In Short
IREDA’s stock has seen a notable 7% rise, driven by the announcement of a potential Rs 4,500-crore fundraising initiative. This move, which includes options such as a qualified institutional placement (QIP) or a rights issue, is set to be reviewed in a board meeting scheduled for August 29. The surge reflects strong investor confidence, bolstered by IREDA’s impressive 144% stock price increase this year, vastly outperforming the benchmark Nifty 50’s 14% rise. IREDA, a green financing non-banking financial company (NBFC) under the Ministry of New and Renewable Energy, supports various stages of renewable energy projects, contributing significantly to the sector.
Key Points
- IREDA’s stock price increased by nearly 7% on August 22 following a fundraising announcement.
- The company is considering raising up to Rs 4,500 crore through options like QIP, rights issue, or other methods.
- A board meeting to discuss and approve the fundraising plan is scheduled for August 29.
- As of 10:25 am, IREDA shares were trading 6.6% higher at Rs 255.1 on the NSE.
- IREDA’s stock has surged 144% this year, significantly outperforming the Nifty 50’s 14% increase.
- IREDA is a mini Ratna firm under the Ministry of New and Renewable Energy, offering comprehensive financial services for renewable energy projects.
