<ul><li><keyword id="391336" type="General" weightage="100" keywordseo="ireda" source="Orion">IREDA</keyword> intends to raise ₹2,150 crore via the initial public offer.</li><li>It intends to use net proceeds to augment its capital base and onward lending.</li><li>Investors can bid for a minimum of 460 shares and in multiples of 460 thereafter. </li></ul>The initial public offer (IPO) of Indian Renewable Energy Development Agency (IREDA) will open for subscription on November 21 and close on November 23. It has fixed a price band of ₹30-32 per share. Investors can bid for a minimum of 460 shares and in multiples of 460 thereafter. The government of India promoted company intends to raise as much as ₹2,150 crore via the issue. The issue is a combination of offer for sale and fresh issue. The company intends to use the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements and onward lending. IREDA is a public financial institution (PFI) registered as a Systemically Important Non-Deposit-taking Non-Banking Finance Company (NBFCND-SI). It also has an Infrastructure Finance Company (IFC) status. The financial institution with over 36 years of experience in promoting, developing and extending financial assistance for new and renewable energy projects. It also serves energy efficiency and conservation projects. It provides financial products and related services, from project conceptualisation to post-commissioning, for and other value chain activities like equipment manufacturing and transmission. As of September 30, 2023, it had a diversified portfolio of term loan outstanding amounting to ₹47,514 crore. IDBI Capital Markets &amp; Securities Limited, BOB Capital Markets Limited, and SBI Capital Markets Limited are the book-running lead managers. Financial &amp; risk factors IREDA’s revenue from operations grew 24% in FY23, as compared to the year before. Its net profit grew 36% during the same period. Its capital to risk-weighted asset ratio (CRAR) stood at 18.8% for FY23. Its gross non-performing assets (NPA) stood at 3.21% by the end of FY23. Its listed peers in the market are REC and Power Finance Corporation. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,373 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,713 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,564 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,139 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹833 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹569 crore </td></tr></tbody></table>Source: RHP IREDA’s finances are indirectly linked to that of state electricity distribution companies or discoms. The poor health of state discoms may lead to delays in payments to renewable energy projects that they finance. Certain discoms that purchase electricity from its borrowers sought revision in the terms of their existing power purchase agreements (PPAs). A downward revision in the tariffs could negatively affect its borrowers, impacting their repayment capabilities. Its NPAs may increase due to force majeure events, delay in project implementation and more, it said in its risk factors. A lot of its NPAs are concentrated around biomass power and cogeneration, hydro power and wind power projects. Apart from that, interest rate volatility, inherent risks in renewable projects, vagaries of nature, and highly competitive environment are listed as risk factors in its DRHP. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tata-technologies-ipo-to-open-on-november-22-price-band-fixed-at-475-500/articleshow/105261065.cms">Tata Technologies IPO to open on November 22, price band fixed at ₹475-500</a> <a href="https://www.businessinsider.in/business/corporates/news/bikaji-in-no-rush-to-take-a-big-bite-of-restaurant-biz-focus-stays-on-snacks-for-now/articleshow/105258190.cms">Bikaji in no rush to take a big bite of restaurant biz, focus stays on snacks for now</a>

IREDA IPO to open on November 21, price band fixed at ₹30-32/share

New Delhi, Feb 17 () Life Insurance Corporation on Monday said there is no proposal to merge its subsidiary LIC Housing Finance Ltd (LICHFL) with any other entity. The statement came after some reports suggested that insurance behemoth LIC might expedite the process of merging LICHFL with its banking arm IDBI Bank. "There was absolutely no proposal to merge LICHFL with any other entity and all such rumours floating in the market are not based on facts," LIC said in a clarification. IDBI Bank in a separate filing clarified that no such proposal has been discussed in its board meeting. Shares of the LICHFL tanked more than 10 per cent in day trade on BSE after the reports. The scrip settled down by 7.71 per cent at Rs 380.30. IDBI shares also declined by 2.54 per cent to end at 34.50. IDBI Bank, in which LIC holds 51 per cent stake, had reported widening of its standalone net loss to Rs 5,763.04 crore due to higher bad loans. The lender had posted a net loss of Rs 4,185.48 crore during the corresponding October-December period of the previous fiscal year. The bank witnessed high proportion of bad loans, with gross non-performing assets (NPAs) at 28.72 per cent of the gross advances at end of December 2019, little lower than 29.67 per cent in the corresponding period of the previous fiscal. DP MRMR

No proposal to merge LIC Housing Finance with any other entity: LIC

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IREDA IPO to open on November 21, price band fixed at ₹30-32/share

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