IREDA
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IREDA Approves Enhancement Of Borrowing Plan For FY2025-26 To 358 Bln Rupees
March 19 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
APPROVES ENHANCEMENT OF BORROWING PLAN FOR FY2025-26 TO 358 BILLION RUPEES
APPROVES MARKET BORROWING PROGRAMME UP TO 400 BILLION RUPEES FOR FY2026-27
Source text: ID:nBSE1tHcNY
Further company coverage: INAR.NS
March 19 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
APPROVES ENHANCEMENT OF BORROWING PLAN FOR FY2025-26 TO 358 BILLION RUPEES
APPROVES MARKET BORROWING PROGRAMME UP TO 400 BILLION RUPEES FOR FY2026-27
Source text: ID:nBSE1tHcNY
Further company coverage: INAR.NS
IREDA Approved Fundraise Via Share Issue Worth Up To 29.94 Billion Rupees
Feb 6 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - APPROVED FUNDRAISE VIA SHARE ISSUE WORTH UP TO 29.94 BILLION RUPEES
Source text: ID:nNSE2rkbg1
Further company coverage: INAR.NS
Feb 6 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - APPROVED FUNDRAISE VIA SHARE ISSUE WORTH UP TO 29.94 BILLION RUPEES
Source text: ID:nNSE2rkbg1
Further company coverage: INAR.NS
India's IREDA rises on Q3 profit jump
** IREDA INAR.NS rises ~2% to 139.33 rupees
** Co reports 37.7% year-on-year jump in Q3 consol profit; Q3 consol revenue rises 25.4%
** ICICI Direct Research says despite temporary stress in Q1, Q3 performance confirms normalisation in margins, asset quality and earnings
** Adds long-term structural growth story for renewable financing remains intact, supported by balance sheet growth, stable margins and sustained asset quality
** More than 16.8 mln shares traded vs 30 day avg of 8.2 mln
** INAR fell 35% in 2025
(Reporting by Mridula Kumar in Bengaluru)
** IREDA INAR.NS rises ~2% to 139.33 rupees
** Co reports 37.7% year-on-year jump in Q3 consol profit; Q3 consol revenue rises 25.4%
** ICICI Direct Research says despite temporary stress in Q1, Q3 performance confirms normalisation in margins, asset quality and earnings
** Adds long-term structural growth story for renewable financing remains intact, supported by balance sheet growth, stable margins and sustained asset quality
** More than 16.8 mln shares traded vs 30 day avg of 8.2 mln
** INAR fell 35% in 2025
(Reporting by Mridula Kumar in Bengaluru)
IREDA Dec-Quarter Consol Profit 5.85 Billion Rupees
Jan 9 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA DEC-QUARTER CONSOL PROFIT 5.85 BILLION RUPEES
IREDA DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 21.3 BILLION RUPEES
Source text: ID:nnAZN4RV31R
Further company coverage: INAR.NS
Jan 9 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA DEC-QUARTER CONSOL PROFIT 5.85 BILLION RUPEES
IREDA DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 21.3 BILLION RUPEES
Source text: ID:nnAZN4RV31R
Further company coverage: INAR.NS
IREDA posts 42% rise in Q2 profit on clean energy loans growth
Oct 14 (Reuters) - The Indian Renewable Energy Development Agency INAR.NS on Tuesday posted a 42% growth in its second quarter profit, helped by robust green lending growth.
The renewable energy financier's profit grew to 5.49 billion rupees ($61.8 million) in the quarter ended September 30 from 3.88 billion rupees in the year-ago period.
Its interest income rose 28.7% to 20.30 billion rupees.
The firm's earnings come as major industry players in India in expand their renewable energy capacity, both with an eye on exports and as India targets 500 gigawatts of non-fossil fuel capacity by 2030.
IREDA's gross loan book stood at 762.82 billion rupees ($8.6 billion) as of fiscal 2025, with solar energy projects making up the largest share, followed by wind. This positions the company as a key financier in India’s clean energy transition.
While IREDA is the only NBFC in India solely focused on green energy, it competes with broader power sector lenders like Power Finance Corporation and REC, which are yet to report earnings.
Shares of IREDA rose 2% following the results.
($1 = 88.7900 Indian rupees)
(Reporting by Yagnoseni Das in Bengaluru)
Oct 14 (Reuters) - The Indian Renewable Energy Development Agency INAR.NS on Tuesday posted a 42% growth in its second quarter profit, helped by robust green lending growth.
The renewable energy financier's profit grew to 5.49 billion rupees ($61.8 million) in the quarter ended September 30 from 3.88 billion rupees in the year-ago period.
Its interest income rose 28.7% to 20.30 billion rupees.
The firm's earnings come as major industry players in India in expand their renewable energy capacity, both with an eye on exports and as India targets 500 gigawatts of non-fossil fuel capacity by 2030.
IREDA's gross loan book stood at 762.82 billion rupees ($8.6 billion) as of fiscal 2025, with solar energy projects making up the largest share, followed by wind. This positions the company as a key financier in India’s clean energy transition.
While IREDA is the only NBFC in India solely focused on green energy, it competes with broader power sector lenders like Power Finance Corporation and REC, which are yet to report earnings.
Shares of IREDA rose 2% following the results.
