IREDA Shares Surge as Board Considers ₹4,500 Crore Fundraising Plan

22 Aug 2024 , 04:06 PM

Shares of Indian Renewable Energy Development Agency Ltd (IREDA) surged over 10% on Thursday after the company announced its board would consider raising up to ₹4,500 Crore through a share issuance.

At the time of writing on August 22, 2024 at 3:07 pm, shares of Indian Renewable Energy Dev Agency Ltd is trading at ₹258 which is a 8.37% gain than the previous close. Indian Renewable Energy Dev Agency Ltd stock has gained a total of 331% in the last one year, and almost 147% since the beginning of the year. During intraday trading, the stock hit a high of ₹265.75 on the BSE and ₹265.70 on the NSE.

The broader market also performed well, with the 30-share BSE Sensex rising by 242.61 points (0.30%) to 81,147.91 points, and the NSE Nifty gaining 74.95 points to 24,845.15.

IREDA’s board will meet on August 29 to consider the fundraising proposal, which may include methods such as Further Public Offer (FPO), Qualified Institutional Placement (QIP), Rights Issue, or Preferential Issue.

The fundraising will be carried out in one or more tranches, subject to statutory or government approval.

IREDA, under the Ministry of New and Renewable Energy, primarily finances renewable energy projects. This fundraising is significant as India aims to achieve 500 GW of renewable energy capacity by 2030, requiring an annual addition of around 50 GW.