Saraf and Partners advised Indian Renewable Energy Development Agency Limited (IREDA) (the “Issuer”) and the President of India, acting through the Ministry of New and Renewable Energy, Government of India (the “Promoter”), on the ₹21,502 million (USD 260 million) initial public offering by IREDA (“IPO”), comprising a fresh issue aggregating to ₹12,901 million (USD 155 million) and an offer for sale by the Promoter aggregating to ₹8,600 million (USD 105 million).

IREDA is India’s largest pure-play green financing NBFC, with over 36 years of experience in the business of promoting, developing and extending financial assistance for new and renewable energy (RE) projects and energy efficiency and conservation (EEC) projects. The IPO witnessed strong investor response, being subscribed 38.80 times overall, and 104.57 times in the QIB category.

IDBI Capital Markets and Securities Limited, BOB Capital Markets Limited and SBI Capital Markets Limited acted as the book running lead managers.

Saraf and Partners acted as Indian legal counsel to IREDA and the Hogan Lovells acted as international legal counsel to the book running lead managers while Denton Link Legal acted as Indian legal counsel to the book running lead managers.

The capital markets team of Saraf and Partners was led by Partner, Murtaza Zoomkawala.