Indian Renewable Energy Development Agency (IREDA) jumped 4.63% to Rs 144.50 after the company's board approved the enhancement of borrowing programme for FY25 by Rs 5,000 crore, raising the limit from Rs 24,200 crore to Rs 29,200 crore.
The company will raise funds through taxable bonds/ sub-ordinated Tier-II Bonds/perpetual debt instruments (PDI) /term loan from Banks and FIs /Lines of credit from international agencies (multilateral and bilateral agencies) /external commercial borrowings (ECB)/short term loans & working capital demand loan (WCDL) from Bank.IREDA is a 'Navratna' Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation. As on December 2024, GoI held 75% stake in IREDA.
IREDA's standalone net profit jumped 27% to Rs 425 crore on 36% increase in revenue from operations to Rs 1,698 crore in Q3 FY25 over Q3 FY24.
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