On Wednesday, three merchant bankers informed us that India Renewable Energy Development Agency (IREDA) is planning to raise around Rs 400 crore ($50 million) via the sale of bonds maturing in October 2025 and 2032. The state-run on Friday had invited the coupon and commitment bid from multiple investors and bankers.

The bonds are expected to mature in three years and sixteen days and 10 years and 15 days. They are also expected to retain an additional amount of Rs 10 billion, each issue has provided a greenhouse option.

The ICRA rated the notes AA+, whereas CARE Ratings and India Ratings expect to close for subscription next week.

In February of the current year, the company had raised Rs 1.06 billion through maturing in three years, one month, and fourteen days at an annual coupon of 5.98%.

Indian Renewable Energy Development Agency (IREDA), established in 1987 as a Non-Banking Financial Institution, is a Public Limited Government Company. IREDA’s prime objective is promoting innovative financing in Renewable Energy & Energy Efficiency/Conservation, Environmental Technologies, providing financial assistance to schemes and energy-generating projects, and conserving energy through efficient usage.