IREDA Raises ₹910.37 Crore in Tier-II Bonds to Accelerate Green Energy Financing

IREDA Secures ₹910.37 Crore Through Strategic Bond Issuance

The Indian Renewable Energy Development Agency Limited (IREDA) has made a significant financial move, raising ₹910.37 crore through privately placed subordinated tier-II bonds. This strategic fundraising is set to bolster the agency's capacity to support India's ambitious green energy transformation.

Bond Issuance Details

• Bond Tenure: 10 years
• Annual Coupon Rate: 7.74%
• Purpose: Enhance tier-II capital and support renewable energy financing

Strategic Significance

IREDA's Chairman and Managing Director, Pradip Kumar Das, highlighted the importance of this fundraising, stating that it reflects investors' confidence in the agency's financial strength and strategic vision.

Ambitious Borrowing Plan

In a complementary move, IREDA has approved an extensive borrowing plan of ₹30,800 crore for the financial year 2025-26. This comprehensive strategy includes:

• Issuance of bonds
• Securing loans
• Exploring alternative funding mechanisms
• Potential green bond issuance
• Consideration of foreign currency loans

National Energy Goals

The fundraising aligns perfectly with the Government of India's ambitious target to achieve 500 GW of non-fossil fuel-based energy capacity by 2030. By diversifying funding sources, IREDA aims to attract both domestic and international investors to support sustainable energy projects.

Financial Impact

The bond issuance will have several key benefits:

• Increase IREDA's net worth
• Improve capital to risk-weighted assets ratio (CRAR)
• Strengthen the company's ability to finance clean energy transitions

Market Performance

As of the latest trading session, IREDA's shares closed at ₹169.85, experiencing a slight dip of ₹0.20 or 0.12% on the BSE.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

Read More

BluSmart Mobility Undergoes Major Leadership Restructuring Amid Fleet Optimization

BluSmart Mobility Experiences Significant Leadership Overhaul

The electric ride-hailing company BluSmart Mobility is undergoing a major organizational transformation, marked by the simultaneous departure of several top executives. Chief executive officer Anirudh Arun, along with key leadership members, has stepped down as the company navigates through a critical restructuring phase.

Leadership Changes at a Glance

The exit roster includes prominent executives such as:

• Anirudh Arun - Chief Executive Officer
• Tushar Garg - Chief Business Officer
• Rishabh Sood - Chief Technology Officer
• Priya Chakravarthy - Vice President of Experience

In response to these departures, Nandan Sharma, previously vice-president of business and operations, will assume the role of CEO.

Operational Restructuring Details

The leadership changes coincide with a significant fleet restructuring. BluSmart's parent company, Gensol Engineering, is selling 2,997 electric vehicles to Refex Green Mobility, representing approximately 34% of its total fleet of 8,700 vehicles. This transaction includes the transfer of an existing loan of Rs 315 crore and is currently pending regulatory approvals.

Financial Snapshot

Despite the challenges, BluSmart demonstrates notable financial metrics:

• Monthly Revenue: Rs 70 crore
• Annual Revenue Run Rate: Rs 840 crore
• Total Debt Raised: Rs 985 crore
• Outstanding Net Debt: Rs 240 crore

Company Performance and Future Outlook

The company's financial trajectory shows rapid growth. In FY23, BluSmart's revenue surged to Rs 70.9 crore from Rs 8.1 crore in FY22. However, net losses also expanded from Rs 100.4 crore to Rs 215.9 crore during the same period.

Co-founder Puneet Singh Jaggi remains optimistic, reaffirming the company's commitment to achieving profitability within the next 6-8 quarters.

Current Operational Reach

BluSmart currently operates in major metropolitan areas including Delhi-NCR, Bengaluru, and Mumbai. The company boasts an impressive infrastructure of 50 charging hubs with over 6,300 charging points. Its fleet is performing efficiently, completing an average of seven trips daily.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

Read More