New Delhi, May 22 -- The state-run Indian Renewable Energy Development Agency (IREDA) is preparing for a follow-on public stock offering in the current financial year to bolster its capital and lending capabilities for green energy projects.

In addition to the planned follow-on public offer (FPO), the non-banking financial institution will also pursue perpetual loans to raise funds, IREDA Chairman and Managing Director Pradip Kumar Das told reporters Wednesday.

The renewable energy lender completed an initial public offering last November, raising 21.5 billion rupees (USD 263 million) in an offering that was oversubscribed nearly 40 times.

Das said the company's borrowing target of 242 billion rupees for fiscal 2025 will not be suffic...