($1 = 88.7900 Indian rupees)
(Reporting by Yagnoseni Das in Bengaluru)
India New Issue-IREDA accepts bids for perpetual bonds, bankers say
MUMBAI, Sept 11 (Reuters) - Indian Renewable Energy Development Agency INAR.NS has accepted bids worth 4.53 billion rupees($51.3 million) for perpetual bonds, two traders said on Thursday.
It will pay a coupon of 7.70% and had invited commitment bids for the issue on Thursday, they said. The bonds will have a call option at the end of 10 years.
IREDA did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on September 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | Perpetual | 7.7 | 4.53 | September 11 | AA+ (Icra, India rating) |
HDB Financial | 2 years and 11 months | 7.3274 | 5 | September 11 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 88.3125 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Mrigank Dhaniwala)
MUMBAI, Sept 11 (Reuters) - Indian Renewable Energy Development Agency INAR.NS has accepted bids worth 4.53 billion rupees($51.3 million) for perpetual bonds, two traders said on Thursday.
It will pay a coupon of 7.70% and had invited commitment bids for the issue on Thursday, they said. The bonds will have a call option at the end of 10 years.
IREDA did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on September 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | Perpetual | 7.7 | 4.53 | September 11 | AA+ (Icra, India rating) |
HDB Financial | 2 years and 11 months | 7.3274 | 5 | September 11 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 88.3125 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Mrigank Dhaniwala)
India New Issue-IREDA to issue perpetual bonds, bankers say
Indian clean energy firm SAEL to invest $954 mln in solar manufacturing plant
July 14 (Reuters) - Indian renewable energy firm SAEL Industries Ltd will invest 82 billion rupees ($954.04 million) to build a 5-gigawatt (GW)-per-year integrated solar cell and module manufacturing facility in the northern state of Uttar Pradesh, the company said on Monday.
Through one of the largest investments seen so far in the solar manufacturing space in India, the plant in Greater Noida will boost SAEL’s total module manufacturing capacity to 8.5 GW.
Construction is expected to begin this year.
The move aligns with India’s push to localise solar manufacturing. From June 2026, only domestically made solar cells from approved manufacturers will be allowed in government projects.
India currently has 80 GW of module manufacturing capacity but about 15 GW of cell capacity, with most modules relying on Chinese imports.
SAEL operates assets capable of generating more than 6.7 GW of solar power, including operational and constructional projects, and aims to drive that to 10 GW in three years. The company has already raised more than $2.4 billion in equity and debt, and has issued a $305-million green bond in 2024.
"By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer," Laxit Awla, CEO of SAEL Industries, told Reuters.
The company also plans to file for an initial public offering this year, Awla said, declining to share more details about the timing and size of the IPO.
SAEL's revenue from its biomass and independent power production business nearly doubled to 6.87 billion rupees in fiscal 2025 from fiscal 2023. The company aims to grow its revenue from these businesses to 30.94 billion rupees by fiscal year 2027.
($1 = 85.9500 Indian rupees)
(Reporting by Sethuraman NR; Editing by Janane Venkatraman)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
July 14 (Reuters) - Indian renewable energy firm SAEL Industries Ltd will invest 82 billion rupees ($954.04 million) to build a 5-gigawatt (GW)-per-year integrated solar cell and module manufacturing facility in the northern state of Uttar Pradesh, the company said on Monday.
Through one of the largest investments seen so far in the solar manufacturing space in India, the plant in Greater Noida will boost SAEL’s total module manufacturing capacity to 8.5 GW.
Construction is expected to begin this year.
The move aligns with India’s push to localise solar manufacturing. From June 2026, only domestically made solar cells from approved manufacturers will be allowed in government projects.
India currently has 80 GW of module manufacturing capacity but about 15 GW of cell capacity, with most modules relying on Chinese imports.
SAEL operates assets capable of generating more than 6.7 GW of solar power, including operational and constructional projects, and aims to drive that to 10 GW in three years. The company has already raised more than $2.4 billion in equity and debt, and has issued a $305-million green bond in 2024.
"By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer," Laxit Awla, CEO of SAEL Industries, told Reuters.
The company also plans to file for an initial public offering this year, Awla said, declining to share more details about the timing and size of the IPO.
SAEL's revenue from its biomass and independent power production business nearly doubled to 6.87 billion rupees in fiscal 2025 from fiscal 2023. The company aims to grow its revenue from these businesses to 30.94 billion rupees by fiscal year 2027.
