 "IREDA stock price zooms 9% on August 22; up 26% in last 3 months")
IREDA stock price surges: Shares of IREDA jumped as much as 8.56 per cent to hit an intraday high of Rs 259.35 per share on Thursday, August 22, 2024.
The rise in the IREDA share price came after the company announced its plans to raise funds worth up to Rs 4,500 crore via FPO, QIP and other means.
In an exchange filing, IREAD said, “This is to inform that Board meeting of Indian Renewable Energy Development Agency Limited is scheduled to be held on Thursday, August 29, 2024, inter-alia, to consider and approve the proposal for raising of funds by way of equity share capital for an amount aggregating of upto Rs. 4500 Crore in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue or any other permitted mode or a combination, as may be deemed appropriate, subject to the Statutory or Government Approval.”
Established in 1987, IREDA is a public sector enterprise. It operates under the ownership of the Government of India and falls under the administrative oversight of the Ministry of New and Renewable Energy (MNRE).
Last year in November, IREDA conducted an initial public offering (IPO) and got listed on the NSE and BSE, marking a major milestone in its history. IREDA stock listed at Rs 50 on BSE, a premium of 56.25 per cent over the IPO issue price of Rs 32.
IREDA's primary mission is to promote and facilitate the development of projects related to renewable energy sources and energy efficiency.
As a Non-Banking Financial Institution (NBFC) and a Mini Ratna (Category – I) enterprise, it plays a crucial role in providing financial assistance and other essential services to support the growth of green power capacity.
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Additionally, IREDA finances the establishment of solar manufacturing units and encourages the adoption of renewable energy to foster sustainable development.
At 9:54 AM, shares of IREDA were trading 8.04 per cent higher at Rs 258.10 per share. By comparison, BSE Sensex was up 0.12 per cent at 81,005.64 levels.