IREDA raises ₹453 crore via perpetual bonds; issue 2.69x subscribed

IREDA raises ₹453 crore via perpetual bonds; issue 2.69x subscribed

Indian Renewable Energy Development Agency Ltd (IREDA) raised ₹453 crore through perpetual bonds, with the issue subscribed 2.69 times. The offering drew robust investor participation, garnering total bids of ₹1,343 crore against a base issue size of ₹100 crore and a green shoe option of ₹400 crore. On 11 September 2025, the company’s shares closed at ₹146.60 on the BSE, down ₹1 or 0.68%.

Fundraising via perpetual bonds

IREDA mobilised ₹453 crore through perpetual bonds, reflecting sustained appetite for the instrument. The company highlighted strong investor interest, with the issue described as attracting robust participation. The 2.69x subscription underscores the depth of demand relative to the amount sought, within the framework of a base issue size of ₹100 crore and an additional green shoe option of ₹400 crore. The fundraising through perpetual bonds adds to the company’s financing avenues, with the sizing and subscription outcome indicating a well-received transaction by market participants.

Strong subscription and demand

The offering saw total bids of ₹1,343 crore, translating into a subscription of 2.69 times. This level of demand exceeded the aggregate of the base issue and the green shoe option communicated alongside the offer. The oversubscription aligns with the description of robust investor participation and suggests that investors responded actively to the perpetual bond structure. Within the stated parameters, the bid book points to broad interest, with the demand metrics materially above the initial base issue size, reinforcing the traction the issue achieved.

Issue size and structure

The structure comprised a base issue size of ₹100 crore and a green shoe option of ₹400 crore. Against this framework, investors placed bids aggregating ₹1,343 crore. IREDA ultimately raised ₹453 crore, consistent with the details conveyed alongside the fundraising announcement. The combination of the base and the green shoe option provided headroom for allocation in line with demand, and the resultant mobilisation reflects the issue’s reception. The subscription multiple of 2.69x, measured against the offering construct, highlights the extent to which bids outpaced the indicated sizes.

Market reaction on 11 September

In equity trade on 11 September 2025, shares of Indian Renewable Energy Development Agency Ltd ended at ₹146.60 on the BSE, down by ₹1 or 0.68%. The closing print situates the stock marginally lower on the day the perpetual bond fundraising details were highlighted. The move follows the bidding outcome that totalled ₹1,343 crore and the resulting ₹453 crore raised through the issue. The price action provides a contemporaneous snapshot of how the stock settled as investors assessed the subscription metrics and the overall scale of the perpetual bond offering.

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