IREDA Share Price: On Friday, the share price of Indian Renewable Energy Development Agency Ltd (NSE: IREDA) rose. This rise in the company’s shares has been seen due to the big news.
After the market closed yesterday, the company was told that the Department of Public Asset Management (DIPAM) has approved the raising of Rs 4500 crore. IREDA will try to raise this money through qualified institution placement.
On 20th September, Indian Renewable Energy Development Agency Ltd’s share opened at Rs 231 on BSE.
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The Government Is Going To Sell 7 Percent Stake
At present, the total stake of the government in IREDA is 75 percent. After the decision taken on Wednesday, the way has been cleared to reduce the government’s 7 percent stake in the company.
Let us tell you, that the board of IREDA had already approved raising Rs 4500 crore. The board had approved the proposal to raise money through FPO, Qualified Institutional Placement (QIP), Rights Issues,s or other means.
What Is The Plan?
According to the report, Indian Renewable Energy Development Agency Ltd will try to raise Rs 30,000 crore through debt or equity by FY 2024. The company’s FPO may also come in January or February.
Let us tell you, the company is trying to reach its loan size to Rs 85000 crore by the end of this financial year. At the end of FY 2024, IREDA’s loan size was Rs 59.650 crore.
Indian Renewable Energy Development Agency Ltd has returned more than 100% to investors in the first half of this year. However, after reaching a lifetime high of Rs 310, the company’s share prices have seen a decline.
Quick Fact
| Indian Renewable Energy Development Agency | Details |
|---|---|
| Money raising approval | ₹4500 crore through QIP |
| Government stake | 75% |
| Government stake reduction | 7% |
| Opening share price on 1th Sept | ₹235 (BSE) |
| Intra-day high on 19th Sept | ₹237.50 (BSE) |
| Share price | 233 |
| Plan for future money-raising | ₹30,000 crore through debt or equity |
| Target time for FPO | January or February |
| Loan size goal by FY 2024 end | ₹85,000 crore |
| Loan size at FY 2024 start | ₹59,650 crore |
| Return to investors (First half of the year) | More than 100% |
| Share’s lifetime high | ₹310 |
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