Green financing NBFC Indian Renewable Energy Development Agency (IREDA) is considering a fundraise of up to Rs 4,500 crore through Qualified Institutional Placement (QIP), right issue or other means, the company informed exchanges on August 21.
A board meeting in this regard will be held on Thursday, August 29, to take up the proposal for approval.
"...raising of funds by way of equity share capital for an amount aggregating of upto Rs. 4500 Crore in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP)/Right Issue/Preferential Issue or any other permitted mode or a combination, as may be deemed appropriate," the company said in a regulatory filing.
The IREDA stock has skyrocketed since its listing in November 2023. So far in 2024, the stock has risen nearly 130 percent.
IREDA shares made a remarkable stock market debut in November 29 listing with a premium of more than 56 percent against the issue price of Rs 32. The stock listed at Rs 50, up 56.25% from the issue price on both the BSE and NSE.
The company is a mini Ratna firm under the administrative controls of the Ministry of New and Renewable Energy.
The organisation offers a comprehensive array of financial products (fund- and non-fund-based) associated services, from project inception to post-completion, for renewable energy projects and related activities such as equipment manufacturing and transmission.
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