($1 = 85.9500 Indian rupees)
(Reporting by Sethuraman NR; Editing by Janane Venkatraman)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
India's IREDA falls on Q1 profit drop, deteriorating asset quality
** Indian Renewable Development Agency (IREDA) INAR.NS falls as much as 5.8% to 159.80 rupees
** Renewable energy financier posts 35.7% year-on-year decline in Q1 net profit
** Manish Agarwalia and Dhruti Parekh of PhillipCapital say asset quality deteriorated due to known stress - a rise in bad loans driven by Gensol and legacy renewable energy account
** High proportion of vulnerable portfolio do not provide confidence for low credit costs for INAR in the medium term, analysts add
** YTD, INAR falls 21.2%
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
** Indian Renewable Development Agency (IREDA) INAR.NS falls as much as 5.8% to 159.80 rupees
** Renewable energy financier posts 35.7% year-on-year decline in Q1 net profit
** Manish Agarwalia and Dhruti Parekh of PhillipCapital say asset quality deteriorated due to known stress - a rise in bad loans driven by Gensol and legacy renewable energy account
** High proportion of vulnerable portfolio do not provide confidence for low credit costs for INAR in the medium term, analysts add
** YTD, INAR falls 21.2%
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
IREDA Gets Permission To Issue Capital Gain Tax Exemption Bonds
July 10 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - GOT PERMISSION TO ISSUE CAPITAL GAIN TAX EXEMPTION BONDS
Source text: ID:nBSE4KLCb5
Further company coverage: INAR.NS
July 10 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - GOT PERMISSION TO ISSUE CAPITAL GAIN TAX EXEMPTION BONDS
Source text: ID:nBSE4KLCb5
Further company coverage: INAR.NS
IREDA Says NCLT Admits Insolvency Application Against Gensol EV Lease For 2.19 Billion Rupees
June 13 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
NCLT ADMITS INSOLVENCY APPLICATION AGAINST GENSOL EV LEASE FOR 2.19 BILLION RUPEES
Source text: ID:nNSE2Xdl6S
Further company coverage: INAR.NS
June 13 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
NCLT ADMITS INSOLVENCY APPLICATION AGAINST GENSOL EV LEASE FOR 2.19 BILLION RUPEES
Source text: ID:nNSE2Xdl6S
Further company coverage: INAR.NS
India's IREDA files second bankruptcy case against Gensol Engineering
May 16 (Reuters) - The Indian Renewable Energy Development Agency INAR.NS said on Friday it had filed a bankruptcy application against Gensol Engineering's GENO.NS electric vehicle leasing unit, two days after filing a bankruptcy case against the troubled company.
Gensol EV Lease Ltd owes a default amount of 2.18 billion rupees ($25.48 million), the state-owned agency said.
The IREDA filed its first bankruptcy application against Gensol, a solar energy company, on Wednesday for an amount of 5.10 billion rupees.
Gensol has also procured electric vehicles on behalf of ride-hailing service BluSmart. Gensol's former managing director, Anmol Singh Jaggi, is BluSmart's co-founder.
India's market regulator alleged in April that Gensol had defaulted on loans, including those taken to finance the EVs purchased for BluSmart.
The IREDA had filed a complaint with the Economic Offences Wing against Gensol in April, alleging falsification of documents, while also initiating an internal review.
Power Finance Corp, another lender to Gensol, has also filed similar allegations against the company.
($1 = 85.5690 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Shreya Biswas)
May 16 (Reuters) - The Indian Renewable Energy Development Agency INAR.NS said on Friday it had filed a bankruptcy application against Gensol Engineering's GENO.NS electric vehicle leasing unit, two days after filing a bankruptcy case against the troubled company.
Gensol EV Lease Ltd owes a default amount of 2.18 billion rupees ($25.48 million), the state-owned agency said.
The IREDA filed its first bankruptcy application against Gensol, a solar energy company, on Wednesday for an amount of 5.10 billion rupees.
Gensol has also procured electric vehicles on behalf of ride-hailing service BluSmart. Gensol's former managing director, Anmol Singh Jaggi, is BluSmart's co-founder.
India's market regulator alleged in April that Gensol had defaulted on loans, including those taken to finance the EVs purchased for BluSmart.
The IREDA had filed a complaint with the Economic Offences Wing against Gensol in April, alleging falsification of documents, while also initiating an internal review.
Power Finance Corp, another lender to Gensol, has also filed similar allegations against the company.
($1 = 85.5690 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Shreya Biswas)
India New Issue-IREDA accepts bids for over 5-year bonds, bankers say
MUMBAI, May 2 (Reuters) - Indian Renewable Energy Development Agency INAR.NS (IREDA) has accepted bids worth 15 billion rupees ($178.9 million) for sale of bonds maturing in five years and one month, three bankers said on Friday.
It will pay an annual coupon of 7% and had invited coupon and commitment bids for the issue earlier in the day, they said.
IREDA did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on May 2:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 5 years and 1 month | 7.00 | 15 | May 2 | AAA (Icra, India Ratings) |
HUDCO | 5 years | 6.90 | 21.90 | May 2 | AAA (Icra, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 83.8360 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, May 2 (Reuters) - Indian Renewable Energy Development Agency INAR.NS (IREDA) has accepted bids worth 15 billion rupees ($178.9 million) for sale of bonds maturing in five years and one month, three bankers said on Friday.
It will pay an annual coupon of 7% and had invited coupon and commitment bids for the issue earlier in the day, they said.
IREDA did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on May 2:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 5 years and 1 month | 7.00 | 15 | May 2 | AAA (Icra, India Ratings) |
HUDCO | 5 years | 6.90 | 21.90 | May 2 | AAA (Icra, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 83.8360 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
IREDA Extends Tenure Of Pradip Kumar Das As MD, Chairman
May 1 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - EXTENDS TENURE OF PRADIP KUMAR DAS AS MD, CHAIRMAN
Further company coverage: INAR.NS
May 1 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - EXTENDS TENURE OF PRADIP KUMAR DAS AS MD, CHAIRMAN
Further company coverage: INAR.NS
India's IREDA files complaint against Gensol over alleged document fraud
April 25 (Reuters) - Indian state-owned renewables lender filed a complaint with the Economic Offences Wing (EOW) against Gensol Engineering GENO.NS and begun an internal review over an alleged submission of falsified documents, it said on Friday.
