IREDA stock price gains today

24 Jun 2024 , 11:26 AM

Shares of Indian Renewable Energy Development Agency (IREDA) increased by over 4%, on opening, on June 24 after the company announced it had raised ₹1,500 Crore through bond issuance.

The state-run company’s bond issuance included a base issue of ₹500 crore and a green shoe option of ₹1,000 crore. According to an exchange filing by IREDA, the issue was oversubscribed by 2.65 times. The funds were raised at an annual interest rate of 7.44% for a tenure of 10 years and two months.

IREDA’s stock also received a boost from the news of its inclusion in the FTSE All World Index, effective from the June 21 session.

IREDA, a Mini Ratna (Category – I) PSU under the administrative control of the Ministry of New and Renewable Energy, provides financial assistance and other services for projects related to renewable energy sources and energy efficiency/conservation.

The IREDA IPO was launched in November last year, with equity shares issued at ₹32 each in the primary market. The shares had a stellar debut, opening at ₹60 and recording a listing gain of 87.5%.

The PSU stock reached an all-time high of ₹215 on February 6 this year. At 9:31 am today, IREDA shares were trading 2.2% higher at ₹191.66 on the NSE.