The Indian Renewable Energy Development Agency (IREDA) Ltd. informed the exchanges on Tuesday that news reports suggesting a proposed Follow-On Public Offer (FPO) are “incorrect.”

IREDA stated in its exchange filing that these reports might have originated from recent discussions between the company’s Chairman & Managing Director Pradip Kumar Das and reporters in New Delhi regarding the sector and the company’s outlook.

CMD Das had expressed that IREDA might consider a Perpetual Debt Instrument or an FPO in the future, depending on the business requirements of the company. However, IREDA clarified that no decision has been made regarding the FPO, and the media reports are not accurate.

According to IREDA, the matter will be addressed with the board and the government at an appropriate time. As of March 31, 2024, the government holds a 75% stake in IREDA.

Multiple reports on Tuesday suggested that IREDA plans to launch an FPO amid rising financing opportunities in the energy transition space and to boost the company’s loan book.

For the March quarter, IREDA’s Assets Under Management (AUM) grew by 26.8% from the previous year to ₹59,698 crore. Compared to the December quarter, AUM growth stood at 18%.

IREDA made its stock market debut in November last year at an IPO price of ₹32. Within 50 days of listing, the stock reached a record high of ₹214, before correcting over 50% from the highs. The stock is now trading near its record highs.

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