In a statement, the Indian Renewable Energy Development Agency (IREDA) INAR.NS, said, "The investigation and risk committes of IREDA are closely examining the matter. Appropriate actions regarding collateral and recoveries will be taken based on outcome of the review."
Earlier this week, another loan financier to Gensol, Power Finance Corp (PFC) PWFC.NS filed a complaint with the EOW against the company.
Credit ratings agencies, in March, alleged that the company submitted falsified financial documents and downgraded the company.
India's markets regulator barred Gensol founders Anmol Singh Jaggi and Puneet Singh Jaggi from holding key positions in the company after allegedly defaulting on debt it raised to finance electric vehicle purchases for their ride-hailing startup BluSmart Mobility.
Gensol has previously denied defaulting on its debt.
Promoters of the company sold 2.4% stake after the agencies' downgrades, a move that IREDA says was done without lenders' approval, "constituting breach of contract".
(Reporting by Manvi Pant in Bengaluru; Editing by Vijay Kishore)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
April 25 (Reuters) - Indian state-owned renewables lender filed a complaint with the Economic Offences Wing (EOW) against Gensol Engineering GENO.NS and begun an internal review over an alleged submission of falsified documents, it said on Friday.
In a statement, the Indian Renewable Energy Development Agency (IREDA) INAR.NS, said, "The investigation and risk committes of IREDA are closely examining the matter. Appropriate actions regarding collateral and recoveries will be taken based on outcome of the review."
Earlier this week, another loan financier to Gensol, Power Finance Corp (PFC) PWFC.NS filed a complaint with the EOW against the company.
Credit ratings agencies, in March, alleged that the company submitted falsified financial documents and downgraded the company.
India's markets regulator barred Gensol founders Anmol Singh Jaggi and Puneet Singh Jaggi from holding key positions in the company after allegedly defaulting on debt it raised to finance electric vehicle purchases for their ride-hailing startup BluSmart Mobility.
Gensol has previously denied defaulting on its debt.
Promoters of the company sold 2.4% stake after the agencies' downgrades, a move that IREDA says was done without lenders' approval, "constituting breach of contract".
(Reporting by Manvi Pant in Bengaluru; Editing by Vijay Kishore)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
Indian state-run firms seek government nod to issue deep-discount, long-tenor debt
Updates throughout
By Khushi Malhotra and Dharamraj Dhutia
MUMBAI, April 22 (Reuters) - At least six Indian state-run companies have sought government approval to issue deep-discount bonds, opting for a rarely used corporate bond structure to raise relatively cheaper funds, four sources aware of the matter said on Tuesday.
These companies are Indian Railway Finance Corp (IRFC) INID.NS, Indian Renewable Energy Development Agency (IREDA) INAR.NS, Power Grid Corp of India (PGC) PGRD.NS, REC RECM.NS, SIDBI and NABARD, the sources said.
REC has yet again sought permission to issue these bonds, after having raised 50 billion rupees ($587 million) similarly in September, when aggressive bids led to lower-than-expected yields.
REC confirmed the development but none of the other firms replied to Reuters emails seeking comment.
Deep-discount bonds are generally issued at a more than 20%-25% discount to their face value and do not pay regular interest, a feature similar to zero-coupon notes that removes reinvestment risks.
The surge in interest from companies to raise funds via these bonds is because they reduce overall borrowing costs in an environment when interest rates are seen falling further.
For investors, these bonds, though not tax-free, offer a significant long-term capital gains benefit. That, along with the rarity of such issues, is boosting demand for such notes, bankers said.
"At maturity, investors receive a profit which is taxable as per capital gains rates. This helps reduce the effective tax rate for investors making zero-coupon bonds attractive," said Nikhil Aggarwal, founder and CEO of online bond trading platform Grip Invest.
Last week, Housing and Urban Development Corp (HUDCO) HUDC.NS became the third state-run company to get approval to issue these bonds.
"HUDCO was the most likely candidate and they have got the approval and we expect REC and IRFC to be the next likely candidates," one of the sources said.
The sources said the government's approval may come in phases as they are not comfortable with a surge in the supply of zero-coupon bonds. The sources refused to be identified as they are not authorised to speak to the media.
HUDCO got approval to raise 50 billion rupees through bonds with a maturity of 10 years and one month, while Power Finance Corp (PFC) PWFC.NS was approved to raise 100 billion rupees in March. Both have until the end of March 2027 to raise these funds.
($1 = 85.1780 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Savio D'Souza)
Updates throughout
By Khushi Malhotra and Dharamraj Dhutia
MUMBAI, April 22 (Reuters) - At least six Indian state-run companies have sought government approval to issue deep-discount bonds, opting for a rarely used corporate bond structure to raise relatively cheaper funds, four sources aware of the matter said on Tuesday.
These companies are Indian Railway Finance Corp (IRFC) INID.NS, Indian Renewable Energy Development Agency (IREDA) INAR.NS, Power Grid Corp of India (PGC) PGRD.NS, REC RECM.NS, SIDBI and NABARD, the sources said.
