Govt Issues Bid Seeking Registrar, RTA For Partial Disinvestment of IREDA

Highlights :

  • IREDA till now is wholly-owned by the Government of India and an arm of the Ministry of New and Renewable Energy (MNRE).
Govt Issues Bid Seeking Registrar, RTA For Partial Disinvestment of IREDA Brooklyn-Based Partners Tech Firm Dyme For Clean Energy In India

The Ministry of Finance has now issued a tender seeking a Registrar and a Share Transfer Agent (RTA) for the listing and partial disinvestment of the Indian Renewable Energy Development Agency Limited (IREDA). The tender said that the engagement of the personnel would be done through an initial public offer to raise funds through the issue of fresh equity shares in the domestic market.

The ministry has decided to conduct the pre-bid meeting for the tender on May 22. It has put the last date for bid submission at June 9, while the bids would be opened on June 12. IREDA, till now, is wholly owned by the Government of India and is an arm of the Ministry of New and Renewable Energy (MNRE). The Reserve Bank of India (RBI) has registered it as a Non-Banking Financing Institution which aids in financing renewable energy projects in India.

As per the tender documents, the Union government has decided to list the shares of IREDA on Stock Exchanges, entailing a partial sale of its stake to raise fresh equity share capital for the body. It has been planned through a prospectus-based Initial Public Offer (IPO) in the domestic market per the rules of the Stock Exchange Board of India. In addition, the government plans to put a 25 percent stake in IREDA through disinvestment.

“The appointment of Registrar and Share Transfer Agent (RTA) will subsist for one year after completion of the IPO process and renewable for a further period of one year from time to time on terms and conditions as mutually agreed by IREDA and the appointed RTA,” the document said.

The government has planned to sign a tripartite agreement by IREDA with RTA through this bid process and the depositories like NSCL and CDSL identified by the IREDA. The tender said that the bid for Registrar should ensure that it should be a Category-I SEBI registered Registrar with valid SEBI certification and a clean track record, among others.

The latest tender has come to the fore, months after the government had already disclosed their plans to launch the IPO of IREDA and WAPCOS. Tuhin Kanta Pandey, Secretary of Department of Investment and Public Asset Management (DIPAM) earlier in February this year told the media that the government was mulling to launch the IPOs for IREDA and WAPCOS in FY 24. The Indian Cabinet meanwhile had approved the IPO of IREDA way back in 2017.

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