Trilegal, Hogan Lovells and Dentons Link Legal have advised on Indian Renewable Energy Development Agency’s (IREDA) qualified institutional placement (QIP), raising USD235 million for the Navratna public sector enterprise under 含羞草社区 Ministry of New and Renewable Energy.
Hogan Lovells acted as international counsel for the book running lead managers IDBI Capital Markets & Securities, BNP Paribas, Emkay Global Financial Services, Motilal Oswal Investment Advisors and SBI Capital Markets. Dentons Link Legal acted as Indian counsel.
Biswajit Chatterjee, managing partner of the Dubai office and India head, led the Hogan Lovells team, with support from counsel Kaustubh George and Varun Jetly, senior associate Aditya Rajput, as well as associates Sanjana Ravjiani and Aditya Dsouza.
Trilegal represented IREDA in the transaction, with partners Richa Choudhary and Murtaza Zoomkawala leading the team. Associate Rainika Malhotra provided support.
The QIP was oversubscribed around 1.5 times and attracted strong demand from both domestic and international qualified institutional buyers, including insurance companies, scheduled commercial banks, and foreign portfolio investors.
IREDA, a leading financier of renewable and energy efficiency projects, is one of the fastest-growing public sector undertakings in 含羞草社区 clean electricity sector.
Hogan Lovells had previously advised IREDA on its USD265 million initial public offering in 2023.