REC has yet again sought permission to issue these bonds, after having raised 50 billion rupees ($587 million) similarly in September, when aggressive bids led to lower-than-expected yields.
REC confirmed the development but none of the other firms replied to Reuters emails seeking comment.
Deep-discount bonds are generally issued at a more than 20%-25% discount to their face value and do not pay regular interest, a feature similar to zero-coupon notes that removes reinvestment risks.
The surge in interest from companies to raise funds via these bonds is because they reduce overall borrowing costs in an environment when interest rates are seen falling further.
For investors, these bonds, though not tax-free, offer a significant long-term capital gains benefit. That, along with the rarity of such issues, is boosting demand for such notes, bankers said.
"At maturity, investors receive a profit which is taxable as per capital gains rates. This helps reduce the effective tax rate for investors making zero-coupon bonds attractive," said Nikhil Aggarwal, founder and CEO of online bond trading platform Grip Invest.
Last week, Housing and Urban Development Corp (HUDCO) HUDC.NS became the third state-run company to get approval to issue these bonds.
"HUDCO was the most likely candidate and they have got the approval and we expect REC and IRFC to be the next likely candidates," one of the sources said.
The sources said the government's approval may come in phases as they are not comfortable with a surge in the supply of zero-coupon bonds. The sources refused to be identified as they are not authorised to speak to the media.
HUDCO got approval to raise 50 billion rupees through bonds with a maturity of 10 years and one month, while Power Finance Corp (PFC) PWFC.NS was approved to raise 100 billion rupees in March. Both have until the end of March 2027 to raise these funds.
($1 = 85.1780 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Savio D'Souza)
India allows extension for commissioning of certain solar power projects until December
By Sarita Chaganti Singh and Sethuraman N R
April 21 (Reuters) - India's Ministry of New & Renewable Energy (MNRE) has granted a nine-month extension for the commissioning of certain solar projects by two government agencies, pushing the deadline to the end of December 2025 due to multiple challenges, a document seen by Reuters showed.
In a letter to the Solar Energy Corporation of India (SECI) and the Indian Renewable Energy Development Agency INAR.NS (IREDA), the MNRE cited limited availability of domestically made photovoltaic solar modules, transmission infrastructure issues, and tender-related delays as reasons for the extension.
The SECI and IREDA had requested the extension for projects tendered under the federal government's Central Public Sector Undertaking (CPSU) Scheme Phase-II.
The scheme aims to set up 12 gigawatts of solar projects by state-run entities, using domestically manufactured solar PV cells and modules, with financial support from the Indian government.
The extension underscores the struggles faced by India's renewable energy sector as the country targets at least 500 GW of non-fossil power capacity by 2030, up from 172 GW currently.
The sector is grappling with several obstacles, including weak demand for tenders, land acquisition challenges, delays in power purchase agreements and project cancellations.
The country also fell short of its earlier goal of adding 175 GW of renewable energy capacity by 2022, with fossil fuels still accounting for more than two-thirds of total power generated last year.
(Reporting by Sethuraman NR; Editing by Shailesh Kuber)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
By Sarita Chaganti Singh and Sethuraman N R
April 21 (Reuters) - India's Ministry of New & Renewable Energy (MNRE) has granted a nine-month extension for the commissioning of certain solar projects by two government agencies, pushing the deadline to the end of December 2025 due to multiple challenges, a document seen by Reuters showed.
In a letter to the Solar Energy Corporation of India (SECI) and the Indian Renewable Energy Development Agency INAR.NS (IREDA), the MNRE cited limited availability of domestically made photovoltaic solar modules, transmission infrastructure issues, and tender-related delays as reasons for the extension.
The SECI and IREDA had requested the extension for projects tendered under the federal government's Central Public Sector Undertaking (CPSU) Scheme Phase-II.
The scheme aims to set up 12 gigawatts of solar projects by state-run entities, using domestically manufactured solar PV cells and modules, with financial support from the Indian government.
The extension underscores the struggles faced by India's renewable energy sector as the country targets at least 500 GW of non-fossil power capacity by 2030, up from 172 GW currently.
The sector is grappling with several obstacles, including weak demand for tenders, land acquisition challenges, delays in power purchase agreements and project cancellations.
The country also fell short of its earlier goal of adding 175 GW of renewable energy capacity by 2022, with fossil fuels still accounting for more than two-thirds of total power generated last year.
