IREDA share price extended gains for the 3rd straight day on March 25 ahead of board meet to consider borrowing plan for FY 2025-26.
Shares of Indian Renewable Energy Development Agency advanced 3.96 percent to an intraday high of Rs 176.77 per share on the NSE. The stock has been gaining for the last three days and is up 14.5 percent in the period.
The sharp up move was seen as the company informed the shareholders that that "board meeting of Indian Renewable Energy Development Agency Limited will be held on Tuesday, March 25, 2025, inter-alia, to consider the matter w.r.t. Borrowing Plan for the FY 2025-26."
Earlier, the state-owned company said that it has launched its first-ever issue of perpetual bonds to raise Rs 1,247 crore.
The issuance of perpetual bonds is a strategic move aimed at enhancing IREDA's Tier-I capital, ensuring a stronger financial foundation to support the rapid expansion of India's green energy infrastructure.
The perpetual bonds were issued at an annual coupon rate of 8.40 per cent. This landmark initiative marks a major step in optimizing the company's capital structure, while capitalizing on the current supportive market conditions.
"Strengthening our capital base through perpetual bonds will enable us to scale up financing for renewable energy projects, accelerating India's transition to a cleaner and more sustainable future," Pradip Kumar Das, Chairman and Managing Director, IREDA, said.
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