IREDA Witnesses ₹767 Crore Block Deal, Shares Rally Post Correction

27 Feb 2024 , 03:20 PM

A block deal involving 1.85% or 5 Crore shares of IREDA took place in the recent trading session. The transaction’s estimated value is ₹767 Crore, but the official details of buyers and sellers are not disclosed.

IREDA’s shares debuted in December, with an IPO price of ₹32, and have surged over 6x since then, reaching a peak of ₹214 on February 6. The stock has experienced a correction of 32.7% from its peak, touching a new low of ₹143.9 in the current trading session.

Post the block deal, the stock is currently locked in an upper circuit of 5% at ₹159.05. At the time of writing, the stock is trading at Rs 154.75 which is a 2.08% gain from the previous close.

The government maintains a 75% stake in IREDA, and India’s Mutual Funds hold a 2.8% stake out of the 25% public shareholding. IREDA’s stock, after two consecutive days of lower circuits, rebounded with gains in the latest session.

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