(Reporting by Sethuraman NR; Editing by Shailesh Kuber)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
India's IREDA jumps on higher quarterly profit, Phillip Capital raises to 'neutral'
** Shares of Indian Renewable Energy Development Agency (IREDA) INAR.NS rise as much as 7.5% to 179.50 rupees, highest since February 21
** The renewable energy financier on Tuesday reported 48.7% Y/Y increase in fourth-quarter profit, 40.1% Y/Y rise in interest income
** Phillip Capital see strong loan growth for IREDA at a CAGR of ~23% over FY25-27 on rising demand for renewable energy in the country
** However, brokerage says higher exposure to private sector and high proportion of vulnerable portfolio do not provide confidence for low credit costs in the medium term
** Upgrades stock to "Neutral" rating from "Sell", maintains TP at 150 rupees
** More than 68.9 mln shares change hands, 3.5x of 30-day avg
** Stock last up 5%, trimming YTD loss to 18.5%
(Reporting by Ashish Chandra in Bengaluru)
((ashish.chandra@thomsonreuters.com (+91 7982114624))
** Shares of Indian Renewable Energy Development Agency (IREDA) INAR.NS rise as much as 7.5% to 179.50 rupees, highest since February 21
** The renewable energy financier on Tuesday reported 48.7% Y/Y increase in fourth-quarter profit, 40.1% Y/Y rise in interest income
** Phillip Capital see strong loan growth for IREDA at a CAGR of ~23% over FY25-27 on rising demand for renewable energy in the country
** However, brokerage says higher exposure to private sector and high proportion of vulnerable portfolio do not provide confidence for low credit costs in the medium term
** Upgrades stock to "Neutral" rating from "Sell", maintains TP at 150 rupees
** More than 68.9 mln shares change hands, 3.5x of 30-day avg
** Stock last up 5%, trimming YTD loss to 18.5%
(Reporting by Ashish Chandra in Bengaluru)
((ashish.chandra@thomsonreuters.com (+91 7982114624))
IREDA March-Quarter Profit 5.02 Bln Rupees
April 15 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
MARCH-QUARTER PROFIT 5.02 BILLION RUPEES
MARCH-QUARTER INTEREST INCOME 18.61 BILLION RUPEES
Source text: [ID:]
Further company coverage: INAR.NS
April 15 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
MARCH-QUARTER PROFIT 5.02 BILLION RUPEES
MARCH-QUARTER INTEREST INCOME 18.61 BILLION RUPEES
Source text: [ID:]
Further company coverage: INAR.NS
IREDA - Agreement To Raise External Commercial Borrowing JPY 26 BLN From SBI, Tokyo
March 28 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - SIGNED AGREEMENT TO RAISE EXTERNAL COMMERCIAL BORROWING FROM SBI, TOKYO BRANCH
IREDA - AGREEMENT TO RAISE JPY 26 BILLION, INCLUDING GREEN SHOE OPTION OF JPY 10 BILLION
Source text: ID:nBSE9DJ27j
Further company coverage: INAR.NS
March 28 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - SIGNED AGREEMENT TO RAISE EXTERNAL COMMERCIAL BORROWING FROM SBI, TOKYO BRANCH
IREDA - AGREEMENT TO RAISE JPY 26 BILLION, INCLUDING GREEN SHOE OPTION OF JPY 10 BILLION
Source text: ID:nBSE9DJ27j
Further company coverage: INAR.NS
Indian Renewable Energy Development Agency Raises 9.10 Billion Rupees Through Privately Placed Tier-II Bonds
March 25 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD - RAISES 9.10 BILLION RUPEES THROUGH PRIVATELY PLACED TIER-II BONDS
Source text: ID:nBSE78Rb6P
Further company coverage: INAR.NS
March 25 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD - RAISES 9.10 BILLION RUPEES THROUGH PRIVATELY PLACED TIER-II BONDS
Source text: ID:nBSE78Rb6P
Further company coverage: INAR.NS
India New Issue-IREDA to issue 10-year subordinated bonds, bankers say
MUMBAI, March 21 (Reuters) - Indian Renewable Energy Development Agency (IREDA) INAR.NS plans to raise 10 billion rupees ($116.4 million), which includes a greenshoe option of 7 billion rupees, through the sale of subordinated bonds maturing in 10 years, three bankers said on Friday.
The company has invited coupon and commitment bids for the issue on Tuesday.
IREDA did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 10 years | To be decided | 3+7 | March 25 | AAA (Icra, India Ratings) |
HUDCO | 10 years | To be decided | 5+15 | March 25 | AAA (Icra, India Ratings, Care) |
EXIM Bank | 5 years and 3 months | To be decided | 5+20 | March 25 | AAA (Crisil, Icra) |
LIC Housing Finance | 10 years | 7.58 | 70 | March 21 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 85.9240 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Savio D'Souza)
MUMBAI, March 21 (Reuters) - Indian Renewable Energy Development Agency (IREDA) INAR.NS plans to raise 10 billion rupees ($116.4 million), which includes a greenshoe option of 7 billion rupees, through the sale of subordinated bonds maturing in 10 years, three bankers said on Friday.
The company has invited coupon and commitment bids for the issue on Tuesday.
IREDA did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 10 years | To be decided | 3+7 | March 25 | AAA (Icra, India Ratings) |
HUDCO | 10 years | To be decided | 5+15 | March 25 | AAA (Icra, India Ratings, Care) |
EXIM Bank | 5 years and 3 months | To be decided | 5+20 | March 25 | AAA (Crisil, Icra) |
LIC Housing Finance | 10 years | 7.58 | 70 | March 21 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 85.9240 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Savio D'Souza)
Indian Renewable Energy Development Agency To Consider Borrowing Plan For FY 2025-26
March 20 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
TO CONSIDER BORROWING PLAN FOR FY 2025-26
Source text: ID:nBSE37bW8w
Further company coverage: INAR.NS
March 20 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
TO CONSIDER BORROWING PLAN FOR FY 2025-26
Source text: ID:nBSE37bW8w
Further company coverage: INAR.NS
India New Issue-IREDA accepts bids for perpetual bonds, bankers say
MUMBAI, March 19 (Reuters) - Indian Renewable Energy Development Agency INAR.NS (IREDA) has accepted bids worth 12.47 billion rupees ($144.14 million) for the sale of perpetual bonds, three bankers said on Wednesday.
