Cabinet approves IPO of Indian Renewable Energy Development Agency

The Cabinet has approved the IPO of the Indian Renewable Energy Development Agency. It has approved the issue of 13.9 crore equity shares of Rs 10 each. The cabinet has also approved the issue of the shares for the retail investors and IREDA employees at a discount of 5% on the issue price, with a cap of 0.5% on the equity post issue for the employees of the central public sector. 

IREDA is a non-banking financial company that works closely with the Ministry of Renewable Energy to help in the implementation of the policies. 

The total number of shares to be issued to employees and retail investors is yet to be finalised in consultation with the lead mergers and according to the SEBI regulations.