On August 22, 2024, IREDA's stock price saw a sharp increase of 9%.
This rise is part of a 26% growth in the stock over the past three months.
The jump in the stock price came after IREDA announced its plan to raise Rs 4,500 crore through different methods like Further Public Offer (FPO), Qualified Institutional Placement (QIP), and others.
IREDA shares rose by as much as 8.56% during the day, hitting an intraday high of Rs 259.35 per share on Thursday.
This increase followed the company's announcement that its Board of Directors would meet on August 29, 2024, to discuss and possibly approve the plan to raise equity share capital.
The total amount to be raised could reach Rs 4,500 crore, with the company exploring different methods like FPO, QIP, Rights Issue, or Preferential Issue.
These plans are subject to approvals from statutory bodies or the government.
IREDA, which was founded in 1987, is a government-owned company. It operates under the Ministry of New and Renewable Energy (MNRE).
In November of last year, IREDA successfully conducted its Initial Public Offering (IPO).
The stock was listed on the NSE and BSE at a price of Rs 50, which was a 56.25% premium over the IPO issue price of Rs 32.
The main focus of IREDA is to promote and finance renewable energy projects and improve energy efficiency.
As a Non-Banking Financial Company (NBFC) and a Mini Ratna (Category I) company, IREDA provides financial support for the development of green energy projects.
It also supports the establishment of solar manufacturing units and encourages the use of renewable energy for sustainable development.
At 9:54 AM on August 22, IREDA shares were trading 8.04% higher at Rs 258.10 per share.
In comparison, the BSE Sensex saw a modest increase of 0.12%, reaching 81,005.64 levels.