It will pay an annual coupon of 8.40% and had invited coupon and commitment bids for the issue earlier in the day.
The bonds will have a call option at the end of 10 years.
IREDA did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 19:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | perpetual | 8.40 | 12.47 | March 19 | AA+ (Icra, India Rating) |
SIDBI | 5 years | 7.39 | 60 | March 19 | AAA (Crisil, Care) |
Hindustan Zinc | 3 years | 7.75 | 5 | March 19 | AAA (Crisil) |
NABARD | 3 year and 6 months | 7.48 | 70 | March 19 | AAA (Crisil, India rating) |
Bajaj Finance | 4 year and 11 months | 7.80 | 5.45 | March 18 | AAA (Crisil) |
NIIF Infra Finance | 7 year and 2 months | 7.93 | 6.83 | March 18 | AAA (Care, Icra) |
JSW Energy | 3 years | 8.75 | 3+1 | March 19 | AA (Icra, India Ratings) |
JSW Energy | 5 years | 8.80 | 4 | March 19 | AA (Icra, India Ratings) |
IIFL Finance | 13 months | To be decided | 4+2 | March 19 | AA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 86.5120 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)
MUMBAI, March 19 (Reuters) - Indian Renewable Energy Development Agency INAR.NS (IREDA) has accepted bids worth 12.47 billion rupees ($144.14 million) for the sale of perpetual bonds, three bankers said on Wednesday.
It will pay an annual coupon of 8.40% and had invited coupon and commitment bids for the issue earlier in the day.
The bonds will have a call option at the end of 10 years.
IREDA did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 19:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | perpetual | 8.40 | 12.47 | March 19 | AA+ (Icra, India Rating) |
SIDBI | 5 years | 7.39 | 60 | March 19 | AAA (Crisil, Care) |
Hindustan Zinc | 3 years | 7.75 | 5 | March 19 | AAA (Crisil) |
NABARD | 3 year and 6 months | 7.48 | 70 | March 19 | AAA (Crisil, India rating) |
Bajaj Finance | 4 year and 11 months | 7.80 | 5.45 | March 18 | AAA (Crisil) |
NIIF Infra Finance | 7 year and 2 months | 7.93 | 6.83 | March 18 | AAA (Care, Icra) |
JSW Energy | 3 years | 8.75 | 3+1 | March 19 | AA (Icra, India Ratings) |
JSW Energy | 5 years | 8.80 | 4 | March 19 | AA (Icra, India Ratings) |
IIFL Finance | 13 months | To be decided | 4+2 | March 19 | AA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 86.5120 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)
IREDA Approves Borrowing Programme Enhancement By 50 Billion Rupees
March 17 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY - APPROVES BORROWING PROGRAMME ENHANCEMENT BY 50 BILLION RUPEES
IREDA- INCREASES BORROWING LIMIT TO 292 BILLION RUPEES FOR FY 2024-25
Source text: ID:nBSE7XblHQ
Further company coverage: INAR.NS
March 17 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY - APPROVES BORROWING PROGRAMME ENHANCEMENT BY 50 BILLION RUPEES
IREDA- INCREASES BORROWING LIMIT TO 292 BILLION RUPEES FOR FY 2024-25
Source text: ID:nBSE7XblHQ
Further company coverage: INAR.NS
IREDA To Consider Enhancement Of Borrowing Plan For FY 2024-25
March 11 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
TO CONSIDER ENHANCEMENT OF BORROWING PLAN FOR FY 2024-25
Source text: ID:nBSE4jDc9b
Further company coverage: INAR.NS
March 11 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
TO CONSIDER ENHANCEMENT OF BORROWING PLAN FOR FY 2024-25
Source text: ID:nBSE4jDc9b
Further company coverage: INAR.NS
India's IREDA falls after Nepal project investment not approved
** Shares of Indian Renewable Energy Development Agency (IREDA) INAR.NS fall 1.9% to 146.78 rupees
** Co says RBI has not approved request for equity investment in a 900 MW hydroelectric power project in Nepal
** Says it will make another representation for the matter
** Stock down nearly 32% so far this year
(Reporting by Vijay Malkar)
** Shares of Indian Renewable Energy Development Agency (IREDA) INAR.NS fall 1.9% to 146.78 rupees
** Co says RBI has not approved request for equity investment in a 900 MW hydroelectric power project in Nepal
** Says it will make another representation for the matter
** Stock down nearly 32% so far this year
(Reporting by Vijay Malkar)
India New Issue-IREDA accepts bids for 11-year bonds, bankers say
MUMBAI, Feb 24 (Reuters) - Indian Renewable Energy Development Agency INAR.NS (IREDA) accepted bids worth 8.20 billion rupees ($94.61 million) for bonds maturing in eleven years, three bankers said on Monday.
IREDA will pay an annual coupon of 7.40% on the issue and had invited bids from bankers and investors earlier in the day, they said.
