Union cabinet clears IREDA IPO

The Union cabinet has approved an IPO by the Indian Renewable Energy Development Agency (IREDA) for the issue of Rs 139 million equity shares of Rs 10 each. It also approved the issue of shares to retail investors and IREDA employees at a discount of 5 per cent on the issue price, with a cap of 0.5 per cent on equity post-issue for central public sector enterprise employees.