The Indian Renewable Energy Development Agency (IREDA) plans to raise ₹4,500 crore through various means like a Further Public Offer (FPO), Qualified Institutional Placement (QIP), Rights Issue, or Preferential Issue. The proposal will be reviewed by the company’s board during their meeting on August 29.
On August 21, IREDA made this announcement in a regulatory filing. The company, which focuses on financing renewable energy projects, is considering different options to raise funds, depending on government approval.
IREDA’s share price dropped by 0.64% to ₹238.90 on Wednesday, compared to ₹240.45 at the previous close. Over the past year, the share price ranged from a high of ₹310 to a low of ₹49.99.
About IREDA:
In the first quarter of the financial year 2024-25, IREDA’s net profit increased by 30.2% to ₹383.7 crore, compared to ₹294.6 crore in the same period last year. This growth in profit was driven by a rise in income, which went up by 32% to ₹1,501.71 crore compared to ₹1,143.5 crore in the previous year’s first quarter. Additionally, IREDA’s interest income grew by 37.6% to ₹507.9 crore, up from ₹369 crore in the same period last year.
IREDA is a government-owned non-banking financial company (NBFC) under the Ministry of New and Renewable Energy. The company provides financial assistance for projects that generate electricity using renewable resources, contributing to the growth of the renewable energy sector.
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