IREDA seeks Sebi's nod to raise upto Rs 1,000 cr via bonds

NEW DELHI: State-owned Indian Renewable Energy Development Agency ( IREDA) has sought market regulator Sebi's approval to raise up to Rs 1,000 crore through tax free bonds.

"Public issue by IREDA of tax free, secured, redeemable non-convertible bonds in the nature of debentures of face value of Rs 1,000 each ... for an amount aggregating to Rs 1,000 crore in fiscal 2014," the company said in a draft prospectus to Sebi.

IREDA, which promote, develop and extend financial assistance for renewable energy and energy efficiency projects, said that proposed bonds would be issued in one or more tranches.

The company said that proceeds of the issue would be utilised towards financing renewable energy and energy efficiency projects and augmenting the company's resource base.

Karvy Investor Services, A K Capital Services and R R Investors Capital Services are the lead managers to the proposed issue.