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IREDA tax free bond issue opens for subscription

According to reports,New Delhi-based Indian Renewable Energy Development Agency (IREDA) has come out with its public issue of tax free, secured, redeemable, non-convertible bonds in the nature of debentures of face value of Rs 1,000 each.

The company aims to raise up to Rs 500 crore with an option to retain oversubscription up to Rs 500 crore for issuance of additional bonds, aggregating to a total of upto Rs 1,000 crore. Non-banking financial institution is engaged in extending financing services to projects and schemes for generating electricity and energy through renewable sources and conserving energy through energy efficiency.

Issue proceeds may be utilised towards financing renewable energy and energy efficiency projects and augmenting our resource base, the company said in its prospectus. Bonds will be listed on the BSE and NSE within 12 working days from the issue closure date.

Karvy Investor Services Limited, AK Capital Services Limited and RR Investors Capital Sevices Limited are lead managers to the issue. Link Intime India Private Limited is registrar to the issue.

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