Centre begins IREDA IPO process

New Delhi: The central government is planning to come out with an initial share sale offer for up to 25 per cent stake in Indian Renewable Energy Development Agency (IREDA) and is looking for merchant bankers to manage the process.

The Department of Investment and Public Asset Management (DIPAM) on Monday invited bids from category-I Sebi registered merchant bankers; either singly or as a consortium, with experience and expertise in public offerings in capital market; to act as Book Running Lead Manager (BRLM) and to assist and advise the Government/IREDA in the process.

The BRLM would advise the Government/IREDA on the timing and the modalities of the Initial Public Offer (IPO), undertake due diligence, advice on regulatory norms and conduct roadshows to generate investor interest. The government will appoint up to three merchant bankers and the last date to submit bids is April 28. Indian Renewable Energy Development Agency Ltd (IREDA) is under the administrative control of the Ministry of New and Renewable Energy (MNRE) and engaged in the financing of renewable energy and energy efficiency projects.