The company did not reply to a Reuters email for comment.
Here is the list of deals reported so far on February 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 11 years | 7.40 | 8.20 | February 24 | AAA (India Ratings, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 86.6750 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Sumana Nandy)
MUMBAI, Feb 24 (Reuters) - Indian Renewable Energy Development Agency INAR.NS (IREDA) accepted bids worth 8.20 billion rupees ($94.61 million) for bonds maturing in eleven years, three bankers said on Monday.
IREDA will pay an annual coupon of 7.40% on the issue and had invited bids from bankers and investors earlier in the day, they said.
The company did not reply to a Reuters email for comment.
Here is the list of deals reported so far on February 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 11 years | 7.40 | 8.20 | February 24 | AAA (India Ratings, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 86.6750 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Sumana Nandy)
India New Issue-IREDA to issue 11-year bonds, bankers say
MUMBAI, Feb 20 (Reuters) - Indian Renewable Energy Development Agency (IREDA) INAR.NS plans to raise 15 billion rupees ($172.95 million), including a greenshoe option of 10 billion rupees, by selling bonds maturing in 11 years, three bankers said on Thursday.
The company has invited coupon and commitment bids from bankers and investors on Monday, they said.
IREDA did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 20:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 11 years | To be decided | 5+10 | February 24 | AAA (India Ratings, Icra |
GMR Airports | 3 years | To be decided | 11 | February 24 | BBB+ (Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.7300 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Varun H K)
MUMBAI, Feb 20 (Reuters) - Indian Renewable Energy Development Agency (IREDA) INAR.NS plans to raise 15 billion rupees ($172.95 million), including a greenshoe option of 10 billion rupees, by selling bonds maturing in 11 years, three bankers said on Thursday.
The company has invited coupon and commitment bids from bankers and investors on Monday, they said.
IREDA did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 20:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 11 years | To be decided | 5+10 | February 24 | AAA (India Ratings, Icra |
GMR Airports | 3 years | To be decided | 11 | February 24 | BBB+ (Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.7300 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Varun H K)
India's IREDA gains on unit getting IFSCA certificate
** Indian Renewable Energy Development Agency (IREDA) INAR.NS rises 5.3% to 169.4 rupees
** Co's unit gets certificate of registration from International Financial Services Centre Authority (IFSCA) to undertake activities as finance co
** IFSCA certificate is mandatory for businesses in India involved in importing or exporting goods and services
** Stock among top gainers on Nifty midcap 100 index .NIFMDCP100, which is up 1.48%
(Reporting by Ashna Teresa Britto in Bengaluru)
((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))
** Indian Renewable Energy Development Agency (IREDA) INAR.NS rises 5.3% to 169.4 rupees
** Co's unit gets certificate of registration from International Financial Services Centre Authority (IFSCA) to undertake activities as finance co
** IFSCA certificate is mandatory for businesses in India involved in importing or exporting goods and services
** Stock among top gainers on Nifty midcap 100 index .NIFMDCP100, which is up 1.48%
(Reporting by Ashna Teresa Britto in Bengaluru)
((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))
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What does Indian Ren. Energy do?
Indian Renewable Energy Development Agency Limited (IREDA) is a Government of India enterprise established in 1987. It provides financial assistance for projects related to renewable energy and energy efficiency with the motto 'Energy For Ever'.
Who are the competitors of Indian Ren. Energy?
Indian Ren. Energy major competitors are Poonawalla Fincorp, Tata Invest Corp, Mah & Mah Finl. Serv, Manappuram Finance, HDB Financial Services, Sundaram Finance, Five Star Business. Market Cap of Indian Ren. Energy is ₹32,278 Crs. While the median market cap of its peers are ₹31,968 Crs.
Is Indian Ren. Energy financially stable compared to its competitors?
Indian Ren. Energy seems to be less financially stable compared to its competitors. Altman Z score of Indian Ren. Energy is 0.55 and is ranked 7 out of its 8 competitors.
Does Indian Ren. Energy pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Indian Ren. Energy latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How strong is Indian Ren. Energy balance sheet?
Latest balance sheet of Indian Ren. Energy is strong. Strength was visible historically as well.
Is the profitablity of Indian Ren. Energy improving?
Yes, profit is increasing. The profit of Indian Ren. Energy is ₹1,883 Crs for TTM, ₹1,698 Crs for Mar 2025 and ₹1,252 Crs for Mar 2024.
Is Indian Ren. Energy stock expensive?
Indian Ren. Energy is not expensive. Latest PE of Indian Ren. Energy is 17.14 while 3 year average PE is 33.82. Also latest Price to Book of Indian Ren. Energy is 2.5 while 3yr average is 5.06.
Has the share price of Indian Ren. Energy grown faster than its competition?
Indian Ren. Energy has given lower returns compared to its competitors. Indian Ren. Energy has grown at ~-12.06% over the last 2yrs while peers have grown at a median rate of 2.0%
Is the promoter bullish about Indian Ren. Energy?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Indian Ren. Energy is 71.76% and last quarter promoter holding is 71.76%.
Are mutual funds buying/selling Indian Ren. Energy?
The mutual fund holding of Indian Ren. Energy is decreasing. The current mutual fund holding in Indian Ren. Energy is 0.12% while previous quarter holding is 0.22%.