role in promoting renewable energy projects across India.
They provide financial assistance to various renewable energy projects, including solar, wind, biomass, and small hydroelectric power plants.
The funds raised through the bond issuance will be used to support the growth and development of renewable energy projects in the country.