QIP News: This government company, which gave a return of 30% in 3 months, raised Rs 2000 crore, LIC holds half the stake

News Topical, Digital Desk : QIP News: Shares of Indian Renewable Energy Development Agency (IREDA) will be on the radar of investors on Wednesday, June 11. In fact, this government renewable energy financing company has announced the completion of its Qualified Institutional Placement (QIP) process on the same day.

IREDA has raised ₹2,000 crore by issuing equity to qualified institutions through this share sale process. The company's board had approved the issuance of 12.14 crore equity shares under this process. The price of shares under QIP has been fixed at ₹155.14 per share, which is 5% lower than the floor price of this issue.
 

LIC has half the stake India's largest insurance company, Life Insurance Corporation of India (LIC), has been allotted 50% of the total issued shares. Apart from this, Societe Generale, Morgan Stanley and Vikas India EIF I Fund have also received more than 5% of the total shares under the QIP. After the issue of QIP shares, the total paid-up equity share capital of the company has increased from ₹2,687 crore (268.77 crore shares) to ₹2,809 crore (280.92 crore shares). Didn't have a stake earlier? As per the March quarter shareholding pattern, LIC had no significant stake in IREDA or its stake was less than 1%, as its name was not in the list of shareholders. The government holds 75% stake in the company, while small retail investors (with authorized share capital up to ₹2 lakh) hold 20% stake. On Wednesday, IREDA shares fell 0.4% to close at ₹ 182.57. The stock has seen a gain of 9% in the last one month.

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