New Delhi, June 11 -- State-run Indian Renewable Energy Development Agency Ltd. (IREDA) has raised Rs.2,005.90 crore through a Qualified Institutions Placement (QIP), reinforcing its financial base to expand funding for renewable energy projects across the country.

Despite the discount, the QIP drew strong demand from a wide spectrum of domestic and foreign Qualified Institutional Buyers (QIBs) such as insurance firms, commercial banks, and foreign portfolio investors.

The offering was oversubscribed 1.34 times, comfortably exceeding the base issue size of Rs.1,500 crore.

IREDA's Board approved the share allotment to eligible QIBs in a meeting held today.

He described the successful QIP as a vote of confidence from the